Initiating Coverage of SPH With Narrow Moat Rating, FVE of HKD 24.00 per Share
We initiate coverage on Shanghai Pharmaceuticals Holding Co Ltd, or SPH (HK: 2607, SSE: 601607) with a narrow moat rating and a fair value estimate of HKD 24.00 per share. This implies a 2018 adjusted P/E of 14 times and an enterprise value/EBITDA ratio of 8 times. The market is currently pricing SPH at a 27% discount to our fair value estimate.SPH is a top three drug distributor in China and is vertically integrated with a large drugmaking segment and a retail distribution franchise. The large...
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