SPH Company report, 2019-03-08
Shanghai Pharmaceuticals Holding Co, or SPH, announced third-quarter results that for the most part were on top of our expectations. We maintain our fair value estimate of HKD 24.0 per share, or a 2018 adjusted P/E of 14 times and an enterprise value/EBITDA of 8 times. We believe the H-share market is pricing this company at approximately a 30% discount to our evaluation.After adjusting for our estimates of the integration of Cardinal Health’s China operations, revenue is flat to the same perio...
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