Shanghai Pharmaceuticals: A Chinese Drug Distributor, Manufacturer, and Retail Pharmacy Chain
Shanghai Pharmaceutical announced annual results that were in line with our expectations, with organic revenue growth and net profit on top of our full-year estimates. However, core operating margins and profit fell below our expectations due to higher SG&A costs. We lower our fair value estimate to HKD 22.5 per H-share from HKD 24.0 and CNY 19.5 per A-share from CNY 21.0. The H-shares trade at a 23% discount to our fair value estimate.The company reported annual revenue of CNY 159.1 billio...
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