Shanghai Pharmaceuticals Posts Strong 1Q Growth in Distribution; H-Shares Remain Undervalued
Narrow-moat Shanghai Pharmaceuticals, or SPH, posted solid first-quarter results, with its distribution segment modestly outperforming our expectations. This was partially tempered by a contraction in gross margins. Our fair value estimates are unchanged at HKD 22.5 per H-share and CNY 19.5 per A-share. While the A-shares are in line with our fair value, the H-shares trade at a 28% discount, and we believe they offer attractive long-term value for patient investors.Revenue grew to CNY 46 billio...
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