Initiating Coverage of Sinopharm with Narrow Moat Rating, FVE of HKD 36 per Share
We initiate coverage of Sinopharm Group Co., Ltd. (HK: 1099) with a narrow moat rating and a fair value estimate of HKD 36 per share, implying a 2018 adjusted P/E ratio of 20.5 and an enterprise value/EBITDA of 6.9.As the largest wholesale drug distributor in China, Sinopharm is well positioned to capitalize on the fast growth and rapid consolidation of its sector. Growth across all healthcare sectors in China will continue to outpace GDP, driven by demographics, rising incomes, and higher dise...
Sinopharm Group is a distributor of pharmaceutical and healthcare products, and a supply chain services provider in the People's Republic of China. Through its subsidiaries, Co. is engaged in the distribution of medicines and pharmaceutical products to customers including hospitals, other distributors, retail drug stores and clinics; operation of pharmaceutical chain stores; and distribution of laboratory supplies, manufacture and distribution of chemical reagents, and production and sale of pharmaceutical products and distribution of medical device.
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