Sinopharm's Earnings Rebound From 1Q, but Concerns Remain Over Financing Costs
Sinopharm announced interim results that were in line with our expectations and substantially better than the poor first-quarter results. However, rising finance costs and increasing accounts receivable days continue to be a major concern for the company. We maintain our fair value estimate of HKD 36 per share, which implies 2018 adjusted price/earnings of 20.5 and enterprise value/EBITDA of 6.9.Gross margins improved dramatically from last quarter, rising 150 basis points from 7.9% to 9.4%, br...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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