Sinopharm Posts Solid Full-Year Results, FVE Raised to HKD 38.0
Narrow-moat Sinopharm (HK 1099) reported 2018’s full-year earnings that demonstrated in line results for existing businesses, and strong growth and margins for its newly acquired medical devices distribution business. We raise our fair value estimate to HKD 38.0 from HKD 36.0, primarily as a result of incorporating the medical devices distribution segment.Margins and growth excluding device distribution were mostly in line with our expectations. Drug distribution enjoyed 9.3% revenue growth, wh...
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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