reports
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 2023: Results in line; expecting steady rev...
Sinopharm’s 2023 revenue and net profit attributable to shareholders grew 8.0% yoy and 6.2% yoy respectively, in line with our and consensus’ 2023 estimates. We believe its steady revenue growth target in 2024 is highly achievable as the company makes continued efforts in improving its business structure and operating efficiency. Maintain BUY and target price of HK$25.00.
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, March 26, 2024
KEY HIGHLIGHTS Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21) 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20) 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30) 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00) 2023: Results in line; expe...
- Carol Dou Xiao Qin
- Ceilica Su Rui
- Chong Lee Len
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Kampon Akaravarinchai
- Kong Ho Meng
- Paula Ruth
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Ziv Ang Sze Champ
Regional Morning Notes - Tuesday, March 26, 2024
GREATER CHINA Results ENN Energy Holdings (2688 HK/HOLD/HK$61.45/Target: HK$69.21): 2023: In line; challenging path ahead. Downgrade to HOLD. Jiumaojiu International Holdings (9922 HK/BUY/HK$5.60/Target: HK$8.20): 2023: Results in line; store opening and SSSG to decelerate in 2024. Q Technology Group (1478 HK/HOLD/ HK$3.03/Target: HK$3.30): 2023: Earnings miss due to non core items, but the worst is over. Sinopharm Group (1099 HK/BUY/HK$20.40/Target: HK$25.00): 2023: Results in line; expecting s...
XGH ENN ENERGY HOLDINGS LIMITED
5218 SAPURA ENERGY BHD
X2S SINOPHARM GROUP CO. LTD. CLASS H
01478 Q TECHNOLOGY (GROUP) CO. LTD.
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PTI TELEKOMUNIKASI INDONESIA TBK PT (ADR)
SSG SHENG SIONG GROUP LTD
GMB GAS MALAYSIA BHD
MNHB MYNEWS HOLDINGS BHD
09922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Government’s draft plan seeks to promote a more supp...
China’s draft plan is expected to develop a more efficient and supportive ecosystem for drug innovation. We believe the government will support the development of a stronger and more innovative healthcare industry by providing more financial and regulatory resources in the next few years. Facing political headwinds, leading CRDMO players may benefit from the brighter outlook of China’s healthcare industry in the longer term. Maintain MARKET WEIGHT on China’s healthcare sector.
MSK MICROPORT SCIENTIFIC CORP.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
1521 FRONTAGE HOLDINGS CORP
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300244 WUXI APPTEC CO. LTD. CLASS H
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Becoming more innovative; valuation increasingly att...
China’s healthcare industry has experienced a slump in stock prices due to weak market sentiment. Our channel check indicates that the industry is generally in good shape and has become increasingly innovative. Most healthcare companies are improving their operating efficiency and expecting to generate stronger revenue and/or earnings growth in 2024. The recent sell-off has made valuations more attractive. BUY on weakness. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2CRSI 2CRSI SA
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS CAYMAN INC
ME HANSOH PHARMACEUTICAL GROUP
2269 23ANDME HLDG CO
WUXI BIOLOGICS (CAYMAN) INC
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: A brighter outlook in 2024.
Easing pressure from the anti-corruption campaign will result in stronger sales growth for medical products. Moreover, after years of persistent R&D efforts, many Chinese biopharmaceutical companies now expect a fruitful year of innovation in 2024. In addition, potential US interest rate cuts will also provide liquidity for R&D investment and support the development of biotech and CRO segments in 2024. We expect a brighter outlook in 2024. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
AAC AAC MICROTEC AB
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
ME 23ANDME HLDG CO
2500 VENUS MEDTECH (HANGZHOU) INC.
2269 WUXI BIOLOGICS (CAYMAN) INC
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 9M23: Results below expectation; weak busin...
Sinopharm’s 9M23 revenue and net profit attributable to shareholders grew 9.7% yoy and 4.1% yoy respectively, below our and consensus’ 2023 estimates. It expects to maintain steady revenue expansion in 2023, and emerging businesses will become new growth drivers. It also made continued efforts in improving cash flow management. We cut our 2023-25 revenue growth estimates to factor in the possible impact from the weak business environment. Maintain BUY with a lower target price of HK$25.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, October 31, 2023
KEY HIGHLIGHTS Strategy Small-Mid Cap Biweekly Pet food exports on track for recovery; beneficiary: Yantai China Pet Food. Results BYD Company (1211 HK/BUY/HK$246.20/Target: HK$630.00) 3Q23: Earnings up 82% yoy and 53% qoq, in line. Maintain BUY. Target price: HK$630.00. China Construction Bank (939 HK/BUY/HK$4.48/Target: HK$6.00) 3Q23: Results in line; earnings up 2.6% on lower credit costs. China Merchants Bank Co. (3968 HK/BUY/HK$30.30/Target: HK$45.00) 3Q23: Results miss; longer wait ne...
X2S SINOPHARM GROUP CO. LTD. CLASS H
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
603288 FOSHAN HAITIAN FLAVOURING & FOOD CO. LTD. CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
§3§3 CHINA RESOURCES CEMENT
333 MIDEA GROUP
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
002340 GEM CO LTD
06690 HAIER SMART HOME CO. LTD. CLASS H
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Staying positive in the cold winter.
Despite the weak global funding environment for biotech, companies have shown persistent efforts in pursuing innovation and globalisation. Moreover, regular academic conferences have gradually returned, supporting stronger sales momentum in 4Q23. We prefer companies with a positive long-term outlook and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Easing pressure from anti-corruption campaign, long-...
Most healthcare companies reported satisfactory 1H23 results while revising down revenue growth to factor in delays in some academic conferences and hospital procurement in 3Q23. As pressure from the anti-corruption campaign is easing, we believe sales activities of medical products will resume soon and that long-term growth outlook remains intact. We prefer companies with positive long-term outlooks and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
RRRP3 3R PETROLEUM OLEO E GAS
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 1H23: Results satisfactory; continues to st...
Sinopharm’s 1H23 revenue and net profit attributable to shareholders grew 15.1% yoy and 11.1% yoy respectively. The results are in line with our full-year growth estimates for 2023. The company will make continued efforts in sales network penetration and further strengthen its three key businesses. It has also been making progress in improving cash flow management. Maintain BUY and target price of HK$30.00.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kate Luang
- Ken Lee
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Tuesday, August 29, 2023
KEY HIGHLIGHTS Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00) 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86) 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Gala Technology (2458 HK/NOT RATED/HK$4.13) 1H23: Solid results; encouraging outlook stemming from overseas expansion. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40) 1H23...
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
2232 CRYSTAL INTERNATIONAL GROUP LTD
2458 GALA TECHNOLOGY HOLDING LT D
- Ariel Poh Yun Li
- Arsit Pamaranont
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum
- Johnny Yum Chung Man
- Jonathan Koh
- Kate Luang
- Ken Lee
- Kong Ho Meng
- Leow Huey Chuen
- Malaysia Research Team
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
Regional Morning Notes - Tuesday, August 29, 2023
GREATER CHINA Results China Merchants Bank (3968 HK/BUY/HK$31.05/Target: HK$50.00): 1H23: Reduced provisions cushion NIM pressure and weakening fee income. China Overseas Land & Investment (688 HK/BUY/HK$15.62/Target: HK$25.86): 1H23: Decent profitability well maintained; expecting accelerated investment in 2H23. Kingboard Laminates (1888 HK/HOLD/HK$6.44/Target: HK$7.40): 1H23: Earnings in line with profit warning; gradual recovery from 2H23. Shanghai Henlius Biotech Inc. (2696 HK/SELL/HK$11.20/...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5681 PETRONAS DAGANGAN BHD.
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
168 TSINGTAO BREWERY CO LTD
IJM IJM CORP BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
1585 YADEA GROUP HOLDINGS LTD
2696 SHANGHAI HENLIUS BIOTECH INC
1888 KINGBOARD LAMINATES HOLDINGS LTD
CLAS CAPITALAND ASCOTT TRUST
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Underpenetrated ICL market in China; leading leading...
ICL is a promising segment of medical services. China’s ICL market had a low penetration rate of about 6% in 2021 vs developed countries’ 35-60%. The roll-out of DRG programmes continues to accelerate the outsourcing of testing services from hospitals. The accelerating post-pandemic market consolidation may also benefit leading ICL players. Our channel check shows that leading players (KingMed and Dian) expect to deliver steady growth in 2023 non-COVID-19-related revenue. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Be selective amidst attractive valuations.
We like healthcare service providers and leading pharmaceutical producers with steady revenue and earnings growth and ample cash on hand should outperform. We expect biotech companies and CRDMO companies to remain under pressure until US easing monetary policies improve liquidity and remove biotech funding challenges. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 1Q23: Earnings up 11.4% yoy; expecting a co...
Sinopharm saw significant business recovery in 1Q23, and recorded revenue and net profit growths of 14.0% yoy and 11.4% yoy respectively, in line with our and consensus’ 2023 full-year estimates. We expect the company to continue to deliver solid revenue growth for the rest of 2023. The company is also confident of making continued progress in improving cash flow management and achieving stable cash flow in 2023. Maintain BUY with a higher target price of HK$34.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Johnny Yum Chung Man
- Ken Lee
- Roy Chen Chengzhi
- Sabrina Soh
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
- Ziv Ang Sze Champ
Greater China Daily: Tuesday, May 2, 2023
KEY HIGHLIGHTS Economics PMI Points to weak employment outlook. Sector Aviation Airlines: 1Q23 narrowing losses broadly in line with expectations. Maintain UNDERWEIGHT. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.44/Target: Rmb7.10) 2022/1Q23: In line; speeding up M&A. China Construction Bank (939 HK/BUY/HK$5.25/Target: HK$6.06) 1Q23: Results in line; NIM to stabilise in next few quarters. China Merchants Bank (3968 HK/BUY/HK$37.65/Target: HK$58.00) 1Q23: Results in line; cautiously op...
600660 FUYAO GLASS INDUSTRY GROUP CO. LTD. CLASS A
600036 CHINA MERCHANTS BANK CO. LTD. CLASS A
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
2338 WEICHAI POWER CO. LTD. CLASS H
COSCO SHIPPING HOLDINGS CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
2460 GANFENG LITHIUM
338 WEICHAI POWER
1772 GANFENG LITHIUM CO. LTD. CLASS H
002340 GEM CO LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
- Ariel Poh Yun Li
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Chong Lee Len
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Leow Huey Chuen
- Limartha Adhiputra
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
- Ziv Ang Sze Champ
Regional Morning Notes - Monday, May 2, 2023
GREATER CHINA Sector Aviation: Airlines: 1Q23 narrowing losses broadly in line with expectations. Maintain UNDERWEIGHT. Results Baoshan Iron & Steel (600019 CH/BUY/Rmb6.44/Target: Rmb7.10): 2022/1Q23: In line; speeding up M&A. COSCO SHIPPING Holdings (1919 HK/BUY/HK$9.08/Target: HK$10.66): 1Q23: Results beat on good cost control; maintain BUY. Estun Automation (002747 CH/BUY/Rmb22.80/Target: Rmb29.70): 4Q22/1Q23: Results in line, poised for another year of solid growth. Fuyao Glass Industry Grou...
INCO VALE INDONESIA
PTTEP PTT EXPLORATION & PRODUCTION PLC
601919 COSCO SHIPPING HOLDINGS CO. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
600019 BAOSHAN IRON & STEEL CO. LTD. CLASS A
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
MINT MAPLETREE INDUSTRIAL TRUST
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
2747 ESTUN AUTOMATION
1772 GANFENG LITHIUM CO. LTD. CLASS H
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
TAPG TRIPUTRA AGRO PERSADA PT
CDB CELCOMDIGI BHD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare - Regaining Strength
Now that the business environment has returned to normal, most healthcare companies expect higher visibility of revenue and earnings prospects in 2023. Medical services and consumable producers will likely benefit the most and see robust revenue expansion. CRO/CDMO firms may become less appealing to investors given their slower revenue growth and lower margin trend. Biotech firms have made significant R&D and commercial achievements, but will still face significant funding challenges in 2023. Ma...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
Sinopharm Group (1099 HK): 2022: Earnings up 9.9% yoy; expect a signif...
Sinopharm’s 2022 revenue and net profit attributable to shareholders grew 6.0% yoy and 9.9% yoy respectively. Revenue growth in 2022 was in line, while earnings grew faster than our estimates. Management expects 2023 to be a year of recovery for the company after three years of pandemic disruption on its pharmaceutical distribution business. We also note that the company has been making progress in improving cash flow management. Upgrade to BUY with a higher target price of HK$27.00.
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