Guosen Securities (HK)  
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搜寻结果 (总数 8)
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雅各臣科研製药 (2633 HK) 可持续增长有生物製药的新优势角度 - 6月 28, 2018 (13 页)  
6月25日收盘后,雅各臣科研製药(雅各臣)公布其截至2018年3月31日止财年的净利润为2.02亿港元,其1.92亿港元的核心利润(按年下降5%)低于我们的估计值6%,主要归因于较低的药品销售额和更高的税率。我们认为其(1)西药仿制药销售额可持续,及(2)高价值生物技术及诊断产品可将开售,但暂未放进我们的销售额预算中。由于降低药品销售额预测,我们下调分部总和的目标价至2.35港元,维持“买入”评级。

Jacobson Pharma (2633 HK) More looking at next year’s growth - 11月 28, 2017 (10 页)  
On 22 Nov market close, Jacobson Pharm (JP) reported its 3/1H18 net profit at HKD80m. Without the listing expenses in 3/1H17, core profit of HKD81m was up 2% y-o-y, making up a mere 31% of our full-year total (3/1H17: 40%), on bigger finance cost having less capitalized. Albeit of our earnings cut, we roll over our SOTP’s base year to 3/FY19F and our TP rises to HKD2.50. This reflects a 20.5x 3/FY19F P/E, +1.5SD above past 5-year sector’s PE mean. Maintain BUY.

Jacobson Pharma (2633 HK) Money raised for high growth bio-drugs - 9月 7, 2017 (6 页)  
On 6 Sept 17, Jacobson Pharm (JP) announced to issue HKD500m worth of convertible bond (3 yrs maturity, conversion price=HKD2.50, 3.5% p.a.), exercisable to 200m new shares in maximum. Dignari Capital Partners and Hillhouse Capital Management will invest HKD280m and HKD220m worth of CBs respectively. We see the company will save the cost and time, using the net proceed to invest in bio-pharmaceutical work, such as wider margin’s biosimilar sales. Our profit drops 2%-5% in 3/FY18-3/FY20 on bigger finance cost, and our SOTP-TP falls to HKD2.30 on exercisable new share dilution.

Core medical area sales stay good - 6月 27, 2017 (10 页)  
Jacobson Pharm’s (JP) 3/FY17 core profit of HKD202m beat both ours and Bloomberg consensus by 8%. After analyst meeting, we continue to see good core medical areas including respiratory, heart & brain and oral diabetic to drive the revenue growth, coupled with full-year Ho Chai Kung (HCK) sales in 3/FY18. Re-iterate BUY with SOTP-TP at HKD2.45 (from HKD2.30) on higher sales and lower opex to sales.

Jacobson Pharma: Result beat on bigger core area sales - 6月 26, 2017 (6 页)  
After the market close on 23 Jun 2017, Jacobson Pharm (JP) reported its 3/FY17 net profit at HKD179m. Core earnings of HKD202m surged 30.7% y-o-y, beat both ours and Bloomberg consensus by 8%, on higher revenue and lower operating expenses (opex) to sales. 3/2H17's earnings of HKD122m climbed 53.5% h-o-h sequentially, similar to 3/2H16 at 52.7% h-o-h.

Jacobson Pharma (2633 HK) More looking at quality medicines - 5月 15, 2017 (19 页)  
We initiate our coverage on Jacobson Pharm (JP) with BUY call at TP of HKD2.30. With its production mostly in HK, JP is No.1 generic drug maker for HK hospitals and clinics, and owns the reputed Chinese medicine brand - Po Chai Pills (保济丸). The company is forecast to rise at a good EPS CAGR (3/FY17F-20F) of 18.4%. Our SOTP-TP of HKD2.30 reflects 17.0x 3/FY18F P/E (10.9x EV/EBITDA) or 0.9x PEG, at par to HK sector’s past 5-year forward P/E mean. Initiate BUY.

中国医疗保健 前景保持良好势头 - 2月 23, 2017 (5 页)  
在2017 年2 月15 日,雅各臣药业(2633.HK,未评级)管理层参加 了我们在香港办事处举办的的调研活动。投资者的问题集中在: (1)保济丸在中国和香港的销售和规划;(2)新收购的何济公相 对较高的净利润率; 和(3)仿制西药的销售和研发管道。雅各臣目 前市盈率为18.0 倍历史市盈率(12.2 倍EV/EBITDA),全球市场 和香港市场的中位数分别为24.2 倍(17.0 倍EV/EBITDA)和18.0 倍(12.2 倍EV / EBITDA)。

China Healthcare Future stays good - 2月 17, 2017 (5 页)  
On 15 Feb 2017, we hosted a non-deal NDR with Jacobson Pharm (JP) (2633.HK, NR) with its management at our HK office. Our investor’s questions focus on: (1) Po Chai Pills’ (PCP) (保济丸) sales and formulation in China and Hong Kong; (2) newly acquired Ho Chai Kung’s (HCK) (何济公) wider net margin; and (3) western generic drug sales and pipeline. The counter currently trades at 18.0x trailing P/E (12.2x EV/EBITDA), versus global and HK sector median at 24.2x (17.0x EV/EBITDA) and 18.0x (12.2x EV/EBITDA) respectively.