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绝对回报 (%) (3.44) (8.59) (14.27) (14.01) (34.81) (36.65) 0 (40.88)
绝对回报 (美元, %) (3.44) (8.59) (14.27) (14.00) N.A. (35.91) N.A. (40.56)
相对于 HSI 回报 (%) (1.63) (4.36) (5.50) (8.07) N.A. (25.35) 7.41 (23.57)
国药控股 (1099 HK) 恢复增长前景 - 9月 14, 2018 (10 页)  

Sinopharm (1099 HK) Market leader with no fear of the storm - 4月 12, 2018 (7 页)  
On 10 April, Sinopharm issued profit warning with 1Q18 earnings to fall 30% y-o-y, on (1) less drug sales via hospitals to outpatients and controlled medical reimbursement; and (2) more opex to sales/ finance costs for deeper sales coverage. We see Sinopharm as #1 distributor will pick up sales and cost control, having earnings growth by end of each year. Maintain BUY with lower SOTP-TP at HKD40.20.

Sinopharm (1099 HK) Optimistic 2018 outlook stays - 3月 27, 2018 (9 页)  
Sinopharm, on 26 Mar, reported its FY17 net profit at RMB5.3bn, while its core profit of RMB5,251m (+14% y-o-y) beat ours and Bloomberg estimate by 10% and 5%, mainly on wider margin and more profit from wholly owned subsidiaries. We keep our view of Sinopharm to be the winner of “Two Invoice System” as a main distributor. Keep BUY with higher TP at HKD46.00 on wider margin and more profit from wholly owned subsidiaries.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Sinopharm (1099 HK) Eyes on 2018’s book - 11月 1, 2017 (9 页)  
On 30 Oct, Sinopharm reported its 9M17 net profit at RMB3,660m. Its 3Q17 core profit of RMB1,149m fell 16% y-o-y on bigger interest cost, 22% of our full-year total (3Q16: 29%). Post conference call, we see (1) good sales in 2018/19 on provinces with Two Invoice System as a main distributor, and (2) it to achieve operating cash inflow in 2018 vs expected outflow over 2017. Keep BUY but lower TP at HKD42.75 on smaller sales and bigger finance cost.

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