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« Shandong Weigao(8199 HK): "We go" -HOLD (Unchanged) | Main | Pacific Andes (1174 HK, HK$1.53): South Pacific expansion going well »
Thursday
Nov192009

Sino Biopharmaceutical (1177 HK): Current price is fair -HOLD (From BUY)

DateThursday, November 19, 2009 at 9:47AM
  • 3Q FY12/09A revenue increased 54.2% to HK$901.4m and net profit was up 46.7% YoY to HK$97.7.
  • New blockbuster drugs are the key growth driver.
  • R&D support the long-term growth.
  • Cash on hand of HK$1,846.0m and dividend payout ratio of 55.6%.
  • Plan to issue one bonus share for every two existing shareholders for improving liquidity.
  • DCF-derived fair value at HK$3.2, representing 20.3x and ex-cash 16.1x FY12/10F P/E. Call from BUY to HOLD


 

Current price is fair -HOLD (From BUY)

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