CLSA Raises Sinopharm TP to HKD25, Maintains Outperform
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CLSA has raised the target price for Sinopharmfrom HKD24.5 to HKD25 while maintaining an Outperform rating. The report indicates that Sinopharm's 2022 results met expectations, with a 1.1% YoY revenue increase in Q4, despite narrowing gross and operating profit margins. Net profit rose 4.4% YoY due to improved financial leverage. However, CLSA has lowered revenue forecasts for 2026 and 2027 by 3% and 5.6%, respectively, and net profit forecasts by 4.2% and 7%.
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