《大行報告》匯豐研究升翰森製藥(03692.HK)評級至「買入」 目標價下調至14.2元
匯豐研究發表報告指,自4月底以來,翰森製藥(03692.HK)股價下跌29%,跑輸同期恆指。該行指低估了內地醫療反貪腐對公司營收增長的負面影響,因此將今年至後年的營收和淨利潤預測分別下調9至12%和9至13%,以反映營銷活動延遲或取消,可能會影響新藥銷售增長。
不過,匯豐研究指,翰森製藥的創新藥銷售額佔比上半年升至61.8%,是該行所覆蓋的製藥公司中最高,因此更看好翰森製藥的長期增長潛力,預計創新藥銷售額比例將在今年升至65%。該股目前估值仍未反映出創新藥管線的潛力。評級由「持有」升至「買入」,目標價由17元降至14.2元。
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