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<Research>G Sachs Slightly Cuts SINOPHARM (01099.HK) TP to $21.17; 1Q Results Weak
Recommend 3 Positive 7 Negative 4 |
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Goldman Sachs highlighted in a report that SINOPHARM (01099.HK) achieved a weak performance in 1Q24, mainly due to the higher base of last year and the impact of the industry's regulatory measures. Sales growth was 1.2% YoY, weaker than the broker's forecast of a 7% increase. According to the report, sales and gross margins weighed on the company's earnings performance in 1Q as its gross margins were under 7% due to seasonal factors. However, company management maintained its full-year guidance that sales growth would be approx. 2-3 ppts higher than the industry's growth rate, meaning that growth is expected to improve in the remaining quarters. In light of the latest results, Goldman lowered its net profit forecasts on SINOPHARM for 2024/25/26 by 3.1%, 3.4% and 4.7% respectively. The broker maintained its Neutral rating on the company and trimmed its target price to $21.17. AAStocks Financial News |
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