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HK : CSPC Pharmaceutical - Solid quarter; reiterate ADD

We believe CSPC’s 1Q21results were higher than market expectations. We expect its existing portfolio (primarily NBP and oncology drugs) to maintain decent growth and pipeline product launches to support a re-rating in the next 1–2 years. We lifted our 2021/22/23F EPS forecast by 6.4%/5.9%/3.8% to reflect good SGA control. We lift our TP from HK$11.23 (19x 2022F P/E) to HK$13.6 (22x 2022F P/E, in line with its historical average, Figure 3) for good execution of its RD pipeline.


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