石药集团研究报告（英文）.pdfVIP

CSPC Pharm (1093 HK) Target price: HK$5.46 Previous TP: N.A. Core Pacific - Yamaichi 31/05/13 Last price: HK$4.03 China / Medical Healthcare/ Initiate coverage Potential Return: 35.5% Premium valuation deserved for strong Initiate BUY and right products 31 May 2013 Patented and aging focused drug portfolio Kevin Tam CFA 譚思晉譚思晉 Flagship stroke treatment NBP to achieve 41% CAGR 譚思晉譚思晉 Tel: 852 2826 0007 42% CAGR in net profit Kevin.tam@.hk What’s New Forecast revision (%) We initiate CSPC Pharmaceutical (CSPC) with a BUY rating. Year to 31 Dec 13F 14F 15F