CSPC Pharmaceutical Group Ltd
01093: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$9.20 | Pvyjz | Tjnxbdtpy |
CSPC Earnings: Annual Dividend Payout Raised to 50%; Transferring Coverage With Similar Valuation
We transfer coverage of narrow-moat CSPC following its third-quarter earnings results with our fair value estimate only slightly changed to HKD 8.40 per share. We think CSPC’s shares are undervalued with long-term potential supported by its increasing research and development spending. With its flagship drug NBP exclusivity expiring soon, 2024 is a pivotal year for CSPC with seven new expected product launches.