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Shanghai Pharma (2607 HK) - Positive trend expected to continue in 2Q19E

作者: Hayden Zhang,Su Zhang
时间: 2019年07月04日
重要性: 一般报告
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摘要: Report title:Shanghai Pharma (2607 HK) - Positive trend expected to continue in 2Q19E
Analyst:Hayden Zhang,Su Zhang
Report type:Company
Date:20190704
[Summary]

■ We went to SH Pharma’s AGM and learned that the positive growth momentum led by manufacturing segment continued in 2Q19E, while Company continued to strengthen its innovative and biosimilar pipeline
■ The AGM didn’t pass the share option scheme; yet, we think mgmt. will have options at its disposal to press ahead
■ We maintain BUY on Company’s solid fundamentals, attractive valuation and good capital allocation optionality.
Positive sales trend continues in 2Q19E
Mgmt. affirmed the overall positive trend remains stable in 2Q19E. We expect Co.’s pharma manufacturing to grow 22% in 1H19E, driven by its sales strategy focus on core products. We expect the distribution segment to grow 15% in 1H19E, as prices of certain products were lowered either in preparation for the looming NRDL update or reflecting the 4+7 GPO.
The share option scheme should be eventually passed
At the AGM, 99.8% of A-share and 65.0% of H-share investors were in favor of the share option proposal. But Company still failed to secure a 2/3 majority vote in H shares to pass the proposal. That said, we think the scheme should be eventually passed given the small margin it takes to pass the threshold.
R&D provides a solid runway
Company has expanded its R&D footing in CAR-T therapy, oncolytic virus and ADC. It has signed a JV agreement with Biocad in June 2019 to license in the latter’s Chinese rights of biosimilars. Biocad is a leading Russian innovative bio-tech company with has a strong biosimilar portfolio consisting of bevacizumab, trastuzumab, and rituximab biosimilar approved in numerous developing countries.
Maintain BUY on attractive valuation and flexible capital optionality
Co. currently trades at 8x/7x 19E/20E PER, below peer’s avg. of 10x/9x FY19E/20E PER. Meanwhile, Co.’s B/S and OCF should continue to offer optionality to repurchase shares or grow dividends, in our view.

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