CMB International Reaffirms Buy Rating on SINO BIOPHARM, Trims Target Price to HK$8.7

Stock News03-30

CMB International has revised its target price for SINO BIOPHARM (01177) downward by 7.4% from HK$9.4 to HK$8.7, reflecting lowered expectations for non-BD revenue, while maintaining a "Buy" rating. The firm forecasts revenue growth for 2026/2027/2028 at 13.5%, 7.1%, and 9.2% year-on-year respectively (non-BD revenue: 10.5%, 10.0%, 9.2%), with adjusted net profit attributable to shareholders increasing by 5.4%, 8.3%, and 10.5% year-on-year. In 2025, SINO BIOPHARM reported a 10.3% rise in revenue to RMB 31.83 billion, with revenue from innovative products surging 26.2% to RMB 15.2 billion, accounting for 47.8% of total revenue (up from 37.8% in 2023). Adjusted net profit attributable to shareholders grew 31.4% to RMB 4.54 billion; excluding dividends from Sinovac Life Sciences, it still increased 15% year-on-year. The company's 2025 revenue fell 7.4% and 3.9% below the firm's and consensus estimates respectively, while adjusted net profit missed by 27.5% and 9%, primarily due to a USD 300 million milestone payment from Merck to Livzon Pharmaceutical not being recognized in 2025 revenue as anticipated. With generic drug revenue stabilizing and innovative drug sales continuing to gain momentum, the firm expects the company to maintain steady growth in 2026.

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