Sinopharm Group Likely Resumed Earnings Growth in 3Q on Low Base -- Market Talk

Dow Jones10-18

0422 GMT - Sinopharm Group likely resumed earnings growth in 3Q, from a low base, but the industry environment remained unfavorable amid a weak economy, Nomura analyst Jialin Zhang says in a research note. Its 3Q revenue likely grew 3% on year to 149.3 billion yuan, considering stable drug distribution but still-weak device distribution and pharmacies business, the analyst says. Nomura expects Sinopharm's net profit to reach 2.1 billion yuan in 3Q with operating profit margin down 0.2 percentage points at 3.9%. Investors should focus on management's development focus after recent changes to its senior management, Zhang says. Nomura maintains a buy call on Sinopharm but trims its target price to HK$28.46 from HK$30.33. Shares are last at HK$19.62.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

October 18, 2024 00:22 ET (04:22 GMT)

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