Jinwu Financial News | According to the First Shanghai Development Research Report, Sinopharm Holdings (01099) achieved revenue of 596.57 billion yuan in 2023, an increase of 8.1% over the previous year. Profit for the period increased 4.6% year on year to 15.01 billion yuan, while profit attributable to shareholders increased 6.2% year over year to 9.05 billion yuan. The dividend is $0.87 per share, and the payout ratio is 30%.
According to the bank, as China's aging process accelerates, the company's pharmaceutical business and retail business will continue to develop steadily. The company hopes to maintain steady development at a rate of 2-3 percentage points higher than the industry's growth rate for a long time, and develop collaboratively with high-margin businesses such as pharmaceutical marketing, supply chain services, and the device industry. Central enterprises use market value assessments as one of the additional assessment indicators. Using DCF as the company's valuation, the bank calculated the company's target price of HK$30.9, corresponding to 9.6 times PE in 24 years, with room for an increase of 51.8% compared to yesterday's closing price, maintaining the purchase rating.