Bank of America Securities: lowered CSPC Pharma's (01093) target price to 8 Hong Kong dollars with a rating of "underperforming the market"

Bank of America Securities released a research report stating that CSPC PHARMA (01093) recorded a year-on-year decrease in total revenue of 10.4% to 26 billion RMB last year, with a net profit drop of 10.3% to 3.9 billion RMB. The bank forecasts that the total revenue from cooperation between CSPC and Shiyao this year will exceed 10 billion RMB, and has adjusted its revenue forecasts for each year from 2020 to 2028, with increases of 0.4%, decreases of 4.1%, and decreases of 4.1% respectively. Earnings per share for each year are also adjusted with decreases of 0.4%, 7.1%, and 22.3%. The target price is revised from 9.1 Hong Kong dollars to 8 Hong Kong dollars, with the rating maintained as "underperform".