China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S

03320: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$5.20	Ympkks	Gmyghdnp

CR Pharma's Full-Year Results Show Signs of Recovery, Profit Margins Improve

Jay Lee

Mar 31, 2021

Narrow-moat CR Pharma reported earnings that were slightly better than our expectation. Although revenue growth was weak, this was more than made up for by lower selling, general, and administrative, or SG&A, expenses. Additionally, the company’s working capital metrics such as accounts receivable days and inventory days have completely normalized, indicating a recovery from the COVID-19-stricken first half.

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