Sinopharm Group Co Ltd

01099: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$18.80	Mpqmfp	Gmdkjtdr

Sinopharm Earnings: No Surprises, Marginal Miss in Operating Margin; Shares Undervalued

Yurou Zheng

Mar 25, 2024

Narrow-moat Sinopharm’s 2023 revenue grew 8.0% year over year, largely in line with our forecast of 7.7%. Net profit did beat our estimate, but this was due to lesser minority interest. While core performance was well within our projection, we marginally lower our fair value estimate to HKD 29.40 per share from HKD 30.70, after some slight tweaks to our margin assumptions.

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