Shanghai Pharmaceuticals Holding Co Ltd Class A

601607: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥25.39	Pqrwys	Kynqjlnct

Shanghai Pharmaceuticals' Half-Year Results Strong; H-Shares Undervalued

Jay Lee

Aug 30, 2019

Shanghai Pharmaceuticals posted interim results that continue to outpace our expectations, although the second quarter was weaker than the strong first quarter due to lower operating margins. Revenue for the first half was CNY 92.6 billion, a 22% year-on-year increase that is significantly better than our 10% forecast for the full year. First-half operating profit margins (calculated with COS and SG&A only) were 3.9%, which is 19 basis points lower than the first half of last year and in line with our expectations.

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