Shanghai Pharmaceuticals Holding Co Ltd Class A

601607: XSHG (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	¥14.78	Vdrkm	Zrqrlhsz

Shanghai Pharmaceuticals Reports Larger-Than-Expected Declines Due to COVID-19; FVE Unchanged

Jay Lee

May 5, 2020

Narrow-moat Shanghai Pharmaceuticals, or SPH, announced quarterly earnings worse than our expectations. Although we revised our full-year revenue forecast this year downward by 4%, we think this is mostly due to the one-off impact from COVID-19 and our fair value estimate remains unchanged at HKD 20.30 per share.

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