Selected Reads

Smartkarma

Equity Bottom-Up

Analysis and comparison of China's five Covid-19 vaccines now in the final phase of testing, and where they are being distributed around the world. Kinling Lo speaks with Josephine Ma about vaccines developed by Sinovac, CanSino, Sinopharm and Anhui Zhifei Longcom Biopharmaceutical, comparing thier designs and test results in south east Asia and Brazil. Simone McCarthy reports on Xi Jinping's plans to distribute these vaccines as a 'global public good', which nations are in line to receive……

Morningstar

Morningstar, Inc.

Narrow-moat Sinopharm first-quarter earnings reported revenue growth and margins in line with our estimates after adjusting for seasonality. Operating cash flow was deeply negative because of lengthening accounts receivable days; while this is typical of the company’s first quarter, it will likely be a focus for investors. We believe the company's cash flow remains manageable, supported by its large cash position and ability to borrow. We retain our fair value estimate of HKD 38 per share. While…

Sinopharm is well positioned in the fast-growing and rapidly consolidating Chinese drug distribution industry. Like most healthcare sectors in China, drug distribution has grown faster than GDP and will continue to grow quickly due to aging demographics, increased urbanization, a larger middle class, and rising disease rates.Additionally, the government is pushing the industry to consolidate. It recognizes that larger distributors are more efficient and professional than smaller distributors…

On March 11, Shanghai Fudan Zhangjiang Bio-Pharmaceutical, or FD-ZJ, announced plans to issue A shares on the Sci-Tech Innovation Board at the Shanghai Stock Exchange. This announcement caused FD-ZJ’s share price to rally 26% and galvanized the entire Chinese healthcare sector. Narrow-moat Shanghai Pharmaceuticals Holding owns 23% of FD-ZJ; SPH’s A shares rallied 10%, although its H shares experienced a modest increase of 4%. While we believe SPH’s H shares are undervalued, this listing…

Sinopharm Group Co. announced third-quarter results that surprised to the upside, indicating that the company continues on the path to recovery from its poor first quarter. However, accounts receivable days continue to increase, so all is not clear just yet. We plan on making minor adjustments to our model assumptions, but expect our fair value estimate to remain very close to our previous estimate of HKD 35 per share. Sinopharm reported gross margins of 9.1% for this quarter, which is slightly…

China

Sinopharm Group Co Ltd is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

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