Nomura: Reduce the target price of Sinopharm Holdings (01099) to HK$28.46 to maintain a “buy” rating

The Zhitong Finance App learned that Nomura released a research report stating that the target price of Sinopharm Holdings (01099) will be reduced by 6.2% from HK$30.33 to HK$28.46. It is also expected that the company will resume positive growth in the third quarter of fiscal year 2024 at a low base and maintain a “buy” rating.

The bank said it will lower Sinopharm's sales forecast for the 2024/25 fiscal year by 4.8% and 6.7%, and the profit forecast by 9.7% and 10.1% to take into account factors where the industry is growing slower than expected. According to the bank's estimates, both sales and profit for the third quarter of 2024 recorded low single-digit growth.