CSPC Pharmaceutical Group Ltd

01093: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 3.80	Wvxngsl	Qvbmlyl

CSPC’s Second Quarter In Line; FVE Unchanged at HKD 11.10, Shares Fairly Valued

Jay Lee

Aug 30, 2021

Narrow-moat CSPC’s second-quarter earnings were in line with our expectations. We maintain our fair value estimate of HKD 11.10 per share. Although the market price is a 12% discount to our fair value, we view this as within the range of fair value given the very high uncertainty rating.

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