CSPC Pharmaceutical Group Ltd

01093: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HKD 7.70	Fnhlz	Ddmmdmlsq

CSPC Earnings: Annual Dividend Payout Raised to 50%; Transferring Coverage With Similar Valuation

Yurou Zheng

Dec 1, 2023

We transfer coverage of narrow-moat CSPC following its third-quarter earnings results with our fair value estimate only slightly changed to HKD 8.40 per share. We think CSPC’s shares are undervalued with long-term potential supported by its increasing research and development spending. With its flagship drug NBP exclusivity expiring soon, 2024 is a pivotal year for CSPC with seven new expected product launches.

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