China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S

03320: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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CR Pharma: Reinitiating Coverage on the Third-Largest Chinese Medical Distributor

Yurou Zheng

Apr 11, 2024

We reinitiate coverage of China Resources Pharmaceutical Group, or CR Pharma, with a narrow moat rating and fair value estimate of HKD 5.82 per share. CR Pharma is the third-largest pharmaceutical distributor by revenue in China. The stock is currently trading at a 15% discount to our fair value estimate. CR Pharma has little revenue cyclicality and no specific business exposure to geopolitical risks.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.

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China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S

CR Pharma: Reinitiating Coverage on the Third-Largest Chinese Medical Distributor

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