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China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S 03320

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Stock XHKG Rating as of
HKD 5.89 −0.05 (0.84%)
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As of Delayed Price Closed
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Company Report

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China Resources Pharmaceutical Group Is the Third-Largest Medical Distributor in China

Yurou Zheng

The revenue of China Resources Pharmaceutical Group grew at a compounded annual growth rate of 10.4% over the past 10 years. The growth is driven by its medical distribution segment due to industry consolidation and industry expansion. Similar to other larger pharmaceutical distributors, CR Pharma, in our view, is likely to grow faster than the distribution industry average in the next three years as the industry consolidates further.

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Price vs Fair Value

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03320 is trading at a 697% premium.
Price
HKD 5.94
Fair Value
HKD 5.75
Uncertainty
High
1-Star Price
HKD 4.25
5-Star Price
HKD 6.82
Economic Moat
Mqydgg
Capital Allocation
Rrgypps

Bulls Say, Bears Say

Bulls

Price cuts for volume-based procurement are more lenient, raising CR Pharma’s operating margin.

Bears

The current cycle of interest-rate cuts in China reverses, leading to higher short-term interest servicing costs for CR Pharma.

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Trading Information

Previous Close Price
HKD 5.94
Day Range
HKD 5.85–6.03
52-Week Range
HKD 4.45–7.65
Bid/Ask
HKD 5.88 / HKD 5.89
Market Cap
HKD 37.00 Bil
Volume/Avg
4.6 Mil / 10.5 Mil

Key Statistics

Price/Earnings (Normalized)
7.05
Price/Sales
0.14
Dividend Yield (Trailing)
2.69%
Dividend Yield (Forward)
2.86%
Total Yield
4.23%

Company Profile

China Resources Pharmaceutical is the third-largest medical distributor in China by revenue. It is an integrated pharmaceutical company specializing in research and development, manufacturing, medical distribution, and retail pharmacies. As of 2023, the medical distribution business accounts for 82.6% of its total revenue. CR Pharma’s manufacturing business, 17.8% of total revenue, has subsidiaries with a strong presence in traditional Chinese medicine and consumer healthcare.
Sector
Healthcare
Industry
Drug Manufacturers - Specialty & Generic
Stock Style Box
Large Value
Total Number of Employees
72,986
Website
https://www.crpharm.com

Competitors

Valuation

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Metric
03320
COR
01099
Price/Earnings (Normalized)
 7.0517.036.97
Price/Book Value
 0.7440.330.81
Price/Sales
 0.140.160.10
Price/Cash Flow
 2.9813.603.38
Price/Earnings
03320
COR
01099

Financial Strength

Metric
03320
COR
01099
Quick Ratio
 1.000.501.05
Current Ratio
 1.330.891.39
Interest Coverage
 4.899.107.35
Quick Ratio
03320
COR
01099

Profitability

Metric
03320
COR
01099
Return on Assets (Normalized)
 3.90%4.19%4.43%
Return on Equity (Normalized)
 20.49%373.63%24.34%
Return on Invested Capital (Normalized)
 7.28%47.73%9.74%
Return on Assets
03320
COR
01099
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