报告名称：China Traditional Chinese Medicine Co.(00570.HK)2015 results takeaway： conservat
报告类型：港股研究
报告日期：2016-03-24
研究机构：银河国际
股票名称：中国中药
股票代码：00570
页数：4
简介：We believe the market has overreacted to the reported stagnant growth of the TCM finished drug business of CTCM. With the conservative assumption that revenue growth will be in line with the industry growth rate, we still expect revenue to double in 2016E from full-year consolidation of CCMG business and grow another 14.5% in 2017E. Therefore, we expect core EPS to grow 93.2%/16.1% in 2016E/17E, respec-tively. The current share price level should already reflect the expected weakness in the TCM finished drug industry. We maintain a BUY rating on CTCM and have ad-justed our TP from HK$6.18 to HK$5.45 based on our DCF model (WACC: 10.1%, terminal growth: 4%). Our TP implies 2016E/17E PER of 16.2x/14.0x.

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