报告名称：Biostime International Holdings(01112.HK)Tracking Report：Growth is driven by bot
报告类型：港股研究
报告日期：2016-04-06
研究机构：中信证券国际
股票名称：BIOSTIME
股票代码：01112
页数：4
简介：Earnings forecast, valuation, and investment rating. As consumers are paying more attention to health, the health products industry will likely continue to grow rapidly. Meanwhile, the infant formula industry is recovering. Given the acquisition of Swisse, we adjusted the Company’s 2016/17E EPS estimates to Rmb1.50/2.00, and forecasted its 2018E EPS at Rmb2.25. Considering the average price-to-sales ratio for Beingmate (002570) and Yashili (01230.HK) of 2.5x, we project market cap of Biostime’s infant formula business at Rmb10bn. Given the valuation of By-Health (300146), we assign a conservative valuation of 20x PE to Biostime’s health products business, implying a market cap of Rmb14bn. We forecast a 2016E market cap of Rmb24bn for Biostime, equivalent to a TP of Rmb38 (HK$45). BUY reiterated.

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