报告名称：Laobaixing Pharmacy Chain(603883)Private placement to secure fast growth in the
报告类型：点评报告
报告日期：2015-11-20
研究机构：中信证券国际
股票名称：老百姓
股票代码：603883
页数：4
简介：BUY reiterated. Going ahead, the nationwide presence and business scale expansion will warrant steady earnings growth of the Company, and projects financed by the private placement proceeds stand to significantly boost its earnings. Given projects financed by the offering proceeds are yet to yield any returns, we maintain estimate of the Company’s 2015-17E EPS at Rmb0.98/1.27/1.54, and will timely revise our estimate based on the progress of follow-on offering. We lift the six-month TP to Rmb68.58 (54x 2016E PE) from Rmb58.8, and reiterate the BUY rating.

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