SEHK:1093Pharmaceuticals
CSPC Pharmaceutical Group (SEHK:1093) Stock Rerates As Profit Margin Strengthens
CSPC Pharmaceutical Group stock went into this earnings print priced like a value story, with a P/E of 12.1x against a peer average of 24.8x and a quoted discounted cash flow value almost double the current HK$9.19 share price. The results have now shifted attention firmly to profitability. Net profit margin sits at 23.7% and earnings over the past year are reported up 92.7%. The headline today is not revenue pace. It is a margin and earnings reset that raises the question of whether the...