Tianjin Pharmaceutical Da Ren Tang - UOB Kay Hian 2023-03-08: Benefitting From Higher Drug Demand & New Growth Impetuses Injected

• Some of Tianjin Da Ren Tang (SGX:T14)’s TCMs are on the Chinese authority’s recommended drug list for treating COVID-19 symptoms. Its 25% JV with GSK is a leading producer of Ibuprofen products which saw demand surge.
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• Da Ren Tang’s S-share (6.8x 2023F consensus P/E) is trading at only 26% of its A-share price.

Benefitting from outbreak of pandemic in China, with direct earnings exposure estimated at 10-20%.

• According to numerous media in China and our checks on the JD.com pharmaceutical portal, drugs that can relieve COVID-19 symptoms were out of stock in many Chinese cities in Dec 22 (the shortage also extended into January this year in some cities) due to the outbreak of the pandemic following the Chinese government’s abrupt shifts in COVID-19 policies.
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25% ownership in Sino-American Tianjin SmithKline & French Lab (SATSK&FL), a leading producer of Ibuprofen products in China.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2020-08-19 Tianjin Zhongxin Pharmaceutical Group Corp - 1H20 Soft Results Due To COVID-19; Expect A Strong Recovery In 2H20.

Price targets by other brokers at Tianjin Da Ren Tang Target Prices.

Listing of research reports at Tianjin Da Ren Tang Analyst Reports.

Relevant links:
Tianjin Da Ren Tang Share Price History,
Tianjin Da Ren Tang Announcements,
Tianjin Da Ren Tang Dividend Payout Dates & Corporate Actions,
Tianjin Da Ren Tang News