REAL-TIME GLOBAL RESEARCH
Risk Reward Update
Research evidence excerpt
Not for redistribution without written consent of Morgan Stanley
M
Update
August 20, 2026 01:36 PM GMT
Morgan Stanley Asia Limited+
CSPC Pharmaceutical Group | Asia Pacific
Alexis Yan, CFA
Equity Analyst
Risk Reward Update
What’s Changed
CSPC Pharmaceutical Group (1093.HK)
From
To
Price Target
HK$11.00
HK$12.00
Bull Case
HK$17.00
HK$19.00
Base Case
HK$11.00
HK$12.00
Bear Case
HK$5.70
HK$6.00
Updated Components
EPS
Investment Thesis
Bull Base Bear Scenarios
CSPC Pharmaceutical Group (1093.HK, 1093 HK)
China Healthcare | China
Stock Rating
Industry View
Price target
Shr price, close (Aug 20, 2026)
52-Week Range
Fiscal Year Ending
Risk Reward for CSPC Pharmaceutical Group (1093.HK) has been
updated.
Reason for change
EPS (Rmb)**
Prior EPS (Rmb)**
Overweight
Attractive
HK$12.00
HK$9.52
HK$11.63-6.53
12/25 12/26e 12/27e 12/28e
0.3
1.1
1.0
0.5
0.4
0.5
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
e = Morgan Stanley Research estimates
Model adjustments after 2Q26 results. We raise EPS estimates 10% for 2026, 11%
for 2027, and 10% for 2028, mainly reflecting faster pace of receipt of business
development income and revenue booking per trend observed. Meanwhile, we also
expect the finished drug sales portfolio to generate resilient growth, with industry
headwinds largely digested.
Our DCF-based price target is raised to Rmb12 accordingly.
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