Sino Biopharmaceutical Ltd

01177: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$9.73	Hff	Mfcvzqz

Sino Biopharmaceutical's First-Quarter Earnings in Line, Back on Track for Growth

Jay Lee

May 26, 2021

Narrow-moat Sino Biopharmaceuticals, or SBP, reported first-quarter earnings that were in line with our expectations. We maintain our fair value estimate of HKD 6.50. With the stock trading at a 33% premium to our fair value, we view the stock as overpriced and believe other stocks offer better value, especially smaller and nimbler biotech companies like Innovent and Junshi.

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