China Resources Pharmaceutical Group Ltd Registered Shs Unitary 144A/Reg S

03320: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$3.30	Lymnhf	Nzglbwsl

CR Pharma: Reinitiating Coverage on the Third-Largest Chinese Medical Distributor

Yurou Zheng

Apr 11, 2024

We reinitiate coverage of China Resources Pharmaceutical Group, or CR Pharma, with a narrow moat rating and fair value estimate of HKD 5.82 per share. CR Pharma is the third-largest pharmaceutical distributor by revenue in China. The stock is currently trading at a 15% discount to our fair value estimate. CR Pharma has little revenue cyclicality and no specific business exposure to geopolitical risks.

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