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China Medical System Holdings Ltd
China Medical System Holdings Ltd. (CMS) is a pharmaceutical group engaged in the sales and marketing of imported and Chinese prescription drugs, Chinese pharmaceuticals products and medical devices within Mainland China. The Company has also proprietary R&D and manufacturing activities.
A rare pearl
Impressive H1 results show sales +41% year on year, and EPS +128.6%
Progress in period also saw: renewed agency agreements, two new products, reply from SFDA (regulators).
Forecasts remain broadly unchanged leaving both low PER and high yield on shares. We keep a 173 - 208p fair value target range (versus current 125p level)
Publication Date:
October 10 2008
Attractively rated play on Chinese pharma
Integrated Chinese pharma company, founded in 1995
Strong record of profitability, 2007 results show adj. net profit up 65%
Year end net cash of $18m
In-house R&D self funded
Exclusive sales and marketing of prescription drugs into Chinese market
Fair value / share seen over 173p (DCF and PER analysis) vs 103p currently
Publication Date:
April 17 2008