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CSPC PHARMA Opens 13% Lower; Profit Warning Expects 9M24 NP to Sink 16%
CSPC PHARMA (01093.HK) issued a profit warning, after which the stock opened 13.04% lower at $5 this morning (November 1). Before the market opened, 16.692 million shares were trad...
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CSPC PHARMA Opens 13% Lower; Profit Warning Expects 9M24 NP to Sink 16%
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CSPC PHARMA (01093.HK)  -0.480 (-8.348%)    Short selling $199.48M; Ratio 14.054%   issued a profit warning, after which the stock opened 13.04% lower at $5 this morning (November 1). Before the market opened, 16.692 million shares were traded, involving $83.46 million. CSPC PHARMA’s profit warning estimated that the net profit for the nine months ending September will decrease by about 16% compared to the same period last year of RMB4.495 billion.

UBS said that CSPC's 3Q results were way worse than expected, estimating that its 3Q net profit will slide about 51% YoY, which was about 50% and 52% radically lower than the market's and the broker's respectively. The 3Q revenue from finished drugs dropped about 19% YoY, which was also about 19% lower than market expectations. The broker expected investors to react negatively. The rating was Buy, with a target price $9.1.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-11-01 16:25.)

Related NewsM Stanley: CSPC PHARMA (01093.HK) 3Q Results Miss Strongly; Mkt Expected to Cut Forecasts for 2024 & Onward

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