招商证券(香港)：给予华润医药(03320.HK)“买入”评级 目标价6.50港元

招商证券(香港)9月14日发布公告。We revised down FY20E/21E earnings estimates by 10%/7% to reflect lower-than-expected 1H20 results. We rolled forward to 2021E valuation basis and trimmed SOTP-based TP to HKD6.5 from HKD7.2. Co. now trades at 7x FY21E PER, at the lowest quantile in its historical PER band. We think YTD stock correction (down 42%) has made Co. as one of attractive bets in the market, in addition to some early sign of Dong-E-E-Jiao recovery and potential M&A opportunities. Maintain BUY.

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