IMP [BUY +39.6%] - Sales growth to regain pace post COVID-19 disruptions - Update
  • 2021-01-28T19:21:31
  • Company Research
We reiterate BUY as we believe IMP’s leading production technology and ample spare capacity — along with a Government policy backdrop that favors high-quality, locally produced drugs in the hospital channel — will lead to elevated earnings growth in the next few years. We lift our target price by 3% as we nudge up our aggregate 2021F-2023F NPAT by 3%, which is primarily attributed to lower operating expense projections.