Expecting a robust quarter to be reported tomorrow
We increase our conviction for strong results for Fosun in 2Q16 afterSinopharm result announcement. Even if Fosun were to deliver 0% ex-Sinopharm core profit growth in 2Q16, the reported overall profit growthwould still be 27%. Additionally, assuming Fosun could deliver the same ex-Sinopharm core profit growth in 2Q16 vs. 21% from 1Q16, the reported growthwould likely be 48%. As such, we expect a robust 3Q16 as well for FosunPharma. However, we remind investors a high base in 2Q//3Q16 would be achallenge for next year.