CHINA SHINEWAY(2877.HK):STAGNANT EARNINGS GROWTH PROSPECTS
唯高达香港有限公司2015-08-31
1H15 earnings miss expectations Tougher operating environment due to price competitionfrom other generic drug makers. Cut PE (15F) from 10x to8.6x, resulting in a lower TP of HK$9.5 Most negatives should have been priced in; maintainHOLD