FY19 revenue grew 23% yoy, largely in line with our estimates while adj. NP grew 12% yoy, missing our estimates by 6%
We think COIVD-19 would put strain on Co.’s FY20E growth, and peer’s nab-paclitaxel GPO should weigh on Lipusu’s sales outlook
We cut SOTP-based TP to HKD7.7 (from HKD9.7). Noting current risk/reward (6x/5x 20E/21E PER) remains attractive, maintain BUY