C&O Pharm: in line with recent Buys and earnings upgrades following good FYJun10 results, Phillip lifts target to $0.65 from $0.53. Increases FY11 earnings est by 8.6% to HK$175m to assume stronger growth across all business segments, contributions from roll-out of new drugs…
Expects new drug Edaravone, used to aid neurological recovery, to be major earnings driver in coming years considering fewer than 5 manufacturers in China capable of producing it. Notes market for this drug, which C&O expects to get regulatory approval for mass production by October, was worth ~RMB1bn in 2009.
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