In today’s briefing:
- Zhangzhou Pientzehuang Pharmaceutical (600436.CH) 2023 Results – Get Ready for More Downside Ahead
Zhangzhou Pientzehuang Pharmaceutical (600436.CH) 2023 Results – Get Ready for More Downside Ahead
- Pientzehuang’s 2023 results were well below expectations. The performance in 23Q4 was terrible. 2024 performance would continue to be under pressure, without any reversal signals to be seen.
- In the process of China’s de-financialization, growth potential of assets with strong financial attributes would weaken.Pientzehuang’s ability to raise prices won’t be as strong as rigid-demands such as telecommunications tariffs.
- Pientzehuang’s stock price performance doesn’t follow traditional TCM companies.It’s not surprising if Pientzehuang’s valuation drops to PE of 15x or even lower. We recommend investors not to rush to bottom-fish.
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