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UBS lifts Baiyunshan Ph (00874) to HK$28.9
  UBS Global Research lifted its target price for 
Guangzhou Baiyunshan Pharmaceutical (BYS)(00874) to HK$28.9 from HK$27.97, and maintained
its "buy" rating.
  BYS announced the purchases of a 30% stake in Guangzhou Pharma (GZ Pharma) for Rmb1.09bn
and a 48.07% stake in Wanglaoji Pharma (WLJ) for Rmb358m, which the research house 
believes will provide a significant boost to the acquirer's overall performance. If the
deals result in synergy, Baiyunshan's earnings are likely to grow robustly.
  Therefore, UBS raise its 2018-19 earnings 2%/6%.
  UBS believes investors are over-pessimistic about the purchases while overlooking the
positives. It expects BYS's consolidation of GZ Pharma's financial statements to start 
this April. As a result, BYS's 2018/19/20 revenues are expected to increase 90%/183%/187%
and profit to rise 3.7%/5.4%/5.3%, respectively. 

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