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UBS lifts China Medical System to HK$22.48
UBS Global Research lifted its target price for 
China Medical System Holdings (CMS)(00867) to HK$22.48 from HK$17.7, and maintained its
"buy" rating.
  The research house said the target hike reflects the re-rating of the H-share pharma 
sector. It thinks the emergence of more pure R&D-based firms should give CMS opportunities
to expand its product portfolio and make its growth more sustainable.
  CMS trades at 19x 2018 PE, close to its five-year mean; UBS thinks the market has
neglected its pipeline value and the opportunities brought about by industry change, while
overestimating
potential competition from generics to CMS's major drug, Plendil. If CMS announces 
potential business development projects, these could bring upside catalysts. 

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