Aequitas Research - Gusbourne (GUS) Gushengtang Pre-IPO

Report

Aequitas Research

Clarence Chu

EUR 94.46 For Business Accounts Only

Gushengtang Pre-IPO

Gushengtang is a traditional chinese medicine (TCM) healthcare service provider in China. It provides TCM healthcare services and products via its offline medical institutions and online healthcare platforms.

As of the LPD, the firm provided services to customers across 31 provinces via its medical service network, and had 19,203 physicians practicing as of Jun 2021.

The firm generates majority of its revenue via its offline medical institutions and only began ramping up its online network with the acquisition of Bailu Platforms in 2H20. Despite the COVID-19 induced lockdowns on its medical institutions, the firm has posted resilient earnings and better cost controls had led to strong profitability. The segment the firm operates in is also expected to outperform the healthcare industry and the overall Grand TCM Healthcare industry in China.

However, 1H21 YoY performance was attributed to a low base effect and sequential performance had been underwhelming. The firm is also operating in a highly fragmented industry and has only 0.09% market share in the overall Grand TCM Healthcare industry.

02/12/2021 17 EN

Underlying

Gusbourne

Gusbourne is engaged, through its wholly owned subsidiary Gusbourne Estate Limited, in the production and distribution of a range of English sparkling wines from grapes grown in its own vineyards in Kent and West Sussex.

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GB00B8TS4M09 London Stock Exchange United Kingdom

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Clarence Chu

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Gushengtang Pre-IPO

Gushengtang IPO

Ford Equity International Rating and Forecast Report

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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