Report
EUR 85.43
For Business Accounts Only
In this note, we review the company’s recent performance and are of the view that the company’s recent performance benefits from capacity expansion in Shenzhen but the capacity-driven revenue due to relocation and expansion of facility in its flagship Xinan Hospital in Chengdu, Sichuan has not been reflected in 1H2019 results.
The company’s valuation appears to be expensive relative to other listed healthcare companies in Hong Kong. However, we are of the view that the valuation is not demanding compared to other reputable specialist healthcare service providers listed in Hong Kong and China, in particular, C-Mer and Ai’er Eye, as well as overseas-listed fertility companies, such as Vitrolife and Progyny.
We would accumulate the stock should there be placement at lock-up expiry. We also think that it would be worth doing a reverse enquiry.
Jinxin Fertility Lock-up Expiry Trade - Might be worth doing a reverse enquiry
Stakes held by Jinxin Fertility’s pre-IPO investors and cornerstone investors, worth a total of USD 734 million (20% of the market cap), will be eligible for sale as early as December 22nd.In this note, we review the company’s recent performance and are of the view that the company’s recent performance benefits from capacity expansion in Shenzhen but the capacity-driven revenue due to relocation and expansion of facility in its flagship Xinan Hospital in Chengdu, Sichuan has not been reflected in 1H2019 results.
The company’s valuation appears to be expensive relative to other listed healthcare companies in Hong Kong. However, we are of the view that the valuation is not demanding compared to other reputable specialist healthcare service providers listed in Hong Kong and China, in particular, C-Mer and Ai’er Eye, as well as overseas-listed fertility companies, such as Vitrolife and Progyny.
We would accumulate the stock should there be placement at lock-up expiry. We also think that it would be worth doing a reverse enquiry.
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.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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