reports
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): 1Q25: Results bea...
PAGD recorded strong 1Q25 results with revenue up 25.8% yoy and adjusted net profit of Rmb57.9m, beating estimates. It continues to target double-digit revenue growth and steady earnings improvement for 2025, driven by strong strategic business expansion and continuous AI empowerment. Its senior care services also create a new growth momentum. We expect 15% and 37% CAGRs for its revenue and adjusted net profit in 2025-27. Maintain BUY and target price of HK$11.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
Greater China Daily: Thursday, April 24, 2025
KEY HIGHLIGHTS Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) Tinci’s 1Q25 net profit came in above estimates at Rmb150m (+30.8% yoy/+2.7% qoq), due to higher-than-expected sales volume and ASP. Going forward, Tinci will sustain earnings growth through cost control measures, product upgrading and global capacity expansion. We raise our 2025-26 net profit forecasts by 119%/150% to Rmb887m/ Rmb967m respectively, and introduce our 2027 net profit forecast o...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Jo Yee Ng
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, April 24, 2025
GREATER CHINA Results Guangzhou Tinci Materials Technology (002709 CH/BUY/Rmb17.19/Target: Rmb39.60) 1Q25: Earnings beat on revenue; raise target price from Rmb18.00 to Rmb39.60. Upgrade to BUY. New Oriental Education & Technology Group (EDU US/BUY/US$43.38/Target: US$60.00) 3QFY25: Earnings miss; subdued top-line but solid margin outlook in 4QFY25. Ping An Healthcare and Technology Company (1833 HK/BUY/HK$7.15/Target:HK$11.00) 1Q25: Results beat; maintains double-digit revenue growth target for...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
TOP THAI OIL PUBLIC CO. LTD.
INCO VALE INDONESIA
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
KREIT KEPPEL REIT
IGBREIT IGB REAL ESTATE INVESTMENT T
0763 ZTE CORPORATION CLASS H
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
WHA TB WHA CORP PCL
PEKAT PEKAT GROUP BHD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Prefer leading drug innovators and internet healthca...
Most domestic biopharmaceutical companies expect the US-China trade tensions to have limited impact in the short term, while the long-term impact remains uncertain. We prefer drug innovators focusing on domestic operations and internet healthcare players. The out-licensing business model is unlikely impacted by the trade tensions, while CRDMO players could face considerable geopolitical risks. Maintain UNDERWEIGHT. Our top picks are Innovent, Hansoh Pharma, Ali Health and PAGD.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): 2024: Satisfactor...
PAGD recorded satisfactory 2024 results with revenue up by 2.9% yoy and adjusted net profit of Rmb159m. It targets double-digit revenue growth and steady earnings improvement for 2025, driven by strong strategic business expansion and continuous AI empowerment. Its senior care services will also create new growth momentum. We expect 15% revenue CAGR for PAGD in 2024-26 with continuous strategic upgrade efforts. Maintain BUY and target price of HK$11.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Gigi Cheuk
- Greater China Research Team
- Kate Luang
- Ken Lee
- Sunny Chen
Greater China Daily: Friday, March 14, 2025
KEY HIGHLIGHTS Strategy Small-Mid Cap Monthly Reiterate BUY on JBM Healthcare. Sector Automobile China auto sales declined wow in the 10th week of 2025, with a 55.7% share of the PEV market. BYD successfully raised HK$43.4b (US$5.6b) in an H-share placement. ASEAN investors are becoming increasingly positive on China’s auto sector, with BYD and Geely leading in AI/ADAS and overseas expansion, while risks like margins, US tariffs, and chip restrictions remain manageable. Maintain MARKET WEIGH...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Outperformers empowered by AI revolution.
AI revolution is a key trend of the healthcare industry for the long term. It will drive innovation, improve efficiency and enhance patient outcomes. AI technologies hold transformative potential in various areas. By leveraging genomic, clinical and molecular data, it is changing medical diagnosis, drug R&D and delivery of precision medical care, ultimately leading to better medical outcomes. The internet healthcare and ICL segments are the most direct beneficiaries in the short term.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: CRDMO leaders take a temporary reprieve, aiming fast...
With slower-than-expected improvement in biotech funding, 2025 remains a challenging year for most biotech and CRO/CDMO companies. However, the delay of the Biosecure Act in 2024 offers a temporary reprieve for leading CRDMO companies. WuXi Bio and WuXi AppTec are likely to deliver faster revenue growth in 2025 vs 2024, supported by their competitive strength in obtaining new projects and customers, despite the considerable geopolitical risks. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
603722 WUXI APPTEC CO. LTD. CLASS H
300765 WUXI ACRYL TECHNOLOGY CO LTD
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): Ping An to consol...
PAGD proposed a special dividend of HK$9.70/share with a scrip option priced at HK$6.12/share to be dispatched on 24 Jan 25. This will increase Ping An’s stake from 39.41% to 52.74% and trigger a mandatory general offer at HK$6.12/share for PAGD by Ping An, with no privatisation intended. We expect very few investors to accept the offer, while Ping An’s rising stake will benefit PAGD’s expansion of strategic businesses with increased synergies. Maintain BUY. Target price: HK$8.50.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Stay focused, stay innovative.
Biopharmaceutical companies are embracing the new year with new product approvals and out-licensing deals, while leading CRDMO companies are divesting their overseas businesses. We expect the biopharmaceutical segment to continue recovering, supported by a lower capital cost and constant innovative product launches in China and overseas. The considerable geopolitical risks, however, may continue to cloud the CRDMO segment’s growth outlook. Maintain UNDERWEIGHT.
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Friday, January 10, 2025
KEY HIGHLIGHTS Economics Inflation Deflationary pressures persisted in December, as CPI inflation slowed further to 0.1% yoy, while PPI inflation improved to -2.3% yoy in December, despite remaining in negative territory. In contrast, core CPI inflation saw a consecutive uptick to 0.4% yoy, while services CPI inflation edged higher to 0.5% yoy. In addition, the rebound in global commodity prices lifted producer goods PPI and is expected to provide further upside bias in the coming months. Sec...
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- Ken Lee
- Lester Siew
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Friday, January 10, 2025
GREATER CHINA Economics Inflation: Positive signs amid deflationary pressures. Sector Automobile: Weekly: OEMs set ambitious 2025 targets. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao and Desay. Healthcare: Stay focused, stay innovative. Update Ping An Healthcare and Technology Company (1833 HK/BUY/HK$6.25/Target:HK$8.50): Ping An to consolidate PAGD with no privatisation intended; bright outlook for strategic businesses with increased synergies. Xtep International Holdings (1368 HK/BUY/HK$5.6...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Striving for growth in 2025.
Geopolitical tensions and weak economic conditions may cloud 2025’s growth outlook of the CRDMO, medical devices and services segments. However, the biopharma segment will see continued recovery, supported by a lower cost of capital and constant innovative product launches in China and even overseas. Leading internet healthcare players, with stabilising business models, also expect robust revenue growth and improving profitability. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): Bright outlook fo...
PAGD sees much room to further penetrate Ping An Group’s huge client base for its strategic businesses. Its senior care services also create new growth momentum. We forecast 2024-26 revenue CAGR of 17% and 45% for its strategic businesses and senior care services respectively. We expect its revenue growth to be flat in 2024 but to regain momentum in 2025 with its continuous strategic upgrade efforts and AI empowerment. Maintain BUY with a higher target price of HK$17.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, October 14, 2024
KEY HIGHLIGHTS Economics Inflation September consumer price inflation slipped slightly to 0.4% yoy but remained positive for the eighth consecutive month, below Bloomberg consensus of 0.6% yoy. Meanwhile, PPI inflation declined further from -1.8% in August to -2.8% yoy, mainly driven by broad-based price contractions and is lower than Bloomberg consensus of -2.6% yoy. Core CPI inflation fell from 0.3% to 0.1% yoy, reflecting weaker underlying demand. Strategy China Strategy: Providing greate...
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Jonathan Koh
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Shirley Wang Xueyi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Monday, October 14, 2024
GREATER CHINA Economics Inflation: Deflationary pressure persists. Strategy Providing greater countercyclical support. Sector Automobile: Weekly: PV sales dipped due to National Holiday; in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Minth, Tuopu and Desay SV. Update Anta Sports (2020 HK/BUY/HK$100.10/Target: HK$132.30): 3Q24 sales missed expectations but Golden Week sales outperformed; confidence in profit level despite challenging full-year sales targets. Asian Gems Corporate Highligh...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Improving funding environment and potential fiscal e...
We expect the continuous interest rate cuts to lower R&D costs and accelerate innovative product launches for biopharmaceutical producers. This will support a continuous recovery of the healthcare industry for the next few years. Moreover, the highly-expected fiscal easing package may also be a potential catalyst for medical service and medical equipment players. Maintain MARKET WEIGHT on China’s healthcare sector.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Mixed growth outlook. MARKET WEIGHT
Most biopharmaceutical companies under our coverage posted robust 1H24 results, while others reported moderate growth or missed market estimates. We believe leading drug innovators will outperform, supported by continued new product launches, while weak economic conditions and policy uncertainties may continue to cloud the growth outlook for medical service providers and medical device players. Geopolitical risks remain a threat to CDMO majors. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
Ping An Healthcare and Technology Company (1833 HK): 1H24: Earnings tu...
PAGD recorded a revenue decline of 5.8% yoy but achieved an earnings turnaround in 1H24, beating our and consensus estimates. It targets positive and low double-digit revenue growths for 2024 and 2025, driven by strong strategic business expansion. Its senior care services also create a new long-term growth momentum. We expect a 15% revenue CAGR for PAGD in 2024-26 with continuous strategic upgrade efforts. Maintain BUY and target price of HK$15.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Sunny Chen
Greater China Daily: Thursday, August 22, 2024
KEY HIGHLIGHTS Results Crystal International (2232 HK/BUY/HK$3.54/Target: HK$4.92) Crystal’s 1H24 net profit grew 14.1% yoy to US$84m, representing 44% of our full-year estimate. Interim DPS almost tripled to 13.8 HK cents and interim payout ratio reached 60%. Management has turned more positive on 2024-25 as it almost doubled its 2024 labour addition target, and is confident on registering a 20% gross margin in the coming years. We raise dividend payout forecast to 60% in 2024-26 and expect...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
TGIF 1933 INDUSTRIES
1093 CSPC PHARMACEUTICAL GROUP LTD
BCOW 1895 BANCORP OF WISCONSIN INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
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