PAGD’s 2023 revenue declined 24.7% yoy, while adjusted net loss narrowed to Rmb315m, beating our and consensus estimates. It finished restructuring its lowsynergy businesses in 2023, and expects double-digit revenue growth for F-end and Bend strategic businesses in 2024. Its home-based elderly care services will also create new growth momentum. We expect an 18% revenue CAGR in 2023-25 with continuous strategic upgrade efforts. Maintain BUY with a target price of HK$15.00.
KEY HIGHLIGHTS Results Anhui Conch Cement (914 HK/BUY/HK$17.20/Target: HK$21.00) 2023: In line; all set to expand market share. CSPC Pharmaceutical Group (1093 HK/BUY/HK$6.41/Target: HK$7.80) 2023: Results in line; expects double-digit revenue and earnings growth in 2024. Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00) 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00) 2023: Results ...
GREATER CHINA Results Geely Auto (175 HK/BUY/HK$8.83/Target: HK$11.00): 2023: Results beat on margins again; upgrade to BUY. Raise target price from HK$6.50 to HK$11.00. Innovent Biologics (1801 HK/BUY/HK$39.35/Target: HK$60.00): 2023: Results beat; well positioned for sustainable growth in 2024. Kuaishou (1024 HK/BUY/HK$52.25/Target: HK$85.00): 4Q23: Resilient earnings beat; strong ad monetisation momentum continues. Li Ning (2331 HK/HOLD/HK$21.45/Target: HK$19.60): 2023: Results miss; remain c...
China’s draft plan is expected to develop a more efficient and supportive ecosystem for drug innovation. We believe the government will support the development of a stronger and more innovative healthcare industry by providing more financial and regulatory resources in the next few years. Facing political headwinds, leading CRDMO players may benefit from the brighter outlook of China’s healthcare industry in the longer term. Maintain MARKET WEIGHT on China’s healthcare sector.
The independent financial analyst theScreener just lowered the general evaluation of PING AN HEALTHCARE (HK), active in the Health Care Providers industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Negative. As of the analysis date March 15, 2022, the closing price was HKD 15.74 and its ta...
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