Hygeia is the largest oncology-focused healthcare service provider in China. Growing rapidly via both organic expansion and acquisitions, it has established strong integration capabilities and a service franchise. Hygeia continues expanding its network by acquiring 1-2 hospitals and constructing 1-2 new hospitals per year. It targets 25% yoy growth in adjusted earnings (excluding M&As) in 2023.
KEY HIGHLIGHTS Sector Automobile Weekly: PEV sales up 22-23% yoy/4-6% mom in September, in line. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Update Anta Sports (2020 HK/BUY/HK$91.50/Target: HK$128.00) Top pick; good sales momentum during the Golden Week. Asian Gems Corporate Highlights Hygeia Healthcare Holdings Co (6078 HK/NOT RATED/HK$43.90) Strong expansion and integration capabilities support a bright growth outlook. Kuaishou (1024 HK/BUY/HK$64.35/Target: HK$100.00) Key takeaw...
GREATER CHINA Sector Automobile: Weekly: PEV sales up 22-23% yoy/4-6% mom in September, in line. Maintain UNDERWEIGHT. Top BUYs: BYD, CATL and Li Auto. Update Anta Sports (2020 HK/BUY/HK$91.50/Target: HK$128.00): Top pick; good sales momentum during the Golden Week. Asian Gems Corporate Highlights Hygeia Healthcare Holdings Co. (6078 HK/NOT RATED/HK$46.20): Strong expansion and integration capabilities support a bright growth outlook. Kuaishou (1024 HK/BUY/HK$64.35/Target: HK$100.00): Key takeaw...
KEY HIGHLIGHTS Sector Automobile: Weekly: China becomes the world’s biggest car exporter, marking a new era. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Results Alibaba Group (9988 HK/BUY/HK$87.75/Target: HK$142.00): 4QFY23: Solid earnings growth; full spin-off of Alibaba Cloud. KE Holdings Inc (2423 HK/BUY/HK$41.75/Target: HK$70.00): 1Q23: Triple beat; poised to benefit from pent-up demand. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.50/Ta...
Hygeia currently manages or operates 13 oncology-focused hospitals and provides services to 24 third-party hospital partners for their radiotherapy centres. The company has been growing rapidly through both organic expansion and acquisitions. It expects its revenue to reach Rmb4b and adjusted net earnings to reach Rmb760m (excluding M&As) in 2023. Its fast growth will continue and it targets robust revenue growth at approximately 33% CAGR in 2022-26 to reach Rmb10b in 2026.
GREATER CHINA Sector Automobile: Weekly: China becomes the world’s biggest car exporter, marking a new era. Maintain UNDERWEIGHT with preference for the EV segment. Top BUYs: BYD, Li Auto and CATL. Results Alibaba Group (9988 HK/BUY/HK$87.75/Target: HK$142.00): 4QFY23: Solid earnings growth; full spin-off of Alibaba Cloud. KE Holdings Inc (2423 HK/BUY/HK$41.75/Target: HK$70.00): 1Q23: Triple beat; poised to benefit from pent-up demand. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.50/Target...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Warburg Pincus aims to raise around US$216m via selling 3.2% of Hygeia Healthcare. This won’t be the first selldown by Warburg. Despite having been listed just around a year ago, the stock has already seen two placements, both in Jan 2021, just after the lock-up expiry. Both the past deals did well. However, the stock was trading a whole lot lower at that time. In this note, we will run the deal through our ECM framework and talk about the deal dynamics. We covered the IPO across a series o...
Hygeia Healthcare Group, a leading oncology specialized healthcare group, started pre-marketing its USD 300 million Hong Kong listing. The company operates its own hospitals, provides third-party radiotherapy service, and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been stellar. The company also has an ambitious exp...
Hygeia Healthcare Group, a leading oncology specialized healthcare group, is planning to raise up to USD 500 million via a Hong Kong listing. The company operates its own hospitals, provides third-party radiotherapy service and manages partner hospitals. The company's recent growth has been driven by ramping up of its self-owned hospitals that were opened during the track record period. Its track record of ramping up newly established hospitals has been amazing. The company also has an ambit...
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