Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>$4.7bn USD inflows led by material, industrials and consumer staple. </li>
<li>We highlight inflows into CATL, Moutai, Yunnan Energy New Material, and outflows from Aier Eye. </li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
$4.7bn USD inflows led by material, industrials and consumer staple. 
We highlight inflows into CATL, Moutai, Yunnan Energy New Material, and outflows from Aier Eye. 


Northbound Flows: CATL, Moutai, Yunnan Energy New Material, Aier Eye

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Aier Eye Hospital Group / Equity Bottom-Up

<ul>
<li>According to public news, the recent bribery scandal of <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a> has raised widespread concern. Shenzhen stock Exchange also issued a letter of inquiry.</li>
<li>The development model based on M&amp;A funds helps rapid expansion, but also leads to profit orientation and large goodwill balance, indicating potential risks.</li>
<li>The biggest risk is the revolutionary technology/drugs to disrupt the business value of Aier’s medical services. So, Aier could be a short-term trade, but not a long-term hold. </li>
</ul>


According to public news, the recent bribery scandal of Aier Eye Hospital Group (300015 CH) has raised widespread concern. Shenzhen stock Exchange also issued a letter of inquiry.
The development model based on M&amp;A funds helps rapid expansion, but also leads to profit orientation and large goodwill balance, indicating potential risks.
The biggest risk is the revolutionary technology/drugs to disrupt the business value of Aier’s medical services. So, Aier could be a short-term trade, but not a long-term hold. 


Aier Eye Hospital Group (300015.CH) - More than Just Bribery Scandal

Equity Capital Markets

Beijing Airdoc Technology / Equity Capital Markets

<ul class="">
<li>The performance of stock price of <a href="https://www.smartkarma.com/entities/beijing-airdoc-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33524:1" rel="noopener">Beijing Airdoc Technology (2251 HK)</a> after listing in HKEX was not satisfactory.</li>
<li>The real turning point for the commercialization of AI medical imaging market has not arrived.</li>
<li>Together with other concerns such as fierce competition, data security issue, the lack of medical insurance coverage and insufficient recognition in hospital market, etc., we are conservative about the outlook of Airdoc at the current stage.</li>
</ul>


The performance of stock price of Beijing Airdoc Technology (2251 HK) after listing in HKEX was not satisfactory.
The real turning point for the commercialization of AI medical imaging market has not arrived.
Together with other concerns such as fierce competition, data security issue, the lack of medical insurance coverage and insufficient recognition in hospital market, etc., we are conservative about the outlook of Airdoc at the current stage.


Beijing Airdoc Technology (2251.HK) - Here Are the Concerns

<p>In August, <a href="https://www.smartkarma.com/entities/aier-eye-hospital-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1103:1" rel="noopener">Aier Eye Hospital Group (300015 CH)</a> released its 2021 interim report. The revenue was RMB7.348 billion, up 76.47% YoY. Net profit attributed to shareholders was RMB1.116 billion, up 65.03% YoY. Net profit after deducting non-recurring gains and losses was RMB1.227 billion, up 111.92% YoY. The Company maintained high growth momentum. However, Aier’s share price was closed at RMB51.88/share on September 24, which was down about 28% from its all-time high of RMB72/share in February this year. This insight mainly analyzed the performance in 2021/1H and the concerns of the Company.</p>

In August, Aier Eye Hospital Group (300015 CH) released its 2021 interim report. The revenue was RMB7.348 billion, up 76.47% YoY. Net profit attributed to shareholders was RMB1.116 billion, up 65.03% YoY. Net profit after deducting non-recurring gains and losses was RMB1.227 billion, up 111.92% YoY. The Company maintained high growth momentum. However, Aier’s share price was closed at RMB51.88/share on September 24, which was down about 28% from its all-time high of RMB72/share in February this year. This insight mainly analyzed the performance in 2021/1H and the concerns of the Company.

Aier Eye Hospital Group (300015.CH) - The Concerns Behind the High Growth Momentum

<p>Recently, <a href="https://www.smartkarma.com/entities/hygeia-healthcare-group" target="_blank" data-smartkarma-citation="entities:28875:1" rel="noopener">Hygeia Healthcare Group (6078 HK)</a> released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.</p>

Recently, Hygeia Healthcare Group (6078 HK) released its 2021/1H financial report. The revenue increased by 47.4% to RMB931.7 million, and the net profit increased by 8,450.0% to RMB205.2 million. The non-IFRS adjusted net profit increased by 53.1% to RMB205.2 million. It can be seen that, as the number of patient visits and the average spending per outpatient and inpatient visit continued to increase, Hygeia maintained its strong growth momentum. This insight mainly analyzed the business, doctor resources and outlook of the Company.

Hygeia Healthcare (6078.HK) 2021H1 - Efficient Expansion and Management Support the Positive Outlook

China

Aier Eye Hospital Group Co., Ltd provides ophthalmological services.  The Company's services include ophthalmological diagnosis and treatments.

Price Gauge
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Aier Eye Hospital Group (300015 CH)

Northbound Flows: CATL, Moutai, Yunnan Energy New Material, Aier Eye

We highlight weekly southbound inflows into the A-share market into CATL, Moutai, Yunnan Energy New Material, and outflows from Aier Eye.

Ke Yan, CFA, FRM