HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Dermavon Holdings / Equity Capital Markets

<ul>
<li>The big gap between the revenue proportion of the two business lines indicates that there's little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.</li>
<li>The weakness in R&amp;D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&amp;D.</li>
<li>The business model of Dermavon is sales-driven rather than R&amp;D-driven. There are concerns on the Company’s pipeline quality. <a href="https://www.smartkarma.com/entities/dermavon-holdings" target="_blank" data-smartkarma-citation="entities:45114:1" rel="noopener">Dermavon </a>has not proved its sustainable profitability. Valuation should be lower peers.</li>
</ul>


The big gap between the revenue proportion of the two business lines indicates that there's little synergistic effect, thus further delaying the formation of the “medicine and makeup complementary ecosystem”.
The weakness in R&amp;D has led to a low overlap in the demands of existing products among the customer groups,making it impossible to match the medical demand through self R&amp;D.
The business model of Dermavon is sales-driven rather than R&amp;D-driven. There are concerns on the Company’s pipeline quality. Dermavon has not proved its sustainable profitability. Valuation should be lower peers.


Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

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Dermavon Holdings (DERM HK)

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

The lack of synergy between revenue streams at Dermavon delays the formation of a medicine and makeup complementary ecosystem. Concerns over R&D...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

​The lack of synergy between revenue streams at Dermavon delays the formation of a medicine and makeup complementary ecosystem. Concerns over R&D...

Xinyao (Criss) Wang

The lack of synergy between revenue streams at Dermavon delays the formation of a medicine and makeup complementary ecosystem. Concerns over R&D...