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.

Equity Capital Markets

Kindstar Globalgene Technology / Equity Capital Markets

Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise up to USD 200m in  H-share listing in Hong Kong. In our previous note, we discussed Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue is derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. We think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.In this note, we compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its growth potential and concerns we raised in our previous note.<h2>Our previous coverage on Kindstar</h2><ul><li><a href="https://www.smartkarma.com/insights/kindstar-pre-ipo-issues-with-scalability" target="_blank" rel="noopener">Kindstar (康圣环球) Pre-IPO: Issues with Scalability</a></li></ul>

Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise up to USD 200m in  H-share listing in Hong Kong. In our previous note, we discussed Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue is derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. We think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.In this note, we compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its growth potential and concerns we raised in our previous note.Our previous coverage on KindstarKindstar (康圣环球) Pre-IPO: Issues with Scalability

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise USD 200 in  H-share listing in Hong Kong. In this note, we will discuss Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. The company already had comprehensive coverage in the Class III hospitals and is trying to penetrate into more lower ranked Class III hospitals along with expanding its product offering. In terms of fundamentals, we think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.

Kindstar is a leading esoteric test service provider in China. The company has a dominant market in the independent hematological test segment and is looking to raise USD 200 in  H-share listing in Hong Kong. In this note, we will discuss Kindstar's business segment. The company has a strong footprint in the hematology test segment with the majority of its revenue derived from the hematological tests, particularly for lymphoma and myeloma related diseases. The company is relatively weak in other areas such as oncology and maternity related businesses. The company already had comprehensive coverage in the Class III hospitals and is trying to penetrate into more lower ranked Class III hospitals along with expanding its product offering. In terms of fundamentals, we think the company can continue to grow the existing pie of hematological tests for which the public hospitals do not want to invest in the test equipment and processes but it will be challenging for the company to expand the business into the area where public hospitals are willing to invest in. We think the company has a decent line-up of investors but there is still a lack of international healthcare investors. The management's experience is also decent.

Kindstar (康圣环球) Pre-IPO: Issues with Scalability

China

Kindstar Globalgene Technology is a leading independent medical testing provider in China, specializing in esoteric diagnostic testing services. The company offers a wide range of advanced specialty testing across hematology, genetic diseases, rare diseases, infectious diseases, oncology, neurology, and maternity-related testing, alongside scientific research services and CRO. It was founded in 2003 and is headquartered in Wuhan, Hubei, China.

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Kindstar Globalgene Technology (9960 HK)

Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium?

We compare the company's key financial metrics with other leading listed ICL. We also discuss the company's pre-IPO valuation in the context of its...

Ke Yan, CFA, FRM

Kindstar (康圣环球) Pre-IPO: Issues with Scalability

We think the company can grow the existing pie of hematological tests but it will be challenging for the company to expand the business into the...

Ke Yan, CFA, FRM

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