Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Bottom-Up

<ul>
<li>New Horizon Health announced a positive profit alert yesterday after market close and held a conference call.</li>
<li>We participated in the call and spoke with the management to understand the recent developments.</li>
<li>The company upgraded '23 revenue guidance and provided revenue guidance for '24.</li>
</ul>


New Horizon Health announced a positive profit alert yesterday after market close and held a conference call.
We participated in the call and spoke with the management to understand the recent developments.
The company upgraded '23 revenue guidance and provided revenue guidance for '24.


New Horizon Health: Positive Alert, Upgrades '23 Revenue Guidance

<ul>
<li>New Horizon reported a strong 1H2023 results. Company has upgraded its '23 sales guidance.</li>
<li>The company will continue to deliver strong sales growth despite recent anti-corruption movement in China.</li>
<li>We believe that the evidence presented by the recent short-selling report is not sound. We believe the impact is over. </li>
</ul>


New Horizon reported a strong 1H2023 results. Company has upgraded its '23 sales guidance.
The company will continue to deliver strong sales growth despite recent anti-corruption movement in China.
We believe that the evidence presented by the recent short-selling report is not sound. We believe the impact is over. 


2024 High Conviction - New Horizon Health - Overhangs Are Over, Upgraded '23 Guidance

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

New Horizon Health  / Equity Capital Markets

<ul>
<li>New Horizon Health (NHH) is different from when it was just listed. We also recognize the progress of NHH's financial performance. Obviously, NHH is one step closer to achieving breakeven. </li>
<li>Theoretically, the market space is very broad, but the actual market penetration rate depends on customer cognition/acceptance. If the market education isn’t well done, NHH would soon reach growth bottleneck.</li>
<li>It seems entering NRDL is inevitable in the future. We hope NHH would not make the high growth difficult to sustain, which largely determines the upper limit of its valuation.</li>
</ul>


New Horizon Health (NHH) is different from when it was just listed. We also recognize the progress of NHH's financial performance. Obviously, NHH is one step closer to achieving breakeven. 
Theoretically, the market space is very broad, but the actual market penetration rate depends on customer cognition/acceptance. If the market education isn’t well done, NHH would soon reach growth bottleneck.
It seems entering NRDL is inevitable in the future. We hope NHH would not make the high growth difficult to sustain, which largely determines the upper limit of its valuation.


New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

<ul>
<li>New Horizon Health reported a solid set of preliminary results for 1H2023</li>
<li>We speak to the company's management post result announcement to figure out the key drivers and summarize the key points in this note.</li>
<li>The company upgraded its full year guidance and is on track to meet its long term target.</li>
</ul>


New Horizon Health reported a solid set of preliminary results for 1H2023
We speak to the company's management post result announcement to figure out the key drivers and summarize the key points in this note.
The company upgraded its full year guidance and is on track to meet its long term target.


New Horizon Health 1H23: Management Call Takeaway

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Large unmet demand for cancer screening in China.</li><li>China is one of the countries with the heaviest cancer burden worldwide and a poorer prognosis.</li><li>Early screening is an effective way to improve the cancer survival rate.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Large unmet demand for cancer screening in China.China is one of the countries with the heaviest cancer burden worldwide and a poorer prognosis.Early screening is an effective way to improve the cancer survival rate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NH Health (6606 HK) – Pioneer in China’s cancer screening market

China

New Horizon Health Limited operates cancer screening technology development business. The Company develops and sells colorectal cancer screening test products, gastric cancer screening test products, and other products. New Horizon Health markets its products throughout China.

New Horizon Health (6606 HK)

New Horizon Health: Positive Alert, Upgrades '23 Revenue Guidance

New Horizon Health reports positive profit alert, upgrades revenue guidance for 2023 and provides guidance for 2024. We participate the call and...

Ke Yan, CFA, FRM

2024 High Conviction - New Horizon Health - Overhangs Are Over, Upgraded '23 Guidance

We take a close look at the recent development of New Horizon Health. We believe that the worst is over and highlight significant milestones ahead...

Ke Yan, CFA, FRM

New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

New Horizon Health is starting to get on track, with practical development strategy. But whether high growth is sustainable and where's its...

Xinyao (Criss) Wang

New Horizon Health 1H23: Management Call Takeaway

New Horizon Health reported preliminary 1H2023 results. We have spoken to the management to understand the company's prospect regarding the future...

Ke Yan, CFA, FRM

NH Health (6606 HK) – Pioneer in China’s cancer screening market

Large unmet demand for cancer screening in China. China is one of the countries with the heaviest cancer burden worldwide and a poorer prognosis.

CMB International

New Horizon Health: Positive Alert, Upgrades '23 Revenue Guidance

​New Horizon Health reports positive profit alert, upgrades revenue guidance for 2023 and provides guidance for 2024. We participate the call and...

Ke Yan, CFA, FRM

2024 High Conviction - New Horizon Health - Overhangs Are Over, Upgraded '23 Guidance

We take a close look at the recent development of New Horizon Health. We believe that the worst is over and highlight significant milestones ahead...

Ke Yan, CFA, FRM

New Horizon Health Placement (6606.HK) - Things Start to Get on Track, but There Are Still Concerns

New Horizon Health is starting to get on track, with practical development strategy. But whether high growth is sustainable and where's its...

Xinyao (Criss) Wang

New Horizon Health 1H23: Management Call Takeaway

New Horizon Health reported preliminary 1H2023 results. We have spoken to the management to understand the company's prospect regarding the future...

Ke Yan, CFA, FRM

NH Health (6606 HK) – Pioneer in China’s cancer screening market

Large unmet demand for cancer screening in China. China is one of the countries with the heaviest cancer burden worldwide and a poorer prognosis.

CMB International

New Horizon Health reports positive profit alert, upgrades revenue guidance for 2023 and provides guidance for 2024. We participate the call and...