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

<ul>
<li>New Horizon Health (NHH) achieved high performance growth last year. However, we recommend investors take a calm and objective view of NHH's current high growth rate if they see the real story.</li>
<li>NHH’s dual attributes of medical+consumption means large growth potential/strong profitability. Thus, the real expectation for NHH is not just about achieving breakeven, but more about how to achieve high profitablity.</li>
<li>If market education level falls short of expectations in the future, it’s difficult for NHH to achieve expected scale/profit margin. There would be greater valuation downward risk at that time.</li>
</ul>


New Horizon Health (NHH) achieved high performance growth last year. However, we recommend investors take a calm and objective view of NHH's current high growth rate if they see the real story.
NHH’s dual attributes of medical+consumption means large growth potential/strong profitability. Thus, the real expectation for NHH is not just about achieving breakeven, but more about how to achieve high profitablity.
If market education level falls short of expectations in the future, it’s difficult for NHH to achieve expected scale/profit margin. There would be greater valuation downward risk at that time.


New Horizon Health (6606.HK) - What Makes a Really Good Story? Definitely Not Just Breakeven

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.

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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