Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management (1830 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a> announced its H1FY26 results, with the pace of revenue decline sharply decelerating to 4.5% HoH, while net profits increased 43% due to cost-cutting initiatives. </li>
<li>Signs of demand recovery haven't emerged yet and would need to be monitored as the weak base of effect of H2FY25 kicks in for H2FY26. </li>
<li>With aggressive cost-cutting initiatives, the stock trades at 9.4x FY26e and a 10.7% dividend yield. We need to monitor the sales recovery, though, as it is critical to the company. </li>
</ul>



Perfect Medical Health (1830 HK) announced its H1FY26 results, with the pace of revenue decline sharply decelerating to 4.5% HoH, while net profits increased 43% due to cost-cutting initiatives. 
Signs of demand recovery haven't emerged yet and would need to be monitored as the weak base of effect of H2FY25 kicks in for H2FY26. 
With aggressive cost-cutting initiatives, the stock trades at 9.4x FY26e and a 10.7% dividend yield. We need to monitor the sales recovery, though, as it is critical to the company. 


Perfect Medical (1830 HK): Cost-Cutting Initiatives Bearing Fruit, Demand Recovery Needs Monitoring

<ul>
<li>We met with <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a> in our recent trip to Hong Kong. Retail sales have shown signs of recovery recently in HK in August/September. </li>
<li>Unfortunately, the company has not yet seen its sales in positive territory, and it may be necessary to wait for the retail sales trend post-results in late November before concluding. </li>
<li>Factoring in the cost cuts guided by management in their post-results call, the stock trades at 9.0x PE FY26e with an 11% dividend yield (implying -9%/-8% YoY revenue/profit growth). </li>
</ul>


We met with Perfect Medical Health (1830 HK) in our recent trip to Hong Kong. Retail sales have shown signs of recovery recently in HK in August/September. 
Unfortunately, the company has not yet seen its sales in positive territory, and it may be necessary to wait for the retail sales trend post-results in late November before concluding. 
Factoring in the cost cuts guided by management in their post-results call, the stock trades at 9.0x PE FY26e with an 11% dividend yield (implying -9%/-8% YoY revenue/profit growth). 


Perfect Medical (1830 HK): Postcard from Hong Kong, October 2025

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Thematic (Sector/Industry)

<ul data-v-2d66ea9f="">
<li data-v-2d66ea9f="">When it comes to equity investing, the best offense is usually a solid defense;</li>
<li data-v-2d66ea9f="">This is why we prefer to “partner” with managements demonstrating a prudent gene;</li>
<li data-v-2d66ea9f="">Here, we reference three of our holdings to demonstrate the signs of prudent management.</li>
</ul>


When it comes to equity investing, the best offense is usually a solid defense;
This is why we prefer to “partner” with managements demonstrating a prudent gene;
Here, we reference three of our holdings to demonstrate the signs of prudent management.


Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “<em>lower for longer stance around interest rates</em>”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. </p>

Growth as a style has been the “norm” for years, is the “norm” about to end? The continued strategies by Central Bank’s towards a “lower for longer stance around interest rates”, extended the underperformance of value for most of 2020. However, with the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review. 

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Foundation Healthcare Holdings / Equity Capital Markets

<ul>
<li>Foundation Healthcare, Singapore’s largest private multi-specialty healthcare network, has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from SeaTown (indirectly owned by Temasek).</li>
<li>The company plans to use IPO proceeds to fund acquisitions in Singapore, investments to support expansion plans in new geographies, and for general corporate and working capital purposes.</li>
<li>Foundation Healthcare has a proven track record of strong growth in revenue and Adjusted EBITDA. With scalable business model, bottomline outpaced revenue growth.</li>
</ul>


Foundation Healthcare, Singapore’s largest private multi-specialty healthcare network, has filed for Singapore IPO. The IPO will consist of fresh issue as well as OFS from SeaTown (indirectly owned by Temasek).
The company plans to use IPO proceeds to fund acquisitions in Singapore, investments to support expansion plans in new geographies, and for general corporate and working capital purposes.
Foundation Healthcare has a proven track record of strong growth in revenue and Adjusted EBITDA. With scalable business model, bottomline outpaced revenue growth.


Foundation Healthcare Pre-IPO: Leadership Amid Favorable Market Dynamics to Drive Sustainable Growth

Hong Kong

Perfect Medical Health Management is an investment holding company primarily engaged in providing medical health and medical beauty services. The company offers a comprehensive range of non-invasive medical and aesthetic services, including personalized medical aesthetic solutions, hair growth treatments, pain management, preventive care, and reproductive medical services. It operates across Hong Kong, Macau, Mainland China, Australia, and Singapore. The company was incorporated on March 11, 2011, and is headquartered in Hong Kong.

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Perfect Medical Health Management (1830 HK)

Perfect Medical (1830 HK): Cost-Cutting Initiatives Bearing Fruit, Demand Recovery Needs Monitoring

We summarize the Perfect Medical (1830 HK) results for H1FY26 and the post-results call with management for an outlook on H2FY26e.

Sameer Taneja

Perfect Medical (1830 HK): Postcard from Hong Kong, October 2025

Summary of HK meeting with Perfect Medical (1830 HK): retail conditions show mild improvement, but persistent structural headwinds continue to...

Sameer Taneja

Signs of Prudent Management

We reference three holdings from regions across the world to demonstrate the signs that we like when gauging management prudence.

Urbem Capital

Screening the Silk Road: Q1 2021 All Cap Screening - Free Cashflow (FCF)

With the value/growth investment style ratio at 20-year lows, we present 27 names which hold characteristics worthy of further review.

David Lepper

Foundation Healthcare Pre-IPO: Leadership Amid Favorable Market Dynamics to Drive Sustainable Growth

Foundation Healthcare, Singapore’s largest private multi-specialty healthcare network, has filed for IPO. The IPO will consist of fresh issue as...

Tina Banerjee

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