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.

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

Ping An Healthcare and Technology (1833 HK)

<ul><li>Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.</li><li>However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.</li><li>Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. </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>

Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. 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.

PA Good Doctor (1833 HK) – 2022 preview: Solid business development through the bumpy 2022

<div><div><div><div><ul><li>Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.</li></ul><div><div><div><ul><li>Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.</li></ul><div><div><div><div><ul><li>Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div><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>

Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.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.

PA Good Doctor (1833 HK) -  Early Achievements of Strategy 2.0

China

Ping An Healthcare and Technology Company Limited operates an online healthcare services platform in China, offering online consultations, hospital referrals, health management, and wellness services. The company provides a range of services including online diagnosis and treatment, health check-ups, and drug delivery through its mobile platform. It was founded in 2014 and is headquartered in Shanghai, China.

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PA Good Doctor (1833 HK) – 2022 preview: Solid business development through the bumpy 2022

Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption

CMB International

PA Good Doctor (1833 HK) - Early Achievements of Strategy 2.0

1H22 earnings in line. PA Good Doctor (PAGD) reported 1H22 revenue of RMB2,828mn, down by 26% YoY and adjusted non-IFRS net loss of RMB390mn.

CMB International