HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Forms Syntron Inf-A / Equity Capital Markets

<ul>
<li>Forms Syntron has been deeply involved in core projects of Hong Kong's digital financial infrastructure.The Company has established a profound trust barrier within the Hong Kong digital financial regulatory framework.</li>
<li>Improvement in gross margin and quarterly fluctuations coexist. Revenue recognition method that combines material cost estimation with project-based system leads to a phased imbalance in revenue rhythm and profit distribution.</li>
<li>The valuation of the fintech/software services sector in the Hong Kong stock market is significantly lower than that in the A-share market. A neutral scenario could be P/E of 30-35x.</li>
</ul>


Forms Syntron has been deeply involved in core projects of Hong Kong's digital financial infrastructure.The Company has established a profound trust barrier within the Hong Kong digital financial regulatory framework.
Improvement in gross margin and quarterly fluctuations coexist. Revenue recognition method that combines material cost estimation with project-based system leads to a phased imbalance in revenue rhythm and profit distribution.
The valuation of the fintech/software services sector in the Hong Kong stock market is significantly lower than that in the A-share market. A neutral scenario could be P/E of 30-35x.


Pre-IPO Shenzhen Forms Syntron Information(A/H Listing)-Valuation to Be Higher than Industry Average

Shenzhen Forms Syntron Information / Equity Capital Markets

Shenzhen Forms Syntron Information (FMSY HK)

<ul>
<li>The "reduction in revenue but increase in profit" occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”</li>
<li>For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.</li>
<li>P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x</li>
</ul>


The "reduction in revenue but increase in profit" occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”
For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.
P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x


Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention

China

Shenzhen Forms Syntron Information Co., Ltd. provides custom computer programming services.

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Shenzhen Forms Syntron Inf-A (300468 CH)

Pre-IPO Shenzhen Forms Syntron Information(A/H Listing)-Valuation to Be Higher than Industry Average

Forms Syntron plays a key role in Hong Kong's digital financial infrastructure. Improvement in gross margin and quarterly fluctuations coexist. A...

Xinyao (Criss) Wang

Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention

The core issue the market needs to clarify is Whether profit improvement under the decrease in revenue is sustainable. Considering the risk...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Shenzhen Forms Syntron Information(A/H Listing)-Valuation to Be Higher than Industry Average

​Forms Syntron plays a key role in Hong Kong's digital financial infrastructure. Improvement in gross margin and quarterly fluctuations coexist. A...

Xinyao (Criss) Wang

Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention

The core issue the market needs to clarify is Whether profit improvement under the decrease in revenue is sustainable. Considering the risk...

Xinyao (Criss) Wang

Forms Syntron plays a key role in Hong Kong's digital financial infrastructure. Improvement in gross margin and quarterly fluctuations coexist. A...