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

<ul>
<li>We met with <a href="https://www.smartkarma.com/entities/ump-healthcare-holdings-ltd" target="_blank" rel="noopener">UMP Healthcare (722 HK)</a> in Hong Kong. We believe management's cost control initiatives are bearing fruit and will see an inflection in earnings in FY25. </li>
<li>The weak consumption sentiment is setting a landscape for asset disposals, such as <a href="https://www.smartkarma.com/entities/ec-healthcare" target="_blank" rel="noopener">EC Healthcare (2138 HK)</a> 's <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1106/2024110601562.pdf" target="_blank" rel="noopener">436 mn HKD</a> disposal of medical imaging to AIA. </li>
<li>We believe the company is a multi-bagger trading at 6.8x PE FY25e. It has ~80% of its market cap in cash (260+ mn HKD) and a ~10% dividend yield. </li>
</ul>


We met with UMP Healthcare (722 HK) in Hong Kong. We believe management's cost control initiatives are bearing fruit and will see an inflection in earnings in FY25. 
The weak consumption sentiment is setting a landscape for asset disposals, such as EC Healthcare (2138 HK) 's 436 mn HKD disposal of medical imaging to AIA. 
We believe the company is a multi-bagger trading at 6.8x PE FY25e. It has ~80% of its market cap in cash (260+ mn HKD) and a ~10% dividend yield. 


UMP Healthcare (722 HK): Postcard From Hong Kong and Webinar Updates

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Corporate Webinar, we are glad to welcome UMP Healthcare’s Chief Financial Officer and Company Secretary, Patrick Cheung. </p>
<p>In the upcoming webinar, Patrick will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5/analysis" target="_blank" rel="noopener">Sameer Taneja</a>. The Corporate Webinar will include a live Q&amp;A session.</p>
<h3>The webinar will be hosted on Wednesday, 23 October 2024, 15:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=81201150118" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<h3>About UMP Healthcare</h3>
<div>Founded in 1990, UMP Healthcare is a medical group listed on the main board of the Hong Kong Stock Exchange (stock code 722. HK) and is one of the leading comprehensive healthcare service platforms in the Hong Kong market. They are committed to "providing comprehensive, diversified, and coordinated care for everyone" by creating a network of high-quality and effective medical services for patients, payers, providers, and partners.</div>
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<div>Along with providing healthcare services that address a wide range of individual needs, UMP closely works with more than 2,000 local and international businesses and insurance organizations to establish and administer corporate healthcare benefit programs for members. The medical service network spans over 1,000 self-owned and affiliated institutions across Hong Kong, Macau, and Mainland China, offering services such as family medicine, specialist consultation, dental care, diagnostic imaging and laboratory testing, preventive medicine and health examination, physical therapy, day surgery, and endoscopy, among others. In 2024, the annual volume of outpatient visits under UMP exceeded 1.3 million.</div>

For our next Corporate Webinar, we are glad to welcome UMP Healthcare’s Chief Financial Officer and Company Secretary, Patrick Cheung. 
In the upcoming webinar, Patrick will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Sameer Taneja. The Corporate Webinar will include a live Q&amp;A session.
The webinar will be hosted on Wednesday, 23 October 2024, 15:00 SGT/HKT.



























Register for the Webinar here



























About UMP Healthcare
Founded in 1990, UMP Healthcare is a medical group listed on the main board of the Hong Kong Stock Exchange (stock code 722. HK) and is one of the leading comprehensive healthcare service platforms in the Hong Kong market. They are committed to "providing comprehensive, diversified, and coordinated care for everyone" by creating a network of high-quality and effective medical services for patients, payers, providers, and partners.
 
Along with providing healthcare services that address a wide range of individual needs, UMP closely works with more than 2,000 local and international businesses and insurance organizations to establish and administer corporate healthcare benefit programs for members. The medical service network spans over 1,000 self-owned and affiliated institutions across Hong Kong, Macau, and Mainland China, offering services such as family medicine, specialist consultation, dental care, diagnostic imaging and laboratory testing, preventive medicine and health examination, physical therapy, day surgery, and endoscopy, among others. In 2024, the annual volume of outpatient visits under UMP exceeded 1.3 million.

Smartkarma Corporate Webinar | UMP Healthcare: Undervalued Gem in Hong Kong's Healthcare Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ump-healthcare-holdings-ltd" target="_blank" data-smartkarma-citation="entities:21005:1" rel="noopener">UMP Healthcare (722 HK)</a> reported a tepid FY24 owing to weak sentiment in HK. Revenues were up 3% YoY; profits were down 27% YoY ( adj profits -34% YoY). </li>
<li>The environment in HK is gradually improving, and we believe there is a steady recovery on the horizon for the company.</li>
<li>The stock trades at 7x FY25 PE and more than 58% of its market cap in net cash, with a yield trending towards 9%. </li>
</ul>



UMP Healthcare (722 HK) reported a tepid FY24 owing to weak sentiment in HK. Revenues were up 3% YoY; profits were down 27% YoY ( adj profits -34% YoY). 
The environment in HK is gradually improving, and we believe there is a steady recovery on the horizon for the company.
The stock trades at 7x FY25 PE and more than 58% of its market cap in net cash, with a yield trending towards 9%. 


UMP Healthcare (722 HK) FY24 Results and Concall: 7x FY25PE,1.2x EV-EBITDA and 9% Dividend Yield

<ul>
<li>We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.</li>
<li>Our top picks are <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>, <a href="https://www.smartkarma.com/entities/water-oasis-group-ltd" target="_blank" data-smartkarma-citation="entities:17348:1" rel="noopener">Water Oasis (1161 HK)</a>, <a href="https://www.smartkarma.com/entities/taste-gourmet-group-ltd" target="_blank" data-smartkarma-citation="entities:27339:1" rel="noopener">Taste Gourmet (8371 HK)</a>, <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, and <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>.</li>
<li>We also provide updates on released earnings for <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>, <a href="https://www.smartkarma.com/entities/plover-bay-technologies-ltd" target="_blank" data-smartkarma-citation="entities:24191:1" rel="noopener">Plover Bay Technologies (1523 HK)</a>, <a href="https://www.smartkarma.com/entities/ump-healthcare-holdings-ltd" target="_blank" data-smartkarma-citation="entities:21005:1" rel="noopener">UMP Healthcare (722 HK), </a>and <a href="https://www.smartkarma.com/entities/sitoy-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:464:1" rel="noopener">Sitoy Group Holdings (1023 HK)</a>.</li>
</ul>


We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and The Keepers Holdings (KEEPR PM).
We also provide updates on released earnings for Uchi Technologies (UCHI MK), Plover Bay Technologies (1523 HK), UMP Healthcare (722 HK), and Sitoy Group Holdings (1023 HK).


Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety - March 2024

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ump-healthcare-holdings-ltd" target="_blank" data-smartkarma-citation="entities:21005:1" rel="noopener">UMP Healthcare (722 HK)</a> delivered a slow start to FY24, with revenues up 2.3% YoY and profits down 63% YoY, due to sluggish demand in Hong Kong. </li>
<li>The company cut dividend for H1 FY24 by 25% to 1.3 HKD cents/share. Net cash on the balance sheet remained healthy at 265 mn HKD representing 64% of market capitalization.</li>
<li>The company is implementing stringent cost control and we believe that a slow turnaround and a 9-10% dividend yield is very probable at these levels. </li>
</ul>



UMP Healthcare (722 HK) delivered a slow start to FY24, with revenues up 2.3% YoY and profits down 63% YoY, due to sluggish demand in Hong Kong. 
The company cut dividend for H1 FY24 by 25% to 1.3 HKD cents/share. Net cash on the balance sheet remained healthy at 265 mn HKD representing 64% of market capitalization.
The company is implementing stringent cost control and we believe that a slow turnaround and a 9-10% dividend yield is very probable at these levels. 


UMP Medical (722 HK): Slow H124, Deep Value, Execution Remains Key

Hong Kong

UMP Healthcare Holdings Limited is an investment holding company primarily engaged in healthcare businesses. It provides a comprehensive range of medical and dental services, health check-ups, and corporate healthcare solutions through a network of self-owned and affiliated clinics across Hong Kong, Macau, and Mainland China. The company is headquartered in Central, Hong Kong, and was founded in 1990.

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UMP Healthcare (722 HK)