Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

Alibaba Health Information Tec / Equity Bottom-Up

<ul><li>Ali Health reported a positive profit for 1H-FY23, with adj. profit of RMB350mn, compared to an adj. loss of RMB283mn for the corresponding period in 2021.</li><li>We expect Ali Health to achieve higher revenue and turnaround from loss to profit for FY23 on stringent cost control and business growth.</li><li>While we expect the company's adj. profit to continue to improve and have raised our TP by 58% to HK$10.0, with potential upside of only 9%, we downgrade our rating to HOLD.</li></ul>

Ali Health reported a positive profit for 1H-FY23, with adj. profit of RMB350mn, compared to an adj. loss of RMB283mn for the corresponding period in 2021.We expect Ali Health to achieve higher revenue and turnaround from loss to profit for FY23 on stringent cost control and business growth.While we expect the company's adj. profit to continue to improve and have raised our TP by 58% to HK$10.0, with potential upside of only 9%, we downgrade our rating to HOLD.

Ali Health (241 HK)  - Turned Around in 1H-FY23