HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

IRay Technology (688301.CH) - Limited Market Space Casts Doubt on Future Growth Potential

WuXi AppTec (2359.HK/603259.CH) 23H1 - Is It Time to Start Being Optimistic?

IRay Technology (688301.CH) - Overvalued; Performance Deceleration Will Lead to Valuation Correction

Gravity Works As WeWork Doesn't; Now Plan B

Equity Bottom-Up

<ul>
<li>The rally of TCM companies has probably come to an end. But we think there would be good trading opportunities in 23Q4. Things could become challenging again in 24Q1.</li>
<li>If P/E is used when calculating the valuation of innovative pharmaceutical companies, unreasonable situations may arise. Sales profit rather than net profit could be a better choice for P/E.</li>
<li>Although iRay’s current P/E has fallen in reasonable range, due to concerns about its long-term growth prospects, valuation could further decline in long term. So, just short-term trade is recommended.</li>
</ul>


The rally of TCM companies has probably come to an end. But we think there would be good trading opportunities in 23Q4. Things could become challenging again in 24Q1.
If P/E is used when calculating the valuation of innovative pharmaceutical companies, unreasonable situations may arise. Sales profit rather than net profit could be a better choice for P/E.
Although iRay’s current P/E has fallen in reasonable range, due to concerns about its long-term growth prospects, valuation could further decline in long term. So, just short-term trade is recommended.


Chongqing Taiji Industry (Group) A (600129 CH)

China Healthcare Weekly (Aug.4) - TCM Rally Ends, P/E Ratio Becomes Ineffective, IRay Technology

iRay Technology

China Healthcare Weekly (Aug.4) - TCM Rally Ends, P/E Ratio Becomes Ineffective, IRay Technology