The wide gross spread (7.0%) reflects risks around the re-rating of peers, the slow pace of satisfying the pre-condition, the completion timetable and Ping An’s blocking stake. This remains a buy.
What is covered in the Full Insight:
Transaction recap
Risk 1 - Peer re-rating
Risk 2 – Delay in regulatory approvals
Risk 3 - Ping An’s blocking stake
Relative valuation vs Chinese medicine companies
SUMMARY
(Sign Up to Access)
Get started on the Smartkarma Research Network with a complimentary Preview Pass to:
Unlock all research summaries
Follow top, independent analysts
Receive personalised alerts and emails
Access Briefings, Analytics, and Events
Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.
Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.