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.

Goldlion Holdings (533 HK) Privatization - About the Deal Break and the Valuation Outlook

China TCM (570.HK) - Updates on Performance Forecast and Valuation Outlook Based on 2024 Results

Shanghai Henlius Biotech (2696 HK) - Thoughts on 2024 Results And the H Share Full Circulation

Goldlion Holdings (533 HK) Privatization - The Offer Price Is Acceptable

Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update

Equity Bottom-Up

<ul>
<li>2024 results is significantly below expectations. While revenue had negative growth, SG&amp;A expenses remain high.Coupled with net fair value losses after tax on investment properties, we saw ugly net profit.</li>
<li>As consumer confidence won't improve in short term, coupled with competition/corporate strategy lag, we adjusted next three-year growth based on 2024 results. This may increase the success rate of privatization.</li>
<li>Reasonable valuation of Goldlion is 9-14x P/E due to short-term headwinds.If performance picks up due to effective expansion in online channels or popular products launched, P/E may improve to 12-15x.</li>
</ul>


2024 results is significantly below expectations. While revenue had negative growth, SG&amp;A expenses remain high.Coupled with net fair value losses after tax on investment properties, we saw ugly net profit.
As consumer confidence won't improve in short term, coupled with competition/corporate strategy lag, we adjusted next three-year growth based on 2024 results. This may increase the success rate of privatization.
Reasonable valuation of Goldlion is 9-14x P/E due to short-term headwinds.If performance picks up due to effective expansion in online channels or popular products launched, P/E may improve to 12-15x.


Goldlion Holdings (533 HK) Privatization - Updates on Valuation Outlook Based on 2024 Results