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.

Gushengtang (2273.HK) - Some New Business Updates and Positive Performance Forecasts

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Gushengtang (2273.HK) - The Development Momentum Is Good, but There Are Also Challenges

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Equity Bottom-Up

<ul>
<li>3Q23 is expected to achieve over 40% YoY growth. 2023 overall performance would be better than previous guidance- Revenue up 40+% YoY and adjusted net profit up about 45% YoY.</li>
<li>With abundant cash flow, Gushengtang has increased dividend payouts and share buyback, indicating that the current stock price is undervalued and has not yet reflected its high growth expectations/healthy fundamentals.</li>
<li>Gushengtang has cross-regional expansion capability. The "sustainability" + "high growth" of performance are worth noting. Depressed sentiment/complex external environment provide a good buying opportunity. Rebound in stock price is expected.</li>
</ul>


3Q23 is expected to achieve over 40% YoY growth. 2023 overall performance would be better than previous guidance- Revenue up 40+% YoY and adjusted net profit up about 45% YoY.
With abundant cash flow, Gushengtang has increased dividend payouts and share buyback, indicating that the current stock price is undervalued and has not yet reflected its high growth expectations/healthy fundamentals.
Gushengtang has cross-regional expansion capability. The "sustainability" + "high growth" of performance are worth noting. Depressed sentiment/complex external environment provide a good buying opportunity. Rebound in stock price is expected.


Gushengtang (2273.HK) - 2023 Full-Year Performance Would Exceed Expectations