HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 13 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

[JD Health (6618 HK, BUY, TP HK$65) TP Change]: Benefit of Alternative Channel Starts to Show

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Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>The previously stockpiled drugs/medical devices require a long cycle of digestion. As the industry beta brought by COVID-19 dividend would fade away, JD Health's performance growth could slow down accordingly.</li>
<li>Although JD Health divides its buiness into product revenue and service revenue, drug/product sales are still the underlying logic and business model, which is difficult to maintain high growth expectations.</li>
<li>Current valuation is in reasonable range. Since JD Health will be added to HSI INDEX, it could help boost share price. However, if business transformation fails, high valuation is unsustainable. </li>
</ul>


The previously stockpiled drugs/medical devices require a long cycle of digestion. As the industry beta brought by COVID-19 dividend would fade away, JD Health's performance growth could slow down accordingly.
Although JD Health divides its buiness into product revenue and service revenue, drug/product sales are still the underlying logic and business model, which is difficult to maintain high growth expectations.
Current valuation is in reasonable range. Since JD Health will be added to HSI INDEX, it could help boost share price. However, if business transformation fails, high valuation is unsustainable. 


JD Health (6618.HK) 23Q1 - As Industry Beta Fades, the Expectation Reversal Has yet to Come