China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

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

[JD Health (6618 HK, BUY, TP HK$52) TP Change]: A COVID Hiccup but Environment Is Turning Positive

[JD Health (6618 HK) Target Price Change]: Strong Execution but Industry Glass Ceiling Remains

China Traditional Chinese Medicine (570.HK) - The Privatization Rumor and the Outlook

China/Asia TMT

Shawn Yang

Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>JDHealth (JDH) reported C1Q23 top line and non-IFRS operating profit 56% and 78% of our C1H23 estimates. </li>
<li>We now take a more positive view on JDH’s ability to at manage the issue at certain periods and certain areas;</li>
<li>We raise TP from HK$44 to HK$57 and rating to BUY. Possible risks include renewed margin pressure from prescription drugs</li>
</ul>


JDHealth (JDH) reported C1Q23 top line and non-IFRS operating profit 56% and 78% of our C1H23 estimates. 
We now take a more positive view on JDH’s ability to at manage the issue at certain periods and certain areas;
We raise TP from HK$44 to HK$57 and rating to BUY. Possible risks include renewed margin pressure from prescription drugs


[JD Health (6618 HK) Rating Change]: Strong Profitability Likely Achieved Margin Reversal