Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Medical Beauty Plays in Hong Kong: Perfect/Water Oasis and Flameglow: A Better Retail Environment?

Perfect Medical (1830 HK): H2 Turnaround as Cost Discipline Lifts Margins; Watch the Demand Recovery

Water Oasis (1161 HK) - Getting Silly, Cash Now 118% of Market Capitalization

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Perfect Medical Health Management / Equity Bottom-Up

Perfect Medical Health Management (1830 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management-limited" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health Management (1830 HK)</a> has had a tough last two years, with profits/revenues falling 31%/44%, respectively, from FY24 to FY26 as the retail environment in HK was soft. </li>
<li>The last few quarters have seen revenue stabilization and, more recently, a gradual improvement, as the company has flagged in its post-results report (with cost savings gradually kicking in).</li>
<li>We now estimate a modest 7%/14% revenue/profit growth for FY27, with net margin improvement to 20%. Stock trades at 7.8x FY27 PE with a 13.5% dividend yield and net cash.  </li>
</ul>



Perfect Medical Health Management (1830 HK) has had a tough last two years, with profits/revenues falling 31%/44%, respectively, from FY24 to FY26 as the retail environment in HK was soft. 
The last few quarters have seen revenue stabilization and, more recently, a gradual improvement, as the company has flagged in its post-results report (with cost savings gradually kicking in).
We now estimate a modest 7%/14% revenue/profit growth for FY27, with net margin improvement to 20%. Stock trades at 7.8x FY27 PE with a 13.5% dividend yield and net cash.  


Perfect Medical (1830 HK): Firming Up Outlook For FY27, Improving HK Retail Beneficiary