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.

China Healtchare Weely (Mar.16) - 2025 VBP Instructions, GLP-1s Cooling Down, Zai Lab's Headwinds

Ping An Healthcare and Technology (1833 HK) - Updates on Performance Forecast and Valuation Outlook

Pre-IPO Soft International Group (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out

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

Ping An Healthcare and Technology (1833.HK) - Thoughts About The Mandatory General Offer and Outlook

Pre-IPO MIXUE Group (PHIP Updates) - Some Points Worth the Attention

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

Ping An Healthcare and Technology (1833 HK)

<ul>
<li>Recent surge of share price is driven by the craze for DeepSeek/AI in digital healthcare, not the improvement of fundamentals or effective validation of business model.So, the rally won’t last.</li>
<li>Although AI is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified. Small revenue scale may lead to low valuation premium.</li>
<li>PAGD is expected to turn loss into profits in 2024. Short-term valuation should be lower than peers. When PAGD achieve profitability/revenue in large scale, P/B would approach the industry average.</li>
</ul>


Recent surge of share price is driven by the craze for DeepSeek/AI in digital healthcare, not the improvement of fundamentals or effective validation of business model.So, the rally won’t last.
Although AI is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified. Small revenue scale may lead to low valuation premium.
PAGD is expected to turn loss into profits in 2024. Short-term valuation should be lower than peers. When PAGD achieve profitability/revenue in large scale, P/B would approach the industry average.


Ping An Good Doctor (1833 HK) - The Mandatory General Offer and DeepSeek Story May Not Turn the Tide