Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

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

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

JD Health (6618.HK) 23H1 - The Beautiful Story Is Over; It's Time to Face Reality

Research from Quam Securities, Quam Securities

Quam Securities Research

Equity Bottom-Up

Ping An Healthcare and Technol / Equity Bottom-Up

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<li>Ping An Good Doctor ("PAGD") is still in the progress of its strategic shift, which should help improving profitability in the long term by synergizing between different business sectors as well as the operations of its parent Ping An group.</li>
<li>However, we believe it would take time for the company to adjust and reallocate resources, so the transformation will continue to hit short-term revenue.</li>
<li>We have reduced our FY23/FY24 revenue forecasts by 19.4%/19.1% and our TP by 17% to HK$20.47. </li>
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Ping An Good Doctor ("PAGD") is still in the progress of its strategic shift, which should help improving profitability in the long term by synergizing between different business sectors as well as the operations of its parent Ping An group.
However, we believe it would take time for the company to adjust and reallocate resources, so the transformation will continue to hit short-term revenue.
We have reduced our FY23/FY24 revenue forecasts by 19.4%/19.1% and our TP by 17% to HK$20.47. 






Ping An Good Doctor - Strategic Transformation Still in Progress