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.

Pre-IPO Dermavon Holdings- Weak R&D and the Lack of Synergy in Pipelines Lead to Unfavorable Outlook

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

Ping An Healthcare and Technology (1833 HK) - Privatization Ahead?

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

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

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

Ping An Healthcare and Technology (1833 HK)

<ul>
<li>PAGD achieved a dual increase in revenue and profit in 25Q1, which was mainly driven by the revenue from F-end business and B-end corporate health management business (up 43% YoY).</li>
<li>We always question PAGD's capability of expanding new customers and business externally, apart from relying on the resource support of Ping A Group.This makes PAGD difficult to match high valuations.</li>
<li>Our forecast for 2025 revenue is RMB5.1 billion.If based on P/S of 3x, market value is RMB15.3 billion. Market value of RMB24 billion could be the peak of PAGD’s valuation</li>
</ul>


PAGD achieved a dual increase in revenue and profit in 25Q1, which was mainly driven by the revenue from F-end business and B-end corporate health management business (up 43% YoY).
We always question PAGD's capability of expanding new customers and business externally, apart from relying on the resource support of Ping A Group.This makes PAGD difficult to match high valuations.
Our forecast for 2025 revenue is RMB5.1 billion.If based on P/S of 3x, market value is RMB15.3 billion. Market value of RMB24 billion could be the peak of PAGD’s valuation


Ping An Healthcare and Technology (1833 HK) 25Q1 Results - Concerns Behind and the Valuation Outlook