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HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

ADICON Holdings Limited / Equity Capital Markets

<ul>
<li>The revenue generated from COVID-19 business would not be sustainable in the long term. The lower price of COVID-19 tests, DRGs, centralized procurement and fierce competition would drag down margins.</li>
<li>ADICON hasn’t established enough advantage and moat to secure its leading position and could be overtaken by competitors.The weak R&amp;D makes ADICON difficult to gain an edge in esoteric tests.</li>
<li>Considering the fierce competition, lower margins, the decline of COVID-19 business revenue, and poor liquidity and IPO market sentiment in HKEX, the PE could be below 10.</li>
</ul>


The revenue generated from COVID-19 business would not be sustainable in the long term. The lower price of COVID-19 tests, DRGs, centralized procurement and fierce competition would drag down margins.
ADICON hasn’t established enough advantage and moat to secure its leading position and could be overtaken by competitors.The weak R&amp;D makes ADICON difficult to gain an edge in esoteric tests.
Considering the fierce competition, lower margins, the decline of COVID-19 business revenue, and poor liquidity and IPO market sentiment in HKEX, the PE could be below 10.


Guangzhou Kingmed Diagnostics (603882 CH)

Pre-IPO ADICON Holdings Limited - Uncertain Growth and Outlook in Post-COVID Era