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 Anhui Sinomags Technology (PHIP Updates) - Some Points Worth the Attention

Wuxi Biologics (2269 HK) Placement - Thought on Valuation and the Outlook

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Pre-IPO SKG Health Technologies - The Industry, the Business and the Concerns

Pre-IPO Henan Kingstar Brewery - The Business, the Concerns and the Outlook

Equity Capital Markets

<ul>
<li>Amos is positioned in the high growth "happiness + health" track, entering the creative/interactive candy and nutritional functional candy niche market that traditional candy giants have not yet focused on.</li>
<li>Creative/Healthy candies market has certain characteristics. The product differentiation barriers are difficult to maintain a high valuation in long term. Amos’ current high growth may not have a safety buffer.</li>
<li>In our view, a conservative valuation range could be 16-18x P/E. A neutral valuation range could be 19-22x P/E, and an optimistic valuation range could be 23-26x P/E.</li>
</ul>


Amos is positioned in the high growth "happiness + health" track, entering the creative/interactive candy and nutritional functional candy niche market that traditional candy giants have not yet focused on.
Creative/Healthy candies market has certain characteristics. The product differentiation barriers are difficult to maintain a high valuation in long term. Amos’ current high growth may not have a safety buffer.
In our view, a conservative valuation range could be 16-18x P/E. A neutral valuation range could be 19-22x P/E, and an optimistic valuation range could be 23-26x P/E.


Pre-IPO Amos Food Group - The Strength and the Concerns