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 Qdama International Holding - The Business Model Is Not Sustainable

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

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

Equity Capital Markets

DST Sustainable Technology Shenzhen Co Ltd / Equity Capital Markets

DST Sustainable Technology Shenzhen Co Ltd (2659720D HK)

DST Sustainable Technology Shenzhen Co Ltd

<ul>
<li>DST's moat is primarily built on its unique scale effect that is difficult to replicate. Deep integration with industrial chain upstream is also a key factor for DST’s differentiated competitiveness.</li>
<li>DST’s story is not only about how many vehicles it manages,but also about whether it can break free from heavy-asset trap and find sustainable path of light-asset with high returns.</li>
<li>DST needs to prove its FMaaS model has SaaS characteristics and high repeat purchases.For high value-added EV management services, comfortable P/S is 4-6x.For EV leasing/EV sales, comfortable P/S is 1.5-2.5x.</li>
</ul>


DST's moat is primarily built on its unique scale effect that is difficult to replicate. Deep integration with industrial chain upstream is also a key factor for DST’s differentiated competitiveness.
DST’s story is not only about how many vehicles it manages,but also about whether it can break free from heavy-asset trap and find sustainable path of light-asset with high returns.
DST needs to prove its FMaaS model has SaaS characteristics and high repeat purchases.For high value-added EV management services, comfortable P/S is 4-6x.For EV leasing/EV sales, comfortable P/S is 1.5-2.5x.


Pre-IPO DST Sustainable Technology-Valuation Premium Depends on Successful Validation of FMaaS Model