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 Guangdong Dtech Technology (PHIP Updates) - Some Points Worth the Attention

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

Pre-IPO Tanboer Group - Low Profit Margin Is a Pain Poin

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Equity Capital Markets

Foundation Healthcare Holdings / Equity Capital Markets

<ul>
<li>Foundation Healthcare's light-asset model means no need to bear high capital expenditure for hospital-building, and ROE may be higher, with faster expansion speed through acquisitions as the network expands rapidly</li>
<li>The lack of own hospital means unable to provide inpatient/emergency services, with limited service scope. Since Foundation Healthcare is highly dependent on acquisitions, integration risks are higher than organic growth.</li>
<li>Foundation Healthcare's valuation would be lower than Raffles Medical and IHH Healthcare. In other words, the valuation based on IPO pricing (S$0.76-S$0.92) falls within reasonable range among similar healthcare stocks.</li>
</ul>


Foundation Healthcare's light-asset model means no need to bear high capital expenditure for hospital-building, and ROE may be higher, with faster expansion speed through acquisitions as the network expands rapidly
The lack of own hospital means unable to provide inpatient/emergency services, with limited service scope. Since Foundation Healthcare is highly dependent on acquisitions, integration risks are higher than organic growth.
Foundation Healthcare's valuation would be lower than Raffles Medical and IHH Healthcare. In other words, the valuation based on IPO pricing (S$0.76-S$0.92) falls within reasonable range among similar healthcare stocks.


Pre-IPO Foundation Healthcare - The IPO Pricing Is Reasonable