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 Hunan Mabgeek Biotech - The Concerns and the Outlook

Pre-IPO WeiMai - The Pain Points Behind the Business Model

Pre-IPO Guangzhou Xiao Noodles Catering Management - Pain Points in Operation Mode and Profit Margin

Equity Capital Markets

Guangzhou Xiao Noodles Catering Management / Equity Capital Markets

Guangzhou Xiao Noodles Catering Management (XNC HK)

Guangzhou Xiao Noodles Catering Management

<ul>
<li>Xiao Noodles’ advantage doesn't come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.</li>
<li>Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.</li>
<li>Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.  </li>
</ul>


Xiao Noodles’ advantage doesn't come from a single product, but from a set of replicable systematic capabilities.However, investors are concerned growth is driven by capital rather than endogenous healthy growth.
Valuation would be lower than those mature brands that have proven profitability in the short term, but would be higher than the companies that are still exploring profit paths.
Comfortable valuation could be P/E of 15-20x, which indicates arbitrage space. But in long term, business model will be difficult to sustain if there’s no breakthrough in profit margin performance.  


Xiaocaiyuan International Holding (XCY HK)

Pre-IPO Guangzhou Xiao Noodles Catering Management (PHIP Updates) - Some Points Worth the Attention