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 Estun Automation (PHIP Updates) - The Business, the Concerns and Thoughts on Valuation

Pre-IPO Hangzhou Diagens Biotechnology (PHIP Updates) - The IPO Pricing Is Expensive

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Hangzhou Tongshifu Cultural and Creative Group - Potential for Future Growth Is Questionable

Zijin Gold (2259 HK) Vs Laopu Gold (6181 HK) Vs Gold Commodity- The Investment Logic and the Outlook

Pre-IPO Guangdong CHJ Industry - The Business Model, the Concerns and the Outlook

Equity Capital Markets

<ul>
<li>After reaching its peak performance in 2019, HLA's growth momentum has weakened. The performance decline is attributed to sluggish consumption and the loss of customer base caused by brand aging.</li>
<li>Solid leading position in men's clothing, promising new businesses, high dividends constitute the support of valuation, but HLA is in a "stage of transformation between old and new growth drivers".</li>
<li>Valuation could be higher than <a href="https://www.smartkarma.com/entities/youngor-group-co-a" target="_blank" data-smartkarma-citation="entities:10783:1" rel="noopener">Youngor Group Co A (600177 CH)</a> but lower than Anta due to lower growth certainty, as Anta has successfully built multi-brand matrix with higher growth rate.</li>
</ul>


After reaching its peak performance in 2019, HLA's growth momentum has weakened. The performance decline is attributed to sluggish consumption and the loss of customer base caused by brand aging.
Solid leading position in men's clothing, promising new businesses, high dividends constitute the support of valuation, but HLA is in a "stage of transformation between old and new growth drivers".
Valuation could be higher than Youngor Group Co A (600177 CH) but lower than Anta due to lower growth certainty, as Anta has successfully built multi-brand matrix with higher growth rate.


Pre-IPO HLA Group (A/H Listing) - The Outlook Is Not Optimistic