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 160 Health (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Sep.14) - Trump to Put Restrictions on Chinese Drugs, Sihuan Is Undervalued

Pre-IPO Butong Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Bama Tea - The Business Model, the Challenges and the Outlook

Pre-IPO LXJ International Holdings - The Pain Points and the Outlook

Pre-IPO Kayou - The Strength of Business Model and the Potential Risks Behind

Pre-IPO Green Tea Group (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Fujian Lemo IoT Technology - The Outlook for Growth and Profit Margins Is Not Optimistic

Equity Capital Markets

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.</li>
<li>Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.</li>
<li>Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.</li>
</ul>


FOREST CABIN holds a leading position in camellia oil segmentation, with mid-to-high end positioning and high gross profit margin. But high operating cost will put pressure on net profit margin.
Considering the risk of recession/depression, consumption downgrade and reducing non-rigid spending will be the main theme in short term. 50% YoY revenue growth in 2024 is likely to be unsustainable.
Valuation of FOREST CABIN could be lower than peers. Stock price performance would highly depend on market sentiment, company growth trend, and visibility of profitability at the time of listing.


Guangdong Marubi Biotechnology (603983 CH)

Yunnan Botanee Bio-Technology (300957 CH)

Pre-IPO Shanghai Forest Cabin Biological-Tech - The Business Model and the Concerns Behind