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 Shenzhen Kinwong Electronic (PHIP Updates) - Some Points Worth the Attention

MiniMax (100 HK) Vs Zhipu AI (2513 HK) - Thoughts on Valuation and the Outlook

SHEIN Global Holdings (625 HK) - The Decline in Valuation May Not Have Ended Yet

Pre-IPO Triapex Laboratories - Future Performance Will Lack Stability

Pre-IPO Jiangsu BBL Home Technology - About the Business Model and the Outlook

Pre-IPO Shenzhen Forms Syntron Information(A/H Listing)-Valuation to Be Higher than Industry Average

Equity Capital Markets

Shenzhen Forms Syntron Information / Equity Capital Markets

Shenzhen Forms Syntron Information (FMSY HK)

<ul>
<li>The "reduction in revenue but increase in profit" occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”</li>
<li>For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.</li>
<li>P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x</li>
</ul>


The "reduction in revenue but increase in profit" occurred because Forms Syntron actively withdrew from low-profit projects rather than being driven by internal growth. However, this model has shown “cracks”
For technology service providers like Forms Syntron, although the sandbox verification has been completed, order conversion still depends on the capital expenditure rhythm of licensed institutions and selection of suppliers.
P/E of the fintech/software services sector in HK market is usually within the range of 15-40x.Considering the risk discount for concentrated customer base, neutral scenario could be P/E of 25-35x


Pre-IPO Shenzhen Forms Syntron Information (PHIP Updates) - Some Points Worth the Attention