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.

China Healthcare Weekly(Sep.21)-HK Biotechs Are Overvalued, Duality, Story Behind "Crazy" TransThera

Pre-IPO Xuanzhu Biopharmaceutical (PHIP Updates) - Some Points Worth the Attention

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

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

Laopu Gold (6181.HK) 25H1 - Remember to Escape Before Collapsing

Laopu Gold (6181.HK) - Gold Stocks Are Different from Gold Commodities

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

Equity Capital Markets

Zijin Gold International / Equity Capital Markets

<ul>
<li>The spin-off of Zijin for an independent listing is equivalent to presenting a "pure gold business" to the market. Such "asset revaluation" can unlock the hidden value of gold business.</li>
<li>For enterprises like Zijin in the upstream of gold industry chain, a sustained high and rising gold price is usually a significant positive factor. However, there are also potential risks.</li>
<li>Zijin Gold has better growth potential than peers, so we think its valuation range could be P/E of 18-22x. If based on 2025 net profit forecast, valuation is US$36.9-45.1 billion.</li>
</ul>


The spin-off of Zijin for an independent listing is equivalent to presenting a "pure gold business" to the market. Such "asset revaluation" can unlock the hidden value of gold business.
For enterprises like Zijin in the upstream of gold industry chain, a sustained high and rising gold price is usually a significant positive factor. However, there are also potential risks.
Zijin Gold has better growth potential than peers, so we think its valuation range could be P/E of 18-22x. If based on 2025 net profit forecast, valuation is US$36.9-45.1 billion.


Pre-IPO Zijin Gold (PHIP Updates) - Thoughts on the Business, the Forecast and Valuation Outlook