UMP Healthcare ("UMP") is Hong Kong's leading private medical service network. Its network spans 1100+ service providers, 1mm+ scheme members, 2000+ contract customers, and over 1.13mm+ annual clinic visits.
Despite the consistent track record, UMP trades at a 61% discount to its IPO price, 6x PE, and 8% yield with 45% of its market cap in net cash.
We see ingredients in place for a multi-year re-rate, backed by HK's new Healthcare Policy and the company's strategic tilt towards higher margin service lines supporting future profit growth.
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