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 Tong Ren Tang Healthcare Investment (PHIP Updates) - Some Points Worth the Attention

Zijin Gold (2259 HK) 25Q3 - Updates on Forecast/Valuation and Potential Risks Behind

Pre-IPO Vigonvita Life Sciences (PHIP Updates) - Some Points Worth the Attention

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

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

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

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

Equity Capital Markets

<ul>
<li>Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.</li>
<li>Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range. </li>
<li>Considering better profitability/shareholder resources, Zijin Gold has more advantage than <a href="https://www.smartkarma.com/entities/shandong-gold-mining-co-ltd-4527fb98-bb5d-4d74-91fe-66f9c0224eb3" target="_blank" data-smartkarma-citation="entities:27455:1" rel="noopener">Shandong Gold Mining</a>. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.</li>
</ul>


Based on DCF model, valuation is about US$28.4 billion. We think this is the valuation bottom line. Conservative investors can take profits at this valuation level.
Valuation has the potential to reach US$34-42bn (or 18-22x P/E ) if based on 2025 forecast.Optimistic investors can choose to wait for stock price to fall within this valuation range. 
Considering better profitability/shareholder resources, Zijin Gold has more advantage than Shandong Gold Mining. Therefore, market value of Zijin Gold will widen the gap with Shandong Gold Mining in the future.


Zijin Gold (2259 HK) IPO Debut - Some Points Worth the Attention