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 Midea Group H Share - Even in the Face of Challenges, There Is Still Investment Value

China Healthcare Weekly (Jun.9) - New Akeso-Summit Deal, Jacobio Is a Good Bet, Genscript's Trouble

China Healthcare Weekly (Jun16)-WuXi Get A "Reprieve", Vaccine Company in Trouble, Insurance Surplus

Hygeia Healthcare (6078.HK) - Profits Fell Short of Expectations, but the Outlook Remains Positive

Hygeia Healthcare Group (6078.HK) - The Crack in the Egg

Hygeia Healthcare Group (6078.HK) - A Decline in Growth Is Inevitable

Remegen (9995.HK/688331.CH) - The Survival Problem Is Becoming Imminent

WuXi AppTec (2359.HK/603259.CH) 23Q3 - Will the TIDES Business Turn the Tide?

Equity Bottom-Up

Hygeia Healthcare Group / Equity Bottom-Up

<ul>
<li>According to Hygeia’s management, the 25% growth in previous guidance for 2024 would be exceeded. 24H1 would maintain a growth rate of 40+%, and the growth in 24H2 would accelerate.</li>
<li>However, progress of some projects is slower than expected, so a growth rate of 25%+ in performance forecast seems aggressive.After all, downward adjustment of performance guidance again is very uncomfortable.</li>
<li>P/E of 30-40 is reasonable range in short term. So, Hygeia is undervalued.In long term, revenue growth could fall to 15-20% because the contribution of M&amp;A to performance would decline.</li>
</ul>


According to Hygeia’s management, the 25% growth in previous guidance for 2024 would be exceeded. 24H1 would maintain a growth rate of 40+%, and the growth in 24H2 would accelerate.
However, progress of some projects is slower than expected, so a growth rate of 25%+ in performance forecast seems aggressive.After all, downward adjustment of performance guidance again is very uncomfortable.
P/E of 30-40 is reasonable range in short term. So, Hygeia is undervalued.In long term, revenue growth could fall to 15-20% because the contribution of M&amp;A to performance would decline.


ハイジア・ヘルスケア・グループ（6078.HK） - 2024年の高成長は保証されていない