Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Ping An Healthcare and Technol / Equity Bottom-Up

<ul>
<li>This is the <strong>Second</strong> of a series of reports on Ping An Healthcare where we will be discussing the other three segments of the company.</li>
<li>Health Mall is the largest revenue generator for Ping An Health but the segment is facing tough competition from other online healthcare providers which is negatively impacting its gross margins.</li>
<li>Similarly, though revenue from Consumer Healthcare biz has seen strong growth, we expect the margins to remain under pressure due to increased focus on corporate customers who generate lower margins.</li>
</ul>


This is the Second of a series of reports on Ping An Healthcare where we will be discussing the other three segments of the company.
Health Mall is the largest revenue generator for Ping An Health but the segment is facing tough competition from other online healthcare providers which is negatively impacting its gross margins.
Similarly, though revenue from Consumer Healthcare biz has seen strong growth, we expect the margins to remain under pressure due to increased focus on corporate customers who generate lower margins.


Ping An Health (Part II): Health Mall Growth to Slow Down with Growing Competition

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Beijing Yuanxin Technology Group Co Ltd / Equity Capital Markets

<ul>
<li>Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.</li>
<li>As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs</li>
<li>In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.</li>
</ul>


Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.
As per F&amp;S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs
In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.


Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

<ul>
<li>Ping An Healthcare and Technology Company (SEHK:1833) operates an Internet healthcare platform in China (Ping An Good Doctor), which delivers on-demand healthcare. Its mobile platform was launched in April 2015.     </li>
<li>It is one of the leading online healthcare providers in China and has reported strong growth in revenues and gross profit since inception.</li>
<li>The company has been positively impacted by the spread of COVID-19 with more people switching to online healthcare rather than visiting hospitals.</li>
</ul>


Ping An Healthcare and Technology Company (SEHK:1833) operates an Internet healthcare platform in China (Ping An Good Doctor), which delivers on-demand healthcare. Its mobile platform was launched in April 2015.     
It is one of the leading online healthcare providers in China and has reported strong growth in revenues and gross profit since inception.
The company has been positively impacted by the spread of COVID-19 with more people switching to online healthcare rather than visiting hospitals.


Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

<ul><li>ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 only</li><li>Expanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.</li><li>Still, a long way to go - Online healthcare is a domain full of risks. </li></ul>

ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 onlyExpanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.Still, a long way to go - Online healthcare is a domain full of risks. 

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

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JD Health International (6618 HK)

Ping An Health (Part II): Health Mall Growth to Slow Down with Growing Competition

Health Mall was the fastest growing segment in terms of revenue over 2015-2020. However, the segment has been facing tough competition which has...

Shifara Samsudeen, ACMA, CGMA

Beijing Yuanxin (北京圆心) Pre-IPO - Growing at the Expense of Margins

Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we look at the company's past performance.

Sumeet Singh

Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

This is the first of a series of reports on Ping An Health and we deep dive into the company's fast-growing segment: Online Medical Services, its...

Shifara Samsudeen, ACMA, CGMA

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

The Chinese upstart behind TikTok has emerged into a major venture capital investor. Online healthcare (or telehealth) has been in the spotlight in...

EqualOcean

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