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Caixin Global

Articles from Caixin Global

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Equity Bottom-Up

Jinxin Fertility Group  / Equity Bottom-Up

<ul><li>Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.</li><li>Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.</li><li>It did not specify how much capital Jinxin will invest.</li></ul>

Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.It did not specify how much capital Jinxin will invest.

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY.</li><li>Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn.</li><li>Revenue was in line with our forecast while non-IFRS adjusted net income slightly missed our forecast by 5.7%, which was mainly attributed by one-off expenses of RMB31mn related to several lawsuits in the US. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY.Non-IFRS adjusted net profit grew substantially by 72.0% YoY to RMB472mn.Revenue was in line with our forecast while non-IFRS adjusted net income slightly missed our forecast by 5.7%, which was mainly attributed by one-off expenses of RMB31mn related to several lawsuits in the US. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jinxin Fertility (1951 HK) - Impressive Business Rebound in 2023

<ul><li>1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.</li><li>In 1H23, revenue accounted for 46.2% of our full-year forecast, lower than its historical average, while non-IFRS adjusted net profit represented 50.3% of our full-year forecast, higher than its historical average.</li><li>Excluding the two hospitals in Yunnan consolidated from July 2022, the organic revenue growth of 6.4% YoY was mainly driven by the strong recovery in Shenzhen (revenue +13.8% YoY) and the US (revenue +21.0% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.In 1H23, revenue accounted for 46.2% of our full-year forecast, lower than its historical average, while non-IFRS adjusted net profit represented 50.3% of our full-year forecast, higher than its historical average.Excluding the two hospitals in Yunnan consolidated from July 2022, the organic revenue growth of 6.4% YoY was mainly driven by the strong recovery in Shenzhen (revenue +13.8% YoY) and the US (revenue +21.0% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Jinxin Fertility (1951 HK) – Recovery to Expedite in 2H23E

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>The IVF industry is booming, driven by couples having children later in life as well as infertility problems.</li>
<li>There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.</li>
<li>One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.</li>
</ul>


The IVF industry is booming, driven by couples having children later in life as well as infertility problems.
There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.
One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

China

Shenzhen Neptunus Bioengineering Co., Ltd. develops, manufactures, and markets biochemical pharmaceuticals, biological products, traditional Chinese medicines, and healthcare products.  Through its subsidiaries, the Company also manufactures food.

Searainbow Holding Corp., produces chemical fibers and other textile products. The company, through its subsidiaries, also provides medical e-commerce and on-line games.

Nanjing Pharmaceutical Co. Ltd. distributes a broad range of drugs. The Company also manufactures medicines,medical apparatus, chemical reagents, and glassware.

Guangxi Liuzhou Pharmaceutical Co. Ltd. manufactures pharmaceuticals. The Company researches, develops, produces, processes, and distributes capsules, granules, tablets, pills, plasters, and raw material medicines.

Zhejiang Dian Diagnostics Co., Ltd. provides medical diagnostic solutions, as an outsourcer, to various general hospitals, specialized hospitals, community health service centers (stations), township (county) hospitals, medical centers,  disease prevention and control centers.

China Resources Medical Holdings Company Limited operates hospitals and clinics. The Company offers clinical treatment, healthcare management, public sanitary, and other medical health services. China Resources Medical Holdings also operates supply chain management, financing, real estate development, consumption, and other businesses.

Cachet Pharmaceutical Co., Ltd manages pharmaceutical services, wholesale and retail businesses.  The Company also operates the logistics services related to pharmacy.

Zhejiang Zhenyuan Co., Ltd. wholesales and retails traditional Chinese medicines, Chinese medicine materials, chemical preparations, and healthcare products.  Through its subsidiaries, the Company also manufactures pharmaceuticals.

Shandong Realcan Pharmaceutical Company Limited is a pharmaceutical direct seller. The Company's main business is distributing drugs to high-end medical market, basic health care market and commercial distribution.

Shandong Realcan Pharmaceutical (002589 CH)

China Pioneer Pharma Holdings Ltd is a marketing, promotion and channel management service provider dedicated to imported pharmaceutical products and medical devices in China.

Regis Healthcare Limited is a treatment program that offers Family Therapy, Clinical Psychology, Education and Occupational Therapy.

Chularat Hospital PCL owns medical centers and hospitals. The Company operates a variety of centers specializing in treatments such as hand surgery, open heart surgery, and strokes as well as providing emergency services and patient care. Chularat Hospital serves the medial industry throughout Thailand.

BML, INC. operates medical laboratories and develops software for clinical testing.  The Company conducts clinical testing in a variety of fields, including endocrine, blood and blood plasma, protein, biochemical, virus, immune systems, and bacteria.  BML conducts testing primarily  for hospitals and medical institutions.

Vibhavadi Medical Center Public Company Limited owns and operates the Vibhavadi Hospital. Located in Bangkok, the Hospital provides full range of medical services.

H.U. Group Holdings Inc. provides health care testing services. The Company provides contract clinical testing and clinical laboratory drug services for cancer, malignant tumor, hypothyroidism, diabetes, and infectious diseases. H.U. Group Holdings also conducts sterilization related business.

Rhoen-Klinikum AG operates general, rehabilitation, and emergency health care facilities which offer inpatient and outpatient medical care to various communities in Germany.  These clinics and hospitals offer cardiological, surgical, psychiatric, neurological and neurosurgical, orthopedic, addiction treatment, and physical therapy services.

CVS Group PLC provides animal veterinary and related services. The Company sells animal medicines and a range of pet products directly to consumers. CVS Group operates throughout the United Kingdom.

Netcare Limited is a South African hospital promotion and management company that owns and operates a number of private hospitals and clinics.

Life Healthcare Group Holdings Ltd operates healthcare facilities in South Africa.  The Company operates acute care hospitals, long-term care facilities, physical and cognitive rehabilitation services for disabling injuries, and on-site occupational and primary healthcare services.

Selcuk Ecza Deposu Ticaret ve Sanayi A.S. distributes pharmaceutical products.

Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (SELEC TI)

Selcuk Ecza Deposu Ticaret ve Sanayi A.S.

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

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Jinxin Fertility Group (1951 HK)

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment

Jinxin Fertility Group Ltd. , China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer,...

Caixin Global

Jinxin Fertility (1951 HK) - Impressive Business Rebound in 2023

Jinxin Fertility (Jinxin) reported 2023 revenue of RMB2,789mn, up 18.0% YoY. Non-IFRS adjusted net profit grew substantially by 72.0% YoY to...

CMB International

Jinxin Fertility (1951 HK) – Recovery to Expedite in 2H23E

1H23 results inline. Jinxin reported 1H23 revenue of RMB1,334mn, up 17.2% YoY, and non-IFRS adjusted net profit of RMB255mn, slightly down 1.2% YoY.

CMB International

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

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