Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

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Perfect Medical Health / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a> reported weak numbers for H1 FY25, with revenues/PAT down 13%/15% YoY. Given the weak sentiment in HK, this print is not that bad.</li>
<li>The company declared a dividend of 11.3 HKD/cent (9.6% annualized) and flagged a slightly better demand environment in the first two months of H2 FY25 as green shoots slowly emerge.</li>
<li>On our numbers, the stock trades at 9.3x FY25 and has &gt;10% (as historic payout &gt;100%), with the caveat that a better demand environment is sustained. </li>
</ul>



Perfect Medical Health (1830 HK) reported weak numbers for H1 FY25, with revenues/PAT down 13%/15% YoY. Given the weak sentiment in HK, this print is not that bad.
The company declared a dividend of 11.3 HKD/cent (9.6% annualized) and flagged a slightly better demand environment in the first two months of H2 FY25 as green shoots slowly emerge.
On our numbers, the stock trades at 9.3x FY25 and has &gt;10% (as historic payout &gt;100%), with the caveat that a better demand environment is sustained. 


Perfect Medical (1830 HK) H1 FY25 Earnings: Resilient Yield Despite Weak HK Sentiment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a> reported flat revenue/profit growth for FY24 due to a weak Q4 that plagued the entire HK consumer space. H2FY24  revenue/profit growth was -6.3%/-12.5%</li>
<li>The company paid a generous dividend of 31.5 cents for FY24 (vs. 30.0 cents), resulting in a 12.5% dividend yield.</li>
<li>We will follow up with more details after the earnings call and presentation. </li>
</ul>



Perfect Medical Health (1830 HK) reported flat revenue/profit growth for FY24 due to a weak Q4 that plagued the entire HK consumer space. H2FY24  revenue/profit growth was -6.3%/-12.5%
The company paid a generous dividend of 31.5 cents for FY24 (vs. 30.0 cents), resulting in a 12.5% dividend yield.
We will follow up with more details after the earnings call and presentation. 


Perfect Medical (1830 HK): Resilient FY24 And 12.5% Trailing Dividend Yield

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>, post a correction of consumer discretionary stocks in HK, now trades at a yield of 11.5%, with cash&amp;investments representing 24% of the market cap.</li>
<li>HK is experiencing a dip in consumer sentiment, and <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">t</a>he company isn't immune to it, but flat sales/profitability, a 24% net margin, and &gt;40% ROE provide great margin of safety.</li>
<li>The stock trades at 9.3x FY24 PE and 11.5% yield (assuming a 110% payout average across company history) with a growth option once the HK economy kickstarts.</li>
</ul>



Perfect Medical Health (1830 HK), post a correction of consumer discretionary stocks in HK, now trades at a yield of 11.5%, with cash&amp;investments representing 24% of the market cap.
HK is experiencing a dip in consumer sentiment, and the company isn't immune to it, but flat sales/profitability, a 24% net margin, and &gt;40% ROE provide great margin of safety.
The stock trades at 9.3x FY24 PE and 11.5% yield (assuming a 110% payout average across company history) with a growth option once the HK economy kickstarts.


Perfect Medical: Post Card From HK, Yield of 11.5%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a> results showed 7% revenue growth and 10% YoY profit (27% YoY adjusted profit for subsidies) growth in H1 FY24.</li>
<li>The company declared a 14.2 cent/share interim dividend. H2 dividends usually are higher, so we expect a 32-35 cent dividend for FY24. </li>
<li>This is another dividend-yielding gem, trading at 12.0x PE FY24e, a 9% dividend yield, and 15% of the market cap in cash and investments with a &gt;50% ROE. </li>
</ul>



Perfect Medical Health (1830 HK) results showed 7% revenue growth and 10% YoY profit (27% YoY adjusted profit for subsidies) growth in H1 FY24.
The company declared a 14.2 cent/share interim dividend. H2 dividends usually are higher, so we expect a 32-35 cent dividend for FY24. 
This is another dividend-yielding gem, trading at 12.0x PE FY24e, a 9% dividend yield, and 15% of the market cap in cash and investments with a &gt;50% ROE. 


Perfect Medical H1 FY24: Rebound of Growth in H2 FY24, 9% Div Yield, New High ROIC Investment

<ul>
<li>We spoke with the management of <a href="https://www.smartkarma.com/entities/perfect-medical-health-management" target="_blank" data-smartkarma-citation="entities:3639:1" rel="noopener">Perfect Medical Health (1830 HK)</a>. The key highlight is a steady recovery for FY24e and an overall expansion of 60% in three years. </li>
<li>Expansion plans in HK (75% of revenue) have commenced, with ten centers opening over the year, adding to the existing 22 HK centers (one already opened in June 2023).</li>
<li>They also highlighted an aggressive long-term goal of making one bn HKD of profit by FY26 (Mkt cap: 4.8 bn HKD) and short-term guidance of 30-40% profit growth for FY24e. </li>
</ul>


We spoke with the management of Perfect Medical Health (1830 HK). The key highlight is a steady recovery for FY24e and an overall expansion of 60% in three years. 
Expansion plans in HK (75% of revenue) have commenced, with ten centers opening over the year, adding to the existing 22 HK centers (one already opened in June 2023).
They also highlighted an aggressive long-term goal of making one bn HKD of profit by FY26 (Mkt cap: 4.8 bn HKD) and short-term guidance of 30-40% profit growth for FY24e. 


Perfect Medical Management FY23 Concall: Highlights Bright Outlook for FY24, Aggressive Expansion

Hong Kong

Perfect Medical Health Management (previously Perfect Shape Medical Limited) offers slimming and beauty treatments. The Company provides fat softens and dissolves services, laser freckle services, and other services. Perfect Shape Medical offers services in China.

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Perfect Medical Health (1830 HK)

Perfect Medical (1830 HK) H1 FY25 Earnings: Resilient Yield Despite Weak HK Sentiment

We summarize our gleanings from the H1 FY25 earnings for Perfect Medical. Trading at <10x with a dividend yield of >10% and net cash with an...

Sameer Taneja

Perfect Medical (1830 HK): Resilient FY24 And 12.5% Trailing Dividend Yield

We summarize the FY24 results of Perfect Medical. With an attractive trailing yield of 12.5%, net cash and ROE> 50% this is a company worth exploring

Sameer Taneja

Perfect Medical: Post Card From HK, Yield of 11.5%

We provide an update on Perfect Medical (1830 HK). The stock trades at 9.3x FY24 PE/11.5% yield (assuming a 110% payout) with a growth option once...

Sameer Taneja

Perfect Medical H1 FY24: Rebound of Growth in H2 FY24, 9% Div Yield, New High ROIC Investment

Perfect Medical 1830 HK is a dividend-yielding gem, trading at 12.0x PE FY24e, with a 9% dividend yield and 15% of the market cap in cash and...

Sameer Taneja

Perfect Medical Management FY23 Concall: Highlights Bright Outlook for FY24, Aggressive Expansion

Highlights of our concall with Perfect Medical trading at a 10.8x FY24e PE valuation. Company is embarking on a expansion plan to increase centers...

Sameer Taneja

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