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.

Equity Bottom-Up

Ping An Healthcare and Technol / Equity Bottom-Up

<ul><li>Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.</li><li>However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.</li><li>Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. </li></ul><p><em>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.</em></p>

Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. 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.

PA Good Doctor (1833 HK) – 2022 preview: Solid business development through the bumpy 2022

<div><div><div><div><ul><li>Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.</li></ul><div><div><div><ul><li>Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.</li></ul><div><div><div><div><ul><li>Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.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.

PA Good Doctor (1833 HK) -  Early Achievements of Strategy 2.0

China

Laobaixing Pharmacy Chain JSC wholesales and distributes medical products. The Company provides Chinese herbal medicines, antibiotic preparations, biochemical drugs, and other products. Laobaixing Pharmacy Chain also provides medical equipment.

Shenzhen Agricultural Products Co., Ltd. operates chain supermarkets and wholesale markets for agricultural products.  The Company also provides agricultural products processing and other related services.

Shenzhen Agricultural Products Co, Ltd. (000061 CH)

Yixintang Pharmaceutical Group Co., Ltd. operates pharmaceutical stores. The Company retails Chinese medicines, western medicines, and other products. Yixintang Pharmaceutical Group also provides medical equipment.

Yixintang Pharmaceutical Group (002727 CH)

Shanghai Bailian Group Co.,Ltd. operates as a supermarket. The Company retails vegetables, fruits, meats, seafood, delicatessen products, sweets, snacks, and other related products. Shanghai Bailian Group also operates department store business.

COFCO Joycome Foods Limited engages in animal meat production. The Company produces, processes, distributes, and sells fresh pork, pork products, and animal feeds. COFCO Joycome Foods also operates and manages slaughterhouse throughout China.

Beijing Hualian Hypermarket Co., Ltd. operates supermarkets and department stores.  The Company sells groceries, knitting products, medical instruments, hardware, chemical materials, food, beverages, construction materials, arts and crafts, jewelry, furniture, computers, air-conditioning equipment, metal materials, and other merchandise.

Beijing Hualian Hypermarket Co, Ltd. (600361 CH)

Sanjiang Shopping Club Company Limited operates community budget supermarket franchises. The Company provides customers with retail services.

New Huadu Supercenter Co., Ltd. engages in chain operations in marketplaces, sup ermarkets, department stores.

Better Life Commercial Chain Share Co., Ltd. operates a chain of supermarkets, general merchandise stores and household electrical appliances stores.

Better Life Comm Chain Share Co (002251 CH)

Yonghui Superstores Company Limited operates supermarket franchises . The Company mainly operates hypermarkets, marketplace and supermarkets.

Sun Art Retail Group Ltd. operates hypermarkets.  The Company retails food and offers amenities such as restaurants, automated teller machines, pharmacies and dry cleaners.

Chefs' Warehouse Inc. is a premier distributor of specialty food products in the United States. The Company is focused on serving the specific needs of chefs who own and/or operate restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools and specialty food stores.

GS Retail Co., Ltd. operates a chain of retail stores. The Company provides beauty and skincare products, candles, gifts, perfumes, ornaments, bathroom accessories, and other products. GS Retail serves its customers in the Republic of South Korea.

The Andersons, Inc. merchandises grain, operates grain elevator facilities, distributes wholesale agricultural fertilizer, and distributes agricultural inputs to dealers and farmers.  The Company also manufactures lawn fertilizer and corncob-based products, and purchases, sells, repairs, and leases railcars. In addition, The Andersons operates retail stores and a distribution center.

Sheng Siong Group Ltd is a retailer in Singapore.  The Company operates a groceries chain across Singapore. Sheng Siong's stores provide fresh and chilled produce, seafood, meat and vegetables, processed, packaged and preserved food products as well as general merchandise such as toiletries and essential household items.

AIN HOLDINGS INC. operates and franchises pharmacies in Japan.  The Company primarily sells medicines, external-use medicine, cosmetics, and food products. AIN Pharmaciez also conducts clinical tests for medical institutions.

Dongsuh Companies Inc. imports, manufactures, processes, markets and distributes general food products such as vegetable cooking oils. The Company also produces packaging materials and ceramic products including food and oil containers. Dongsuh has a cooperative relationship with Kraft Foods Inc.

Ingles Markets, Incorporated operates a supermarket chain in the southeastern United States.  The Company also owns and operates neighborhood shopping centers.

CREATE SD HOLDINGS Co Ltd operates a chain of drug stores based in Kanagawa. The Company sells medical supplies, cosmetics, foodstuff, baby products and daily goods. CREATE SD HOLDINGS also sells prescription medicine.

Puregold Price Club, Inc. operates wholesale and retail stores, including supermarkets.

Ping An Healthcare and Technology Company Limited provides health care software solutions. The Company offers mobile platform for online consultation, hospital referral and appointment, health management, and wellness interaction services, as well as connects consumers and patients with health care resources. Ping An Healthcare and Technology serves customers in China.

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Ping An Healthcare and Technol (1833 HK)

PA Good Doctor (1833 HK) – 2022 preview: Solid business development through the bumpy 2022

Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption

CMB International

PA Good Doctor (1833 HK) - Early Achievements of Strategy 2.0

1H22 earnings in line. PA Good Doctor (PAGD) reported 1H22 revenue of RMB2,828mn, down by 26% YoY and adjusted non-IFRS net loss of RMB390mn.

CMB International

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