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 Technology / Equity Bottom-Up

<ul><li>Better-than-expected narrowing of net loss in 2022. PA Good Doctor (PAGD) reported 2022 revenue of RMB6,160mn, down by 16% YoY, and adjusted non-IFRS net loss of RMB848mn, narrowed by 40% YoY.</li><li>PAGD’s revenue slightly missed our forecast/ consensus by 2.8%/ 4.5%, respectively, while adjusted non-IFRS net loss beat our forecast/ consensus by 12.4%/ 20.3%, respectively, thanks to the continuous margin improvements and cost savings under its Strategy 2.0 Continuum.</li><li>In 2022, gross profit margin (GPM) increased by 4.1 ppts, mainly supported by the GPM improvement of 4.2 ppts from its health service segment. </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>

Better-than-expected narrowing of net loss in 2022. PA Good Doctor (PAGD) reported 2022 revenue of RMB6,160mn, down by 16% YoY, and adjusted non-IFRS net loss of RMB848mn, narrowed by 40% YoY.PAGD’s revenue slightly missed our forecast/ consensus by 2.8%/ 4.5%, respectively, while adjusted non-IFRS net loss beat our forecast/ consensus by 12.4%/ 20.3%, respectively, thanks to the continuous margin improvements and cost savings under its Strategy 2.0 Continuum.In 2022, gross profit margin (GPM) increased by 4.1 ppts, mainly supported by the GPM improvement of 4.2 ppts from its health service segment. 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) – Temporary pains in strategic transition

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>PAGD intends to switch from 2C model to 2B model and to reduce losses ASAP at the expense of revenue scale, so as to prove its profitability to the market. </li>
<li>B-End corporate customers with high quality and sufficient budget are limited. Once the growth of B-end corporate customers meets a bottleneck, its performance may face another decline.</li>
<li>Despite the improving financial performance in 2022, we still think that we need to further observe the effect of strategic transformation and future performance of PAGD before making judgments.</li>
</ul>


PAGD intends to switch from 2C model to 2B model and to reduce losses ASAP at the expense of revenue scale, so as to prove its profitability to the market. 
B-End corporate customers with high quality and sufficient budget are limited. Once the growth of B-end corporate customers meets a bottleneck, its performance may face another decline.
Despite the improving financial performance in 2022, we still think that we need to further observe the effect of strategic transformation and future performance of PAGD before making judgments.


Ping An Healthcare and Technology Company Limited (1833.HK)- To Turn Things Around or to Fail Again?

Equity Capital Markets

Jiangsu Fangzhou Chemical / Equity Capital Markets

<ul>
<li>Fangzhou initially launched online retail pharmacy to address the needs of chronic disease patients, and then expand to online chronic disease management. However,the investment logic of this business is problematic. </li>
<li>Due to the low willingness to pay/high acquisition cost of C-end patients, it is difficult to achieve large-scale profits. Developing To B business would be important for Fangzhou’s future development. </li>
<li>Either To B business or To C business, the key point is to accumulate/retain large physician resources, but Fangzhou hasn’t had “a panacea” in this regard.</li>
</ul>


Fangzhou initially launched online retail pharmacy to address the needs of chronic disease patients, and then expand to online chronic disease management. However,the investment logic of this business is problematic. 
Due to the low willingness to pay/high acquisition cost of C-end patients, it is difficult to achieve large-scale profits. Developing To B business would be important for Fangzhou’s future development. 
Either To B business or To C business, the key point is to accumulate/retain large physician resources, but Fangzhou hasn’t had “a panacea” in this regard.


Pre-IPO Fangzhou Group - The Business and the Concerns

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fangzhou-group" target="_blank" data-smartkarma-citation="entities:36560:1" rel="noopener">Fangzhou Group (FANGZHOU HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</li>
<li>Fangzhou (FZ) is an online chronic disease management (CDM) service provider in China.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Fangzhou Group (FANGZHOU HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
Fangzhou (FZ) is an online chronic disease management (CDM) service provider in China.
In this note, we will talk about the not-so-positive aspects of the deal.


Fangzhou Pre-IPO - The Negatives - Hard to Shake off Loss-Making Tendencies

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fangzhou-group" target="_blank" data-smartkarma-citation="entities:36560:1" rel="noopener">Fangzhou Group (FANGZHOU HK)</a> is looking to raise about US$300m in its upcoming Hong Kong IPO.</li>
<li>Fangzhou (FZ) is an online chronic disease management (CDM) service provider in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Fangzhou Group (FANGZHOU HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
Fangzhou (FZ) is an online chronic disease management (CDM) service provider in China.
In this note, we will talk about the positive aspects of the deal.


Fangzhou Pre-IPO - The Positives - Regulatory Changes and COVID Spurred Growth

China

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.

Ping An Healthcare and Technology (1833 HK)

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Ping An Healthcare and Technology (1833 HK)

PA Good Doctor (1833 HK) – Temporary pains in strategic transition

Better-than-expected narrowing of net loss in 2022. PA Good Doctor (PAGD) reported 2022 revenue of RMB6,160mn, down by 16% YoY, and adjusted non...

CMB International

Ping An Healthcare and Technology Company Limited (1833.HK)- To Turn Things Around or to Fail Again?

PAGD's intention to improve profitability at the expense of revenue scale is obvious. Switching from 2C to 2B model is a double-edged sword....

Xinyao (Criss) Wang

Pre-IPO Fangzhou Group - The Business and the Concerns

The 2C model of online medical care is hard to achieve large-scale profit. 2B is a breakthrough point. But Fangzhou has no perfect solution to...

Xinyao (Criss) Wang

Fangzhou Pre-IPO - The Negatives - Hard to Shake off Loss-Making Tendencies

Fangzhou Group (FANGZHOU HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so-positive...

Clarence Chu

Fangzhou Pre-IPO - The Positives - Regulatory Changes and COVID Spurred Growth

Fangzhou Group (FANGZHOU HK) is looking to raise about US$300m in its upcoming Hong Kong IPO. In this note, we will talk about the positive aspects...

Clarence Chu

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