HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Numans Health Food Holdings / Equity Capital Markets

<ul>
<li>Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.</li>
<li>Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. </li>
<li>If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.</li>
</ul>


Numans values light asset model, which helps reduce cost/expenditures, and thereby increase profits. However, such business model has flaws – no R&amp;D/production, only terminal sales/brand operation, no control over upstream.
Revenue growth of core business Algal oil DHA products declined.Numans attempts to change its monotonous product line and enter milk powder industry, but the results weren’t ideal. Numans suffered losses. 
If Numans only plays the role of a "porter" of finished products from abroad and lacks core competitiveness/technological content, it will face multiple challenges to achieve sustained high performance growth.


Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  </p>

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  

Global Equity Chart Book: Stick With EM Over EAFE

China

Xiamen Kingdomway Group Co produces and sells fortified food and feed additives. The Company's major products include Coenzyme A10, VA, VD3, microalgae DHA, vegitable ARA.

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Xiamen Kingdomway Group Co (002626 CH)

Pre-IPO Numans Health Food Holdings - Due to Flawed Business Model, Future Growth Is Uncertain

Numans started a different business model, but in essence, it only plays the role of a "porter" and lacks core competitiveness. Faced with a...

Xinyao (Criss) Wang

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

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