![](https://wp-static.smartkarma.com/../assets/uploaded/2022/03/HealthCareArrailGroupRajthaneeHospitalOpkoHealthIncandmore.jpg)
In today’s briefing:
- Arrail IPO: Peer Comparison and Valuation
- RJH: 4Q21 Earnings Grew YoY but Drop QoQ
- Opko Health (OPK US): Diagnostic Business on Solid Grip; Pharmaceutical Business Ready to Take-Off
Arrail IPO: Peer Comparison and Valuation
- Arrail, the largest dental services provider in China’s premium dental service market has announced the terms for its IPO.
- The company plans to raise net proceeds of approx. HK$590m (US$75.9m) through issuing 46.5m at a price of HK$14.62 per share.
- Cornerstone investors have agreed to purchase approx. US$65m worth of shares and these investors include Abax, Harvest, Hudson Bay, OrbiMed and TVHKL.
RJH: 4Q21 Earnings Grew YoY but Drop QoQ
- Maintain HOLD rating with a TP of Bt33.50, based on 19.14xPE’22E,which is pegged to -1SD of 3-years trading mean.Despite drastic drop in 22E profit, its strategic location, combined with undemanding
- Its 4Q21 net profit was at Bt283m (+96%YoY, -42%QoQ), given weak QoQ revenue growth, and margin contraction due to lowered Covid-19 related contribution.
- RJH’s 2021 earnings was at Bt1.01bn, implying +145% YoY, mainly attributed to higher contribution from Covid-related services.
Opko Health (OPK US): Diagnostic Business on Solid Grip; Pharmaceutical Business Ready to Take-Off
- Opko Health Inc (OPK US)‘s core clinical testing business began to return to pre-pandemic volumes, while COVID-19- testing volume is expected to decline significantly.
- Opko’s pharmaceutical business is expected to clock mid-to-high single-digit growth in 2022, with Rayaldee and Ngenla being launched in the international markets.
- While diagnostic revenue is expected to decline 40% y/y, pharmaceutical business is anticipated to clock mid-to-high single-digit growth in 2022.
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