In today’s briefing:
- WH Group (288 HK) – Stronger, But Still WAY Cheap to Peers
- ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility
- Beijing Airdoc Technology (2251.HK) – Not Optimistic About Turning Loss into Profit
WH Group (288 HK) – Stronger, But Still WAY Cheap to Peers
- WH Group has sharply outperformed both global peers and HK/China-listed peers since the last bullish insight pounded the table in mid-March 2022.
- Since then, the Pork/Feed ratio has been climbing in China and flat to down in the US, and pork prices in China are particularly robust recently.
- WH Group (288 HK) remains cheap as chips. And despite gains, still Cheapest in Yonks relatively speaking.
ClouDr (智云健康) Pre-IPO – PHIP Updates – Mixed Results, Strong Growth Could Be Masking Some Volatility
- ClouDr Group (16897333D CH) is looking to raise around US$100m in its upcoming Hong Kong IPO.
- The firm is a digital chronic condition management solution provider and is market leader in China in terms of the number of SaaS installations in hospitals and pharmacies in 2020.
- In this note, we will discuss ClouDr’s recent PHIP updates.
Beijing Airdoc Technology (2251.HK) – Not Optimistic About Turning Loss into Profit
- Without entering NRDL and public hospital markets, Airdoc’s core product Airdoc-AIFUNDUS would be hard to generate solid performance due to its high pricing but limited value to patients and doctors.
- Due to lockdown/pandemic, we lowered our forecast on revenue growth/gross margin in 2022. As competition intensified, Airdoc’s revenue growth and margin could be significantly reduced in the coming years.
- The biggest concern for Airdoc is the commercialization prospects. The real turning point for AI medical imaging has not arrived. We are not optimistic that Airdoc will end up profitable.
Before it’s here, it’s on Smartkarma
