From "Stupid Cheap" to "Stupid Expensive"

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

<p>UMP Healthcare is a HK-based primary healthcare provider focused primarily on the corporate market. The company is expanding into the Mainland in Shanghai and through a JV with Phoenix Healthcare in Beijing. The proposed IPO will fund these expansion plans and potential acquisitions. Some elements of the business need further discussion (capitation risks in HK; ramp-up of new clinics in China), but the stability of the core business and the proposed valuation (HKD 1.90-2.20/share) make this a potentially interesting story. &nbsp; &nbsp;</p>

UMP Healthcare is a HK-based primary healthcare provider focused primarily on the corporate market. The company is expanding into the Mainland in Shanghai and through a JV with Phoenix Healthcare in Beijing. The proposed IPO will fund these expansion plans and potential acquisitions. Some elements of the business need further discussion (capitation risks in HK; ramp-up of new clinics in China), but the stability of the core business and the proposed valuation (HKD 1.90-2.20/share) make this a potentially interesting story. &nbsp; &nbsp;

UMP Healthcare

Aggressive China Ramp-Up the Big Risk