HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Shanghai Duoning Biotechnology - The Industry, the Business and the Concerns

Jinxin Fertility Co Ltd (1951.HK) - Hard to Achieve Performance Reversal in 2023

Jinxin Fertility Co Ltd (1951.HK) - The Outlook Is Not Optimistic Even with Policy Support

Pre-IPO Basecare Medical - Here Are the the Strengths and Concerns

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Basecare Medical Device / Equity Bottom-Up

<ul>
<li>Basecare has its strength in reproductive genetics medical device industry. Its performance improved based on 22H1 results. If positive momentum continues, Basecare is able to achieve breakeven in foreseeable future. </li>
<li>However, the actual market penetration of assisted reproduction in China is much lower than expected. This means the growth ceiling of Basecase is uncertain, indicating potential problems in long-term logic.</li>
<li>Basecase’s market value has fallen below its cash balance. There’s a mismatch between the intrinsic value and market price, so we expect that valuation repair could occur in the future. </li>
</ul>


Basecare has its strength in reproductive genetics medical device industry. Its performance improved based on 22H1 results. If positive momentum continues, Basecare is able to achieve breakeven in foreseeable future. 
However, the actual market penetration of assisted reproduction in China is much lower than expected. This means the growth ceiling of Basecase is uncertain, indicating potential problems in long-term logic.
Basecase’s market value has fallen below its cash balance. There’s a mismatch between the intrinsic value and market price, so we expect that valuation repair could occur in the future. 


Basecare Medical Device (2170.HK)- There's Valuation Repair Expectation, but Long-Logic Is Untenable