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.

China Shineway Pharmaceutical (2877.HK) - Performance Would Pick up in 24H2

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China Shineway Pharmaceutical (2877.HK) - Optimistic About the Outlook Despite Short-Term Headwinds

China Shineway Pharmaceutical (2877.HK) - 24H1 Looks Challenging, but Things Get Better in 24H2

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Equity Bottom-Up

China Shineway Pharmaceutical / Equity Bottom-Up

<ul>
<li>Three business segments of Shineway showed negative YoY growth in 24Q1. 24Q2 performance could remain sluggish. We're not optimistic about the 24H1 results due to the high base in 23H1.</li>
<li>It is expected that Shineway's growth in 24H2 would pick up. If revenue growth of Shineway in 2024 full-year could be double-digit (e.g. 10-15% YoY), it is already good.</li>
<li>Shineway is undervalued. It has sufficient cash (cash balance of RMB5.9 billion by 2023) and is willing to distribute dividends (usually twice a year). Shineway is suitable for long-term holding.</li>
</ul>


Three business segments of Shineway showed negative YoY growth in 24Q1. 24Q2 performance could remain sluggish. We're not optimistic about the 24H1 results due to the high base in 23H1.
It is expected that Shineway's growth in 24H2 would pick up. If revenue growth of Shineway in 2024 full-year could be double-digit (e.g. 10-15% YoY), it is already good.
Shineway is undervalued. It has sufficient cash (cash balance of RMB5.9 billion by 2023) and is willing to distribute dividends (usually twice a year). Shineway is suitable for long-term holding.


China Shineway Pharmaceutical (2877.HK) - Negative Growth in 24H1 Seems Inevitable