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.

Shijiazhuang Yiling Pharmaceutical (002603.CH) - Valuation Rebound Is Worth Looking Forward To

Pre-IPO Cloudbreak Pharma - The Business, the Concerns and the Outlook

Pre-IPO PegBio Co., Ltd. - This GLP-1 Biotech Has Gloomy Outlook

Fu Shou Yuan (1448.HK) - Some Points Worth the Attention

China Funeral Industry - Investment Opportunity with Both Alpha and Beta Superposition

Fu Shou Yuan (1448.HK) - 2022 Results Missed Expectations, but the Outlook Remains Positive

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

Equity Bottom-Up

<ul>
<li>The high growth in 23H1 is unsustainable. 23H2 YoY revenue growth would be single-digit. Due to 23H1’s high base, we cannot rule out the possibility of negative growth in 24H1.</li>
<li>In the case of lower-than-expected external M&amp;A activities, Fu Shou Yuan has accumulated a large amount of cash, which would drag down ROE. So, current dividend policy still needs improvement. </li>
<li>Fu Shou Yuan's expansion would be relatively moderate. Double-digit revenue growth can still be expected in the long term. The market value of above RMB15 billion is more reasonable. </li>
</ul>


The high growth in 23H1 is unsustainable. 23H2 YoY revenue growth would be single-digit. Due to 23H1’s high base, we cannot rule out the possibility of negative growth in 24H1.
In the case of lower-than-expected external M&amp;A activities, Fu Shou Yuan has accumulated a large amount of cash, which would drag down ROE. So, current dividend policy still needs improvement. 
Fu Shou Yuan's expansion would be relatively moderate. Double-digit revenue growth can still be expected in the long term. The market value of above RMB15 billion is more reasonable. 


Fu Shou Yuan (1448.HK) - Magic Is About to Disappear, but Is Still Undervalued