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.

Fu Shou Yuan (1448.HK) - Due to the Pain Points, Investment Logic Changes

Shanghai Henlius Biotech (2696.HK) - Privatization Has Taken a Positive Step Forward

Fu Shou Yuan (1448.HK) - Negative Growth in 24H1 Seems Inevitable

Greatview Aseptic Packaging (468.HK) - The Story Behind The “Hostile Offer”

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 sharp decline in revenue/profits indicates that Fu Shou Yuan’s business model is not as excellent as previously imagined. The Company’s performance would still be heavily influenced by macro factors.</li>
<li>Once Fu Shou Yuan slows down external expansion and explores endogenous growth, it usually doesn't require too much capital, which means the Company would have greater motivation to distribute dividends.</li>
<li>The economic downturn leading to performance headwinds is just short-term logic. In the long run, the logic behind the increasing demand in funeral industry has not changed. Valuation would rebound.</li>
</ul>


The sharp decline in revenue/profits indicates that Fu Shou Yuan’s business model is not as excellent as previously imagined. The Company’s performance would still be heavily influenced by macro factors.
Once Fu Shou Yuan slows down external expansion and explores endogenous growth, it usually doesn't require too much capital, which means the Company would have greater motivation to distribute dividends.
The economic downturn leading to performance headwinds is just short-term logic. In the long run, the logic behind the increasing demand in funeral industry has not changed. Valuation would rebound.


Fu Shou Yuan (1448.HK) - The Business Model Has "Flaws"