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 TCM (570.HK) - Updates on Performance Forecast and Valuation Outlook Based on 2024 Results

Shanghai Henlius Biotech (2696 HK) - Thoughts on 2024 Results And the H Share Full Circulation

Goldlion Holdings (533 HK) Privatization - The Offer Price Is Acceptable

Tam Jai International (2217 HK) Privatization - The Offer Price Is Good

Equity Bottom-Up

<ul>
<li>2024 results is significantly below expectations. While revenue had negative growth, SG&amp;A expenses remain high.Coupled with net fair value losses after tax on investment properties, we saw ugly net profit.</li>
<li>As consumer confidence won't improve in short term, coupled with competition/corporate strategy lag, we adjusted next three-year growth based on 2024 results. This may increase the success rate of privatization.</li>
<li>Reasonable valuation of Goldlion is 9-14x P/E due to short-term headwinds.If performance picks up due to effective expansion in online channels or popular products launched, P/E may improve to 12-15x.</li>
</ul>


2024 results is significantly below expectations. While revenue had negative growth, SG&amp;A expenses remain high.Coupled with net fair value losses after tax on investment properties, we saw ugly net profit.
As consumer confidence won't improve in short term, coupled with competition/corporate strategy lag, we adjusted next three-year growth based on 2024 results. This may increase the success rate of privatization.
Reasonable valuation of Goldlion is 9-14x P/E due to short-term headwinds.If performance picks up due to effective expansion in online channels or popular products launched, P/E may improve to 12-15x.


Goldlion Holdings (533 HK) Privatization - Updates on Valuation Outlook Based on 2024 Results