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.

BeiGene (6160.HK/​BGNE.US) - AbbVie‘s Patent Infringement Allegations Are Not as Simple as Imagined

Viva Biotech Holdings (1873.HK) - The Restructuring Plan Would Not Turn Things Around

3D Medicines (1244.HK) - The Bubble Will Eventually Burst

China Healthcare Weekly (Jun.9) - Pediatric TCM New Policy, Long-Term Money Dislikes A-Share, Clover

Guangzhou Kingmed Diagnostics (603882CH)-Soaring Accounts Receivable/Potential Bad Debt Are Big Risk

Kingmed Diagnostics (603882 CH) Vs Dian Diagnostics (300244 CH) - Which One Is Better?

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

Equity Bottom-Up

Guangzhou Kingmed Diagnostics / Equity Bottom-Up

Guangzhou Kingmed Diagnostics (603882 CH)

<ul>
<li>2023 would be a low point in performance for Kingmed, with negative YoY growth. But this year is a good time to bottom-fish because non-COVID conventional testing business would rebound.</li>
<li>Many people think the implementation of DRGs policy would be a big catalyst for future growth of ICL industry, but we’re actually skeptical since the reality could be quite different.</li>
<li>The different business models of Kingmed and Dian lead to different valuation outlook. Since the current duopoly pattern is difficult to change, we recommend investors focus only on top two ICLs.</li>
</ul>


2023 would be a low point in performance for Kingmed, with negative YoY growth. But this year is a good time to bottom-fish because non-COVID conventional testing business would rebound.
Many people think the implementation of DRGs policy would be a big catalyst for future growth of ICL industry, but we’re actually skeptical since the reality could be quite different.
The different business models of Kingmed and Dian lead to different valuation outlook. Since the current duopoly pattern is difficult to change, we recommend investors focus only on top two ICLs.


Guangzhou Kingmed Diagnostics (603882.CH) - There Is Still Investment Value that Cannot Be Ignored