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.

Sinocelltech Group (688520.CH) - Magical Leaps in Valuation Are Hard to Sustain

YSB (9885.HK) - Being Included in ETF Offers a Great Escape Opportunity

Pre-IPO 160 Health - The Lack of Moat Has Led to Development Falling Far Short of Expectations

JD Health (6618.HK) 23Q1 - As Industry Beta Fades, the Expectation Reversal Has yet to Come

JD Health (6618.HK) 23H1 - The Beautiful Story Is Over; It's Time to Face Reality

Ping An Healthcare and Technology (1833.HK) - Valuation Could Fall Again Due to Clear Growth Ceiling

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

Equity Bottom-Up

JD Health International  / Equity Bottom-Up

<ul>
<li>JD Health's 23Q3 results were below expectations. Due to the high base of 22H2 (especially 22Q4), revenue growth could become negative in 23Q4, thus dragging down 2023 full year growth.</li>
<li>Considering the high base in 23H1, performance pressure could continue until 24H1. JD Health’s past high growth will be gone. Investors may need to get used to the lower-than-expected growth.</li>
<li>Share price of JD Health is now in the bottom range. Current valuation is attractive. Despite the performance headwind, P/S is expected to return to about 3 to 4.</li>
</ul>


JD Health's 23Q3 results were below expectations. Due to the high base of 22H2 (especially 22Q4), revenue growth could become negative in 23Q4, thus dragging down 2023 full year growth.
Considering the high base in 23H1, performance pressure could continue until 24H1. JD Health’s past high growth will be gone. Investors may need to get used to the lower-than-expected growth.
Share price of JD Health is now in the bottom range. Current valuation is attractive. Despite the performance headwind, P/S is expected to return to about 3 to 4.


JD Health (6618.HK) 23Q3 - Performance Decline Is Inevitable, but There Is Upside Room for Valuation