External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

Ping An Healthcare and Technol / Equity Bottom-Up

<ul><li>Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.</li><li>However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.</li><li>Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Due to the negative impacts from COVID and reduction of low-synergy business with its Strategy 2.0 Continuum, we expect PA Good Doctor (PAGD) to experience a temporary revenue decline of 14% YoY in 2022E.However, we expect the Company to deliver good gross profit margin (GPM) improvements and cost savings in 2022E as its Strategy 2.0 transition started to take effect.Going forward, we expect PAGD’s business to regain positive growth of +23%/ +20% YoY in 2023E/ 24E, considering the post-pandemic business resumption and the growing penetration rate of PAGD’s medical services in China healthcare industry. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PA Good Doctor (1833 HK) – 2022 preview: Solid business development through the bumpy 2022