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 Technology / Equity Bottom-Up

Ping An Healthcare and Technology (1833 HK)

<div><div><div><div><ul><li>Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.</li></ul><div><div><div><ul><li>Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.</li></ul><div><div><div><div><ul><li>Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.</li></ul></div></div></div></div></div></div></div></div></div></div></div><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>

Strategy 2.0 delivered initial positive results, despite the business interruption caused by COVID-19 lockdown in major cities in China.Net loss continues to narrow. Besides the significant improvement in GPM in 1H22, selling and marketing expense ratio further dropped to 18.5% in 1H22 from 24.0% in 2021, driven by the inherent cost saving and economies of scale from health management services for corporate clients.Maintain BUY. Due to the negative impact from pandemic in 1H22, we forecast PAGD’s revenue to change by -12%/ +23%/ +21% YoY with adjusted net losses of RMB990mn/ RMB665mn/ RMB116mn in FY22E/ 23E/ 24E.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) -  Early Achievements of Strategy 2.0