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.

Quiddity Leaderboard ChiNext & ChiNext 50 Jun 24: Double Impacts for Some Names

Pre-IPO WuXi XDC - The Beautiful Story and the Truth Behind

Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

China CXO Has Reached a Crossroads - Time to Reconsider

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

Equity Bottom-Up

Porton Pharma Solutions / Equity Bottom-Up

<ul>
<li>Porton’s performance declined significantly in 23H1 compared with high base last year, because most of Pfizer’s COVID-19 big orders have been completed. Porton's performance in 2023 would be under pressure.</li>
<li>Porton isn’t a first-tier CXO and lags behind industry leaders in terms of new businesses (CGT/ADC CXO). Valuation of entire CXO sector and Porton hasn’t yet reached an inflection point.</li>
<li>Market's expectation for CXO would decrease and then bottom out in 2023H2. Whether CXO's performance would rebound in 2024 still needs to wait for the turnaround in macro environment.</li>
</ul>


Porton’s performance declined significantly in 23H1 compared with high base last year, because most of Pfizer’s COVID-19 big orders have been completed. Porton's performance in 2023 would be under pressure.
Porton isn’t a first-tier CXO and lags behind industry leaders in terms of new businesses (CGT/ADC CXO). Valuation of entire CXO sector and Porton hasn’t yet reached an inflection point.
Market's expectation for CXO would decrease and then bottom out in 2023H2. Whether CXO's performance would rebound in 2024 still needs to wait for the turnaround in macro environment.


Porton Pharma Solutions (300363.CH) 23H1 - Performance Pressure Would Remain in 2023