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.

Hygeia Healthcare Group (6078.HK) 2021 Results - Solid Business Logic Comes with Policy Risk

Aier Eye Hospital Group (300015.CH) 2021/2022Q1 Results - Overvaluation and a Risky Outlook

Pre-IPO Dental Doctor Medical Holding Group - An Uncertain Outlook and Concerns About Profitability

Angelalign Technology (6699.HK) - Uncertain Growth Outlook

Presentation on Apr.12: 2021 High Conviction Ideas - Topchoice Medical (600763.CH)

Modern Dental Group (3600.HK) - More Suitable for Short Term Trading than Long Term Holding

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

Equity Bottom-Up

<ul>
<li>Policy risk is the biggest uncertainty for domestic medical service sector, without any overseas revenue to “hedge” such risk.</li>
<li>The market places great hope on Topchoice to become a cross-regional enterprise with high growth sustainability. Without a reliable and replicable expansion model, the high valuation is not logical.</li>
<li>Therefore, our view is that the Company's investment logic has been shaken. <a href="https://www.smartkarma.com/entities/topchoice-medical-corporation" target="_blank" data-smartkarma-citation="entities:1102:1" rel="noopener">Topchoice Medical (600763 CH)</a> could be a short-term trade, but not long-term hold.</li>
</ul>


Policy risk is the biggest uncertainty for domestic medical service sector, without any overseas revenue to “hedge” such risk.
The market places great hope on Topchoice to become a cross-regional enterprise with high growth sustainability. Without a reliable and replicable expansion model, the high valuation is not logical.
Therefore, our view is that the Company's investment logic has been shaken. Topchoice Medical (600763 CH) could be a short-term trade, but not long-term hold.


Topchoice Medical (600763.CH) - The Logic Changes