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.

Dream International (1126 HK): Dream Valuation of 3.7x PE and 12% Div Yield, >40% of Mkt Cap In Cash

Pre-IPO Shanghai Chicmax Cosmetic - PHIP Updates: Declining Performance and Challenging Outlook

Pre-IPO Medbanks Network Technology - PHIP Updates: The Business Model Has yet to Be Verified

Clover Biopharmaceuticals (2197.HK) Placement - A Good Bet

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

Equity Bottom-Up

Yue Yuen Industrial Holdings / Equity Bottom-Up

<ul>
<li>Yue Yuen is essentially a large traditional manufacturing company, which once benefitted from China's cheap labor and has brilliant history. But challenges seem inevitable as labor costs gradually increase.</li>
<li>Despite 22Q1-Q3 solid performance, in the environment of high inventory of brand customers and downward pressure on global economy, the order visibility of Yue Yuen in 22Q4/23Q1 could be low.</li>
<li>Either domestic demand or external demand, the overall situation may not be optimistic. Yue Yuen’s valuation is basically lower than its peers. However, we still recommend investors to remain vigilant.</li>
</ul>


Yue Yuen is essentially a large traditional manufacturing company, which once benefitted from China's cheap labor and has brilliant history. But challenges seem inevitable as labor costs gradually increase.
Despite 22Q1-Q3 solid performance, in the environment of high inventory of brand customers and downward pressure on global economy, the order visibility of Yue Yuen in 22Q4/23Q1 could be low.
Either domestic demand or external demand, the overall situation may not be optimistic. Yue Yuen’s valuation is basically lower than its peers. However, we still recommend investors to remain vigilant.


Yue Yuen Industrial Holdings (551.HK) - Challenging Prospects Overshadow Undervaluation