[ET Net News Agency, 13 January 2021] Daiwa Research lowered its target price for Ping
An Healthcare and Technology (Good Doctor) (01833) to HK$100 from HK$140 and maintained
its "outperform" rating.
The research house believes Good Doctor is well-positioned to benefit from the long-term
evolvement of the financials and HealthTech ecosystems under Ping An's umbrella.
Good Doctor's strategic investments in Internet hospitals, online doctor platforms, and
online prescriptive drugs have been unfolding in the past few months. It already built 20
Internet hospitals by end-2020 and intends to establish more than 20 in 2021.
By capturing the doctor resources in its Internet hospitals and providing a smooth and
efficient online experience through its proprietary AI technology, Daiwa believes many
future monetisation models are possible, such as consultation fee sharing, offline service
referral, drug sales and distribution, health management, and health insurance.
Daiwa lifted its 2020 net loss forecast to CNY850m (previously net loss of CNY555m) due
to its strategic investments, rising marketing expenses, increasing staff expenses, and
foreign exchange losses after the September 2020 H-share placement. (KL)