[ET Net News Agency, 20 August 2018] HSBC Global Research lowered its target price for
PA Good Doctor (PAGD)(01833) to HK$55.6 from HK$60, and maintained its "buy" rating.
The research house said PAGD's revenue achieved only 40% of HSBC's FY2018 forecasts.
Gross margin dropped 2.4ppt hoh and 13.4ppt yoy, dragged by family doctor and health mall
segments.
PAGD announced two transactions: (1) A RMB980m acquisition of 100% stake in Wanjia
Healthcare, a subsidiary of Ping An Insurance Group (02318); 2) A 70% stake in a JV with
A2G, a wholly owned subsidiary of Grab, for US$14m.
HSBC said Wanjia allows PAGD to tap into the primary care market with its wide network,
but the deal represents a large premium over Wanjia's total assets of RMB279.9m. The JV
would open doors for PAGD to a new market but based on the funding needs, A2G and PAGD are
committed to providing US$120m in total in cash or in-kind contributions. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01833 PA GOODDOCTOR
Nominal 
9.930 +0.160 (+1.638%) Others
20/08/2018 15:36
[I-bank focus]HSBC trims PA Good Doctor (01833) to HK$55.6
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