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RTNominal down97.200 -2.700 (-2.703%)
Research Report

27/01/2021 17:19

{I-bank focus}MacQ cuts PA Good Doctor (01833) to HK$110

[ET Net News Agency, 27 January 2021] Macquarie Research trimmed its target price for
PingAn Healthcare and Tech (PAGD) (01833) to HK$110 from HK$152 and maintained its "buy"
PAGD is expected to release annual 2020 results on 2 February. The research house
believes the focus will be around membership growth, the progress of the online hospital
establishment, and the potential integration of online and offline traffic.
Macquarie expects revenue growth to rebound with a slight margin improvement. It
estimated 31% revenue growth in 2H, improving from 21% in 1H, which is attributable to
continued online medical service (OMS) growth of 65% plus the recovery of consumer
healthcare growth at 25% due to easing of the COVID-19 lockdown in 2H. Meanwhile, it
expects the adjusted OPM to improve 6.3ppts in 2H.
The research house revised its 2020/21/22 EPS estimates from Rmb-0.37/-0.10/0.65 to
Rmb-0.88/-1.05/-0.71 due to expected S&M spending on new initiatives. (KL)

Remark: Real time quote last updated: 12/04/2021 13:08
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