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RTNominal down97.550 -2.350 (-2.352%)
Research Report

05/02/2021 11:16

{I-bank focus}Goldman cuts PA Good Doctor to HK$120.37

[ET Net News Agency, 5 February 2021] Goldman Sachs cut its target price for Ping An
Good Doctor (PAGD) (01833) to HK$120.37 from HK$130 and maintained its "buy" rating.
The research house said PAGD reported better-than-estimated revenue with in-line gross
profit for 2020. Online medical services remain the key driver with strong growth in
average daily consultations.
The company initiated three strategic upgrades in mid-2020. Goldman expects these will
lead to a higher SG&A expense in the following two years (2021-22). Hence, it postponed
the break-even time to 2025.
Goldman revised its earnings estimates in 2021/22 to Rmb-1.2bn/Rmb-809mn to factor in
strategic investment and potential foreign exchange loss. (KL)

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