Citi Research lifted its target price for Ping An Healthcare and Technology (Ping An Good Doctor)(PAGD)(01833) to HK$92.8 from HK$75 and maintained its "buy" rating.
The research house attended PAGD's management meeting last week (12 February). Membership service products reported >Rmb400mn revenues in FY2019. Members are showing better loyalty and stronger intention to buy from PAGD, with 2.3x prescription paying ratio and 2x order volumes in Health mall compared to the other registered users. PAGD plans to further broaden its online distribution channel.
Gross profit contribution from online medical services has increased from 18% in FY2018
to 33% in FY2019. Management is confident to breakeven in 2021.
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