UBS Global Research lowered its target price for Ping An Healthcare and Technology (PA Good Doctor)(PAGD)(01833) to HK$146 from HK$90 and maintained its "buy" rating.
The research house remains positive on PAGD's outlook and believes its new strategy fits China's healthcare system and will bring long-term growth potential to PAGD. Plus, the new management team should also increase synergies between PAGD and the group.
In 1H, PAGD recorded 21% revenue growth and its overall net loss narrowed 22% to Rmb213m. UBS lifted its 2020-23 revenue estimates by 13% on average while holding a more conservative view on the timing of its break-even point. It now expects the company to realize a profit around 2022-23.
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