Equity Analysis /
Hong Kong

HK : EC Healthcare - Focused on improving operational efficiency

    Ray Kwok
    Ray Kwok

    Technology Analyst

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    CGS-CIMB
    24 November 2022
    Published byCGS-CIMB

    1HFY3/23F net profit fell 50% yoy to HK$80m, making up 39% of our FY23F forecast. We deem this in-line, as we expect earnings to improve in 2H23F. ECH likely to dial back on MAs amid rising interest rates and competition, and instead focus on business integration and operational efficiency. Reiterate Add. Our target price of HK$6.93 is based on 18x FY24F P/E.