Equity Analysis /
Hong Kong

HK : Union Medical Healthcare Ltd - Robust local demand boosts FY22F EPS

    Ray Kwok
    Ray Kwok

    Technology Analyst

    CGS-CIMB
    12 April 2021
    Published by

    UMH achieved strong sales volume in FY3/21, driven by medical services and a recovery in esthetic beauty services in 2H21. We expect medical services to continue to lead UMH’s earnings growth in FY22-23F as its specialist disciplines expand. Reiterate Add for strong earnings growth recovery (+79%/+64% EPS growth in FY22F/23F). Our TP of HK$8.30 is based on 20x CY22F P/E.