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Ping An Healthcare And Technology Co Ltd Ordinary Shares 01833

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Stock XHKG Rating as of
HKD 11.22 −0.22 (1.92%)
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As of Delayed Price Closed
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Company Report

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Lackluster Demand For Ping An Health Services Suggests Secular Low Growth

Kai Wang

Ping An Healthcare and Technology, or Ping An Health, pivoted its business model at the end of 2021 to become more like a health maintenance organization, or HMO, model for where it now focuses on providing healthcare services to corporations and individuals, away from its previous model where it was a one-stop shop that provided online consultations, healthcare e-commerce, hospital bookings, and various services to individuals. The platform still makes these online services available to single users, but its focus is now on adding incremental users via selling its HMO product through corporations signing up and less on e-commerce. Despite the change, we still do not expect robust demand in the near term.

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Price vs Fair Value

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01833 is trading at a 639% premium.
Price
HKD 11.44
Fair Value
HKD 67.00
Uncertainty
High
1-Star Price
HKD 38.20
5-Star Price
HKD 3.00
Economic Moat
Sdcq
Capital Allocation
Gxchwhnm

Bulls Say, Bears Say

Bulls

Medical expenditure is expected to account for 10% of total spending in China, which is greater than the historic GDP trend.

Bears

Private healthcare insurance premiums in China only accounted for 5.8% in 2015 and increased only modestly, which is representative of how consumers view healthcare services.

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Trading Information

Previous Close Price
HKD 11.44
Day Range
HKD 11.14–11.66
52-Week Range
HKD 9.63–21.55
Bid/Ask
HKD 11.18 / HKD 11.22
Market Cap
HKD 12.55 Bil
Volume/Avg
4.8 Mil / 5.4 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
2.39
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Ping An Healthcare and Technology is the parent of Ping An Good Doctor, or PAGD, an online platform offering healthcare services in the form of a health maintenance organization, or HMO, model that provides commercial healthcare services and offers healthcare checkup, healthcare management, and corporate reimbursement for a fee. The company leverages the network of health providers from its parent Ping An Group, where it enters into contracts with physicians, hospitals, and specialists to offer their services to HMO participants. Other than commercial healthcare premium services, PAGD offers online consultations and prescription e-commerce online to individuals. The platform has 978 corporate clients and 43 million paying users. PAGD is 38.43% owned by its parent company.
Sector
Healthcare
Industry
Health Information Services
Stock Style Box
Mid Value
Total Number of Employees
1,753
Website
https://www.pagd.net

Competitors

Valuation

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Metric
01833
03690
00241
Price/Earnings (Normalized)
 —27.2036.82
Price/Book Value
 0.944.142.52
Price/Sales
 2.392.291.35
Price/Cash Flow
 —23.9037.30
Price/Earnings
01833
03690
00241

Financial Strength

Metric
01833
03690
00241
Quick Ratio
 4.161.572.64
Current Ratio
 4.301.823.01
Interest Coverage
 −85.2610.2796.23
Quick Ratio
01833
03690
00241

Profitability

Metric
01833
03690
00241
Return on Assets (Normalized)
 −1.88%8.68%5.00%
Return on Equity (Normalized)
 −2.52%16.49%6.89%
Return on Invested Capital (Normalized)
 −4.22%11.89%4.38%
Return on Assets
01833
03690
00241
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