Morningstar

Ping An Healthcare And Technology Co Ltd Ordinary Shares 01833

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Stock XHKG Rating as of
HK$12.88 +0.84 (6.98%)
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As of Delayed Price Closed

Company Report

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Ping An Health Earnings: Revenue Continues to Decline as Direction of Company Is Unclear

Kai Wang

We maintain our fair value estimate for Ping An Health at HKD 10 per share after it reported first-half 2024 revenue of CNY 2.1 billion, representing an 8% year-on-year decline. Revenue for the company has now declined year on year for the last six semi-annual reporting periods. While the decline for first-half 2024 was not as severe as full-year 2023, we are unsure how the company can turn around given that management previously hinted that we would begin to see revenue normalize starting in 2024 as the company transitions its business toward selling healthcare services and insurance rather than healthcare products. However, revenue continues to decline as health service revenue declined by 20% year on year while medical service revenue only increased by 3% at the same time.

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Price vs Fair Value

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01833 is trading at a 564% premium.
Price
HK$12.88
Fair Value
HK$73.00
Uncertainty
High
1-Star Price
HK$15.20
5-Star Price
HK$3.00
Economic Moat
Tjgpj
Capital Allocation
Hrvqkmzwh

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
HK$12.04
Day Range
HK$12.10–13.04
52-Week Range
HK$8.95–19.40
Bid/Ask
HK$12.86 / HK$12.88
Market Cap
HK$14.41 Bil
Volume/Avg
14.9 Mil / 5.9 Mil

Key Statistics

Price/Earnings (Normalized)
536.18
Price/Sales
2.82
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
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 1,748 corporate clients and 17.7 million paying users. PAGD is 38.43% owned by its parent company.
Sector
Healthcare
Industry
Health Information Services
Stock Style Box
Mid Core
Total Number of Employees
1,446
Website
https://www.pagd.net

Competitors

Valuation

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Metric
01833
03690
06618
Price/Earnings (Normalized)
 536.1848.7620.90
Price/Book Value
 1.085.881.80
Price/Sales
 2.823.121.68
Price/Cash Flow
 —20.4314.23
Price/Earnings
01833
03690
06618

Financial Strength

Metric
01833
03690
06618
Quick Ratio
 4.611.543.32
Current Ratio
 4.751.813.74
Interest Coverage
 −58.6917.66143.49
Quick Ratio
01833
03690
06618

Profitability

Metric
01833
03690
06618
Return on Assets (Normalized)
 0.15%7.14%6.76%
Return on Equity (Normalized)
 0.19%13.40%8.68%
Return on Invested Capital (Normalized)
 −1.54%9.89%5.50%
Return on Assets
01833
03690
06618

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