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02393 YESTAR HEALTH
RTNominal unchange0.063 0.000 (0.000%)
Research Report

16/08/2019 17:53

{I-bank focus}CS cuts Yestar Healthcare (02393) to HK$1.82

[ET Net News Agency, 16 August 2019] Credit Suisse lowered its target price for Yestar
Healthcare Holdings (02393) to HK$1.82 from HK$2.16 and maintained its "outperform"
rating.
The research house said Yestar's 1H results slightly missed its expectations on lower
top-line growth. Medical products and equipment segment grew by 18.6% presumably from IVD
(In Vitro Diagnostic) sales, while segment GPM dropped by 0.7 pp. Credit Suisse thinks
that IVD product sales should continue to be the driving factor for revenue growth in the
next three years.
Imaging printing products segment decreased 24.5% and Credit Suisse expects it would
continue shrinking due to market saturation and competition.
Credit Suisse reduced its 2019/20 revenue and net profit forecast by 3.5%/3.1% and
3.3%/3.1%, respectively, to factor in the slower top-line growth. (KL)

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