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.
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