Commentary:
Stock: |
EC Healthcare |
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1 Month H/L: |
0.73 – 1.12 |
Stock Code: |
2138.HK |
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52 week H/L: |
0.73 - 2.985 |
Market Cap.: |
HKD 1.482B |
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Listing date: |
11/03/2016 |
Stock Outstanding: |
1,181,230,189 shares |
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Listing price: |
3.03 |
P/E (TTM): |
N/A |
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Chairman & CEO: |
Mr. Tang Chi Fai |
Dividend: |
0.10 (mid-term & end of year) |
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Major Shareholdes: |
1. Tang Chi Fai – 61.29% |
Dividend Yield: |
0.4% |
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Established in 2005, the company was one of the well-known aesthetic medical service provider in Hong Kong. Operating under the brand name, DR REBORN, the brand developed into one of the popular aesthetic medical provider in Hong Kong. Building on their success of DR REBORN, the company began to diversify into medical, dental as well as other medical services. After series of acquisition and consolidation, the company's services are now composed of the following: Medical services, Aesthetic medical and beauty and welless services and Others. As on 31st March 2024, the company operated 182 services points in Hong Kong, Macau and Mainland China.
The company released its 2023/24 annual result on the 31st of July 2024, the table below briefly summarised the company's performance:
Business segment |
Business description |
Remarks |
Medical |
Provide general practice, specialist services such as Orthopedic, dental services, eye care services, oncology , screening services and other medical specialist services. |
Revenue from this segement up 3.5% YoY to HK$2,632 million. However, the net profit of this segment showed approximately 90.61% decline, from HK$72.196 million in 2023 down to HK$6.779 million in 2024. This segment contributed 62.5% of the total revenue. |
Aesthetic medical and beauty and wellness |
Operate under various brand names, one of the most well-known is DR REBORN. |
Revenue from this segement up 18% YoY from HK$ 1,101.896 million in 2023 to HK$ 1,309.40 million in 2024. The net profit of this segment dropped approximately 45.5%, from HK$114.657 million down to HK$62.359 million. This segment contributed 31.1% of the total revenue.
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Others |
This services include: Veterinary care |
Revenue from this segement up 17.3% ,from HK$ 244.725 million to HK$286.5 million. The net profit of this segment decreased by approximately 65.47%, from HK$ 20.190 million to HK$ 6.971 million. This segment contributed 6.4% of the total revenue. |
Source: Company's annual reports
Overall, the company's revenue was up 8.67% y-o-y to HK$4,211 million. However, EBITDA was down 9.79% y-o-y to HK$388.13 million and record a net loss of HK$ 18.95 million. The decline could be contributed to the challenging condition including uncertainity in the global economy and decline in consumer demand. In terms of geograhic contribution, Hong Kong reported revenue HK$3,961.93 million, up 10.7% y-o-y and representing approximately 92.3% of the group's overall revenue, while Macau reported revenue HK$ 125.65 million, down 2.47% y-o-y and Mainland China had HK$ 123.45 million, down 26.9% y-o-y.
Overall financial summry of the company from 2020 to 2024:
Source: Company's annual reports
Companies comparison (09/10/2024)
Stock Code & Company name |
Market captialisation (HK$ Million) |
P/E |
Dividend yield (%) |
2138.HK EC healthcare |
960.02 |
N/A |
0.617 |
1830.HK Perfect medical |
3,379 |
10.717x |
11.71 |
722.HK UMP healthcare |
368.99 |
8.957x |
7.253 |
1419.HK Human health |
307.44 |
12.66x |
3.457 |
Source: Etnet
「注:本人倪国权为证监会持牌人士。截至本评论文章发表日止,本人及/或其有联系者并无持有全部提及之证券的所有相关财务权益。」; Or
” I, Ni Kwok Kuen Alex, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto. “