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JD.com Health Market said it will be IPO this week as soon as possible. According to the presented preliminary prospectus, the competitive landscape of China’s digital health market is ranked based on total revenue in 2019. JD.com Health is ranked at 10.842 billion yuan (RMB, same below). First, company A was ranked second with a turnover of 9.596 billion yuan and company B in third place with a turnover of 5.065 billion yuan. According to the performance data of other companies, Ali Health (00241) recorded a turnover of 9.596 billion yuan last year; Ping An Good Doctor (01833) had a turnover of 5.065 billion yuan. Therefore, JD Health is expected to attract more investor attention.
JD Health, Alibaba Health and Ping An Good Doctor are competitors and the comparison between their business and valuation can be seen in the figure below
Based on the 2019 market-to-sales ratio (PES), JD.com Health’s target valuation is HK $ 156 billion, with a market sales ratio of 14.4 times; Ali Health 25.8 times; and Ping An Good Doctor 22.3 times.
As for the price-to-earnings (PE) ratio, as it is still loss-making by international financial standards, but based on adjusted profit in 2019, JD.com Health adjusted profit of 344 million yuan, adjusted PE 453 times and Ali Health’s adjusted net profit 261 million yuan, 948 times the adjusted PE, and Ping An Good Doctor’s adjusted net loss was 695 million yuan, a decrease of 24.8% on a basis yearly.
Ali Health currently has a market value of 269.7 billion yuan and Ping An Good Doctor has a market value of 118.8 billion yuan.
[New Stock IPO]JD Health filed a listing application to raise about 15.6 billion yuan【IPO】 JD Health instructed 3 investment banks to raise 7.8 billion yuan for listing in Hong Kong
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Reporter: Tan Zhiwei
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