Earnings growth via M&As/China expansion
■ FY3/21F net profit of HK$193m came in 18% above our forecast largely due
to higher government grants.
■ ECH is well positioned to capture the fast-growing demand in China’s
aesthetic medical sector and private specialist medical services in HK.
■ Reiterate Add. TP raised to HK$18.80, based on 36x CY22F, 1x PEG,
reflecting its robust accelerating EPS growth (+120%/+35% in FY22F/23F).