Medical services boosting net profit growth

■ 1HFY3/22 net profit surged 265% yoy to HK$160m and formed 39% of our FY22F forecast. We deem this in line as we expect a stronger 2HFY3/22F.

■ Medical services should drive revenue in FY22-24F, amid organic growth and continuous M&A activities.

■ Reiterate Add. Our TP of HK$16.65 is based on 30x CY22F P/E.