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<Research>G Sachs Adds TP to $5.2, Expects ALI HEALTH (00241.HK) FY2026 Results Guidance Still Has Upside
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Goldman Sachs issued a research report keeping rating at Neutral on ALI HEALTH (00241.HK) following the release of its results for 1HFY2026 ended September. Key reasons include the Company's ongoing benefit from structural industry tailwinds, such as the outflow of original drugs from in-hospital channels and the accelerating growth of online drug penetration. However, Goldman Sachs observed a divergence in revenue growth between the two major online pharmacy platforms, naming ALI HEALTH and JD HEALTH (06618.HK). While 1P drugs have become the primary driver of revenue and profit, ALI HEALTH still lagged behind its peers in establishing a comprehensive 1P business model, particularly in terms of user awareness and pharmaceutical supply chain capabilities. Even so, Goldman Sachs believed that ALI HEALTH's current results guidance for FY2026 ending March 2026 still has upside potential, primarily driven by robust growth in its 1P platform sales business, particularly fueled by its pharmaceutical sales and strict operational cost control. Based on a 2027 PE ratio of 28x for its pharmacy and healthcare services business projections, the broker added its target price from $4.7 to $5.2, with rating kept at Neutral. AAStocks Financial News Website: www.aastocks.com |
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