标题：Topchoice MedicalOne bite at a time；initiating with Hold
发布日期：2016-03-08 10:23:48
内容： Our price target is based on a 31x EV/EBITDA multiple on 2016E EBITDA of RMB313m. We derive our target multiple by applying a 15% discount of its three-year trading average of 36x on one-year forward EV/EBITDA multiple. Its Asian peers are trading at 21x EV/EBITDA on 2016E EBITDA with 10% growth in 2017 (vs. the 26% we model for Topchoice). Key upside and downside risks are related to patient traffic growth, ASP, and M&A.
发布日期：2016-03-08 10:23:48
内容： Our price target is based on a 31x EV/EBITDA multiple on 2016E EBITDA of RMB313m. We derive our target multiple by applying a 15% discount of its three-year trading average of 36x on one-year forward EV/EBITDA multiple. Its Asian peers are trading at 21x EV/EBITDA on 2016E EBITDA with 10% growth in 2017 (vs. the 26% we model for Topchoice). Key upside and downside risks are related to patient traffic growth, ASP, and M&A.
