Aier Eye Hospital Group (300015.SZ)

Healthcare · Shenzhen · China

CN¥8.72+5.06% today

Fundamentals

Market capCN¥77.65B

P/E ratio23.2

Dividend yield2.87%

Revenue growth (YoY)+6.1%

Profit margin14.8%

Return on equity15.2%

52-week rangeCN¥7.82 to CN¥13.95

Valuation and ratings

DCF fair valueCN¥9.59

Upside to fair value+10.0%

Analyst target (mean)CN¥13.88

Analyst rangeCN¥9.70 to CN¥16.00

Analysts covering14

Consensus viewstrong buy

Moat score65/100

Overall rating68/100, Buy

Aier Eye Hospital Group trades at CN¥8.72, close to the CN¥9.59 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.

Our moat model scores it 65 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.

It changes hands at 23.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.

About Aier Eye Hospital Group

Aier Eye Hospital Group Co., Ltd. operates as an ophthalmic medical company in China, Hong Kong, Europe, the United States, Europe, and Southeast Asia. It offers diagnosis and treatment of various ophthalmic diseases, surgical services, medical optometry, and lens fitting for fundus diseases, glaucoma, and cataract. The company also provides training courses for cataract cases, ICL surgery, and presbyopia surgery. Aier Eye Hospital Group Co., Ltd. was founded in 2002 and is headquartered in Changsha, China

Industry: Medical Care FacilitiesEmployees: 42,817HQ: China

300015.SZ passes 6 of our 30 screens today

Each screen prints the exact criteria it used, and the circumstances in which it is wrong.

Quality at a fair price

Good businesses, not cheap ones. A wide moat and a strong rating, at a multiple that has not run away.

Growing dividend payers

A modest yield attached to a growing business beats a large yield attached to a shrinking one, every time, over any horizon that matters.

Low volatility defensives

Companies that move less than the market and pay you to wait. The holdings that let you sleep, and let you hold everything else.

Beaten down, but not broken

Good businesses whose share price has been punished. Sometimes the market is wrong. Sometimes it is early. The screen cannot tell you which.

Healthcare and pharma

Drug companies are engines that convert one expiring monopoly into the next. The patent cliff is the whole investment case.

China and Hong Kong

Enormous growth, and a structure in which you may not legally own the company you think you bought. Both are true at once.

Common questions

Is Aier Eye Hospital Group (300015.SZ) undervalued?

Against our discounted cash flow estimate of CN¥9.59, 300015.SZ at CN¥8.72 is 10% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.

What is 300015.SZ's P/E ratio?

300015.SZ trades at 23.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.

The full research page for 300015.SZ, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.

Open 300015.SZ in the app Free guides and screens

Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.