Earnings growth via M&As/China expansion■ FY3/21F net profit of HK$193m came in 18% above our forecast largely dueto higher government grants.■ ECH is well positioned to capture the fast-growing demand in China'saesthetic 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 […]

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