招银7月3日发布公告。Attractive valuation and maintain BUY with new TP of $7.33. We raise FY20/21E revenue f ecasts by 7.1%/ 8.2% to reflect stronger-than- expected medical services. We raised registered doctor expenses due to more specialists on board. As a result, we tuned up FY20/21E net profit by 3%/ 1.5%. We derive our new TP of HK$7.33 based on DCF model, rolling over to FY20. UMH currently trades at 13.5x 1-year forward P/E and 0.76x G, vs. HK listed peers’ average 16.7x P/E. Given the higher ROE and NPM over peers, we believe current valuation is still attractive. Catalysts: 1) effective traffic referral from JV clinics, 2) attractive M&As.