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<Research>Jefferies Keeps Underperform on PA GOODDOCTOR, Raises TP to HKD5.9
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According to a report from Jefferies, PA GOODDOCTOR (01833.HK) has restated its B-end (corporate clients) based on the reclassification of its corporate supply chain business (corporate clients' purchases of pharmaceuticals and medical equipment) to the C-end (individual clients), sparking concerns about comparability.

Given that partnerships between other internet companies and top hospitals are expected to pose greater competition to PA GOODDOCTOR, and the company lacks a clear monetization strategy in health management services, Jefferies maintained its Underperform rating unchanged but raised its target price from HKD4.8 to HKD5.9.

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