1H19 consolidated rev grew 53% YoY while legacy rev （pre-consolidation of hospital business） grew 21% YoY. Meanwhile, attributable net profit grew 11% YoY, missed our estimates by 4%
We cut our FY19E/20E earnings by 4%/9% to reflect the lower-than-expected legacy rev growth and perpetual bond impact
We maintained our SOTP-based TP at HK$8.7. Co. currently trades at 0.7x/0.7x 2019E/20E P/B, Maintain BUY on strong SOE hospital execution, attractive valuation and decent FY19E div yld （6%）