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| Wednesday, 13 July 2022, 20:08 HKT/SGT | |
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HONG KONG, July 13, 2022 - (ACN Newswire) - It is reported that Citi initiated coverage on Prenetics Global (PRE.US) with "Buy" rating. Target price is at USD8.10, apply 3x P/S 2023E, at parity with the industry average.
As Covid-19 variants have continued to spread, Citi believes Covid-19 testing will remain a solid cash cow business with good margins and stable cash flows that can help fuel Prenetics' expansion into new businesses, becoming a near-term driver. Citi expects long-term growth will be driven by personalized healthcare test products and from future M&A.
Prenetics is well-positioned to capture the growing consumer interest in personalized health testing. Citi expects Prenetics would deliver a 3-year 26% CAGR growth to 2024E in its Prevention segment, by launching new products from pipeline (e.g. Circle Medical), entering into cancer screening and IVD.
Headquartered in Hong Kong, Prenetics is a major global diagnostics and genetic testing company, with operations across 9 locations, including the United Kingdom, South Africa, India and Southeast Asia. Prenetics offers a wide portfolio of personalized healthcare tests including DTC-GT, cancer screening, and Covid-19 testing.
Topic: Press release summary
Sectors: Healthcare & Pharm
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From the Asia Corporate News Network
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