Aier Eye - A Brazil Acquisition Marks Pivotal Step in LatAm; PT Lowered Due to Refractive Volume Concerns and Tax Headwinds

研报英文原文证据摘录

Aier Eye - A Brazil Acquisition Marks Pivotal Step in LatAm; PT Lowered Due to Refractive Volume Concerns and Tax Headwinds

Asia Pacific Equity Research

11 June 2026

Neutral

Aier Eye - A 300015.SZ, 300015 CH

Price (10 Jun 26): Rmb8.25

Brazil Acquisition Marks Pivotal Step in LatAm; PT

▼ Price Target (Dec-26): Rmb9.70

Lowered Due to Refractive Volume Concerns and Prior (Dec-26): Rmb12.00

Tax Headwinds

Aier Eye Hospital Group announced on June 10 that its wholly owned offshore China

subsidiary AIER Brazil will acquire a controlling interest in Target Company Healthcare

(SPV) through a cash capital injection of BRL 530 mn (~Rmb 696 mn), AC Eric Zhao, CFA

thereby obtaining indirect control over the Brazilian ophthalmology platform (86-21) 6106 6256

comprising Clínicas do Brasil and Contact-Gel (collectively, the “Target eric.zhao@jpmorgan.com

Group”). Upon closing, AIER Brazil will hold 60.57% of the Target SAC Registration Number: S1730524050001

Company, which in turn will indirectly hold 50.06% of Clínicas do Brasil and J.P. Morgan Securities (China) Company Limited

60.57% of Contact-Gel. The transaction is priced at 9x adjusted EBITDA less Yang Huang

net debt, corresponding to a price-to-sales multiple of 1.04x on FY25 (852) 2800 3812

revenues, below both domestic comparable transactions and recent yang.huang@jpmorgan.com

international benchmarks. The Target Group will be fully consolidated into J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Aier’s financial statements upon closing, according to the announcement. We

Derek Choiview the acquisition as an important step to grant Aier access to the big Latin

(852) 2800-8744

America market and we expect a positive stock reaction today. However, derek.c.choi@jpmorgan.com