Quick Note - Aier (300015 CH) (Buy) - To acquire the largest ophthalmology chain in Latin America

研报英文原文证据摘录

Quick Note - Aier (300015 CH) (Buy) - To acquire the largest ophthalmology chain in Latin America

Global Markets Research

Aier 300015.SZ 300015 CH 10 June 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingTo acquire the largest ophthalmology chain in Latin America Remains Buy

Target price CNY 13.32 RemainsQuick Note

Closing price

10 June 2026 CNY 8.25What is new？To enter the Brazil market through an acquisition

On 10 June after market close, Aier Eye announced that it would spend a total of

BRL530mn (equivalent to CNY696mn) in cash to gain control over the Brazilian

ophthalmology services group comprising Clínicas do Brasil (unlisted) and Contact-Gel Research Analysts

(unlisted), in which Aier Eye would own 50.07%/60.57% stakes, respectively, post- China Health Care &

acquisition. According to the announcement, the transaction is valued at c.9x EV/EBITDA Pharmaceuticals

(net debt adjusted), with an implied P/S multiple of c.1.04x. Jialin Zhang, CFA, CPA - NIHK

jialin.zhang@nomura.com

The target group is the largest ophthalmology chain in Latin America. As of March 2026, it +852 2252 6134

operates 81 eye centers across 8 Brazilian states, with 72 operating rooms, over 500

consultation rooms, more than 880 physicians, and 2,700 employees. In 2025, the group

recorded over 1.2mn outpatient visits, 3.3mn examinations, and over 180,000 surgical

procedures, spanning cataract, retina, glaucoma, refractive surgery, and cornea services.

For FY25, the combined revenue of the target group was at BRL 843mn, equivalent to

c.6% of Aier Eye’s FY25 revenue. Operating profit margin of the group was 14.2%, lower

than Aier’s 21.6% in FY25 and loss-making in FY25, due to high debt-related financial

burden. Aier management mentioned that the investment would be used to clear the debt