Alignment Healthcare "Catch-up Following Complaint" (Neutral) Yong

研报英文原文证据摘录

Alignment Healthcare "Catch-up Following Complaint" (Neutral) Yong

Global Research

8 July 2026ab

Alignment Healthcare Equities

United StatesCatch-up Following Complaint

Healthcare Providers

12-month rating Neutral *

Commenting on Whistleblower Complaint

ALHC was down ~(17)% due in part to a whistleblower complaint against the company 12m price target US$22.00

(Link). We briefly caught up with the company. The company noted that the

complainant did not bring to light concerns about the operating/CAPEX treatment prior

Price (07 Jul 2026) US$24.05

to resigning in April 2025. In May 2025, the company learned about the concern. The

company then notified the board and the audit committee retained an independent RIC: ALHC.O BBG: ALHC US

auditing firm to review their capital expenditure processes. The independent auditor did

Trading data and key metrics

not find any problems with their processes or accounting treatment and found nothing

52-wk range US$24.56-11.64

to support the allegations, according to the company. It was noted the review was

largely tied to DTS and is completed. Additionally, the primary auditor, Deloitte, has also Market cap. US$5.13b

not found any problems. Ultimately, they are confident in their position and thought Shares o/s 213m (COM)

they had moved beyond this item last year. While we are not taking a view on the Free float 40%

litigation, we believe the move in the stock was overdone with the $8-10 mln cited in Avg. daily volume ('000) 5,623

the case as relatively minimal. From a fundamental perspective, the MA reimbursement Avg. daily value (m) US$107.3

and MLR improvement is more important at the end of the day. Common s/h equity (12/26E) US$0.29b

P/BV (12/26E) 18.0x

A Question of Accounting Net debt to EBITDA (12/26E) NM