Saint Bella: Acquiring a leading premium postpartum care brand in Wuhan

研报英文原文证据摘录

Saint Bella: Acquiring a leading premium postpartum care brand in Wuhan

Global Research

23 June 2026ab

First Read

EquitiesSaint Bella

Acquiring a leading premium postpartum care China

brand in Wuhan Healthcare Providers

12-month rating Buy

12m price target HK$6.80

Executing its expansion strategy via acquiring local leaders

Prior : HK$7.90

Saint Bella announced the acquisition of a >30% stake in Fu Lei Ya (Freya), a leading

premium postpartum care provider in Wuhan, for Rmb22.4mn. The stake will be Price (22 Jun 2026) HK$3.38

consolidated given Saint Bella's board control. Fu Lei Ya operates three centers with over RIC: 2508.HK BBG: 2508 HK

160 rooms and an ASP of c.Rmb50k, broadly in line with Saint Bella's premium

Trading data and key metrics

positioning in our view. The agreement also grants Saint Bella the option to increase its

stake to c.60–80% at the same P/E multiple upon meeting agreed performance targets. 52-wk range HK$8.80-3.38

We believe this structure helps mitigate acquisition risk while supporting faster earnings Market cap. HK$2.10b/US$0.27b

growth over the next few years. Shares o/s 622m (ORD)

Free float 17%

Driving near-term synergies and longer-term industry consolidation Avg. daily volume ('000) 1,103

Fu Lei Ya's strong local presence provides Saint Bella with an entry point into Central Avg. daily value (m) HK$4.6

China market from a position of strength. Post-acquisition, Saint Bella plans to enhance Common s/h equity (12/26E) Rmb1.17b

operations by introducing its standardized operating procedures and SaaS systems, P/BV (12/26E) 1.6x

while retaining Fu Lei Ya's existing brand and management team to oversee local Net debt to EBITDA (12/26E) NM

execution. In addition, Saint Bella will integrate Fu Lei Ya's c.10k historical members into