Alignment Healthcare: Takeaways From Our IR Follow-Up Call and Updating Our Estimates

研报英文原文证据摘录

Alignment Healthcare: Takeaways From Our IR Follow-Up Call and Updating Our Estimates

J P M O R G A N North America Equity Research

03 August 2026

Alignment Healthcare Overweight

ALHC, ALHC US

Takeaways From Our IR Follow-Up Call and Updating Price (03 Aug 26):$14.56

Our Estimates ▼Price Target (Dec-27):$22.00 Prior (Dec-26):$26.00

We hosted a call with Harrison Zhuo, Head of Investor Relations at ALHC this

morning. We found the call helpful in framing the quarter's results, the investments Managed Care and Facilities

in 2H26, and the underlying performance of the company. We continue to believe John Stansel, CFA AC

that with ALHC looking to grow >20% in the coming years, and with that growth (1-212) 622-0083

increasingly coming from outside of California, ALHC saw a reasonable john.stansel@jpmorgan.com

opportunity to make additional investments to improve scalability. Given the Lisa C. Gill

importance of ALHC continuing to grow its enrollment and drive MBR (1-212) 622-6466

lisa.c.gill@jpmorgan.com

improvement, we view this approach as prudent to sustain growth and ensure

Benjamin Rossi

scalability over the longer term (as ALHC expands into new markets and likely

(1-212) 622-9603

enters new states in 2028); importantly, we believe this indicates that ALHC's care benjamin.rossi@jpmorgan.com

management continues to progress in line with expectations. Taking a step back, Cole Harris

ALHC continues to expand adj. EBITDA margin despite these investments, and (1-212) 622-9068

we see continued growth into 2027/2028 as the company’s more complex 2026 cole.harris@jpmorgan.com

cohort matures, with continued commentary around market expansion coming in J.P. Morgan Securities LLC

2027. We reiterate our Overweight rating and view last week's stock performance

as overdone.