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Employees: 5,071
Size ADICON (9860.HK) is a Hong Kong Health Care company (Medical/Nursing Services) with a market value of $408M, the 815th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.40 on 6 Nov 2026.
Performance Over six months the shares gained 9.4%, against -2.5% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th highest of 19 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +6.7%); the operating margin is 4.3% (peer median 8.4%).
Valuation It trades at 25.5× forward earnings against a peer median of 15.5× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +14 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.2 points below its cost of capital (5.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$2.96B | HK$2.86B | HK$3.16B | HK$3.64B | HK$5.65B |
| Revenue growth | — | -9% | -13% | -36% | — |
| Gross profit | HK$1.10B | HK$1.03B | HK$1.19B | HK$1.58B | HK$2.16B |
| EBITDA | HK$338M | HK$307M | HK$318M | HK$694M | HK$1.14B |
| Net income | HK$26.8M | HK$20.0M | HK$51.0M | HK$260M | HK$792M |
| Free cash flow | HK$110M | HK$107M | HK$104M | HK$181M | HK$739M |
| Capital expenditure | HK$129M | HK$117M | HK$127M | HK$183M | HK$346M |
| Total debt | n/a | HK$1.84B | HK$1.59B | HK$1.20B | HK$2.20B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9860.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.3% | -5.7% | 8th lowest of 21 |
| 6-month return | +9.4% | -2.5% | 5th highest of 19 |
| Distance from 52-week high | -42.3% | -23.3% | 4th lowest of 21 |
| Revenue growth (TTM) | +0.9% | +6.7% | 8th lowest of 21 |
| Operating margin | 4.3% | 8.4% | 7th lowest of 21 |
| Forward P/E | 25.5× | 15.5× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 12.0% | 3.9% | 4th most demanding of 16 |
| Growth delivered (Del g) | -1.5% | +15.3% | 3rd lowest of 16 |
| Hurdle (Req g minus delivered) | +13.5 pp | -16.0 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -2.2 pp | -1.0 pp | 10th lowest of 20 |
| EV / EBITDA | 11.8× | 8.4× | 4th most expensive of 12 |
| Net debt / EBITDA | 1.9× | 0.9× | 6th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ADICON 9860.HK | Hong Kong | $408M | +9% | +1% | 4% | 25.5× | 12.0% | -1.5% |
| Australian Clinical Labs ACL.AX | Australia | $419M | +74% | -1% | 8% | 17.3× | 3.9% | +2.6% |
| Jeena Sikho Lifecare JSLL.NS | India | $424M | -56% | +162% | 36% | 13.9× | 8.1% | +42.6% |
| Tellgen 300642.SZ | China | $387M | -3% | +5% | 8% | n/a | 22.4% | -5.8% |
| M1 Kliniken M12.DE | Germany | $376M | +3% | -28% | 13% | 18.5× | -5.5% | +17.9% |
| Integral Diagnostics IDX.AX | Australia | $450M | -21% | +26% | 9% | 15.5× | 8.3% | +17.7% |
| Oncology Institute STLN | United States | $362M | n/a | +38% | -4% | n/a | n/a | n/a |
| Australian Unity Ltd Pref AYUPA.AX | Australia | $353M | +6% | 0% | -2% | n/a | -15.1% | +9.6% |
| NIOX NIOX.L | United Kingdom | $349M | +2% | +3% | 22% | 20.7× | 3.9% | +15.3% |
| JS Link 127120.KS | South Korea | $481M | -57% | +51% | -76% | n/a | n/a | n/a |
| Auna AUNA | United States | $346M | -8% | +17% | 13% | 4.7× | -10.5% | +24.4% |
| Strata Critical Medical SRTA | United States | $497M | 0% | +23% | -4% | 67.4× | n/a | n/a |
| Universal Vision Biotechnology 3218.TWO | Taiwan | $324M | -7% | 0% | 31% | 9.6× | -12.3% | +15.4% |
| Shanghai Labway Clinical Laboratory 301060.SZ | China | $593M | -4% | -19% | 6% | n/a | 8.8% | +3.2% |
| Nephrocare Health Services NEPHROPLUS.NS | India | $639M | +10% | +33% | 14% | 41.9× | 35.7% | +31.6% |
| Fulgent Genetics FLGT | United States | $653M | +49% | +7% | -36% | n/a | n/a | n/a |
| GMR Solutions GMRS | United States | $672M | n/a | -4% | 14% | 8.0× | -20.0% | -4.0% |
| HK inno.N 195940.KS | South Korea | $745M | -32% | +7% | 12% | 11.8× | -10.8% | +12.2% |
| WELL Health Technologies WELL.TO | Canada | $760M | -5% | +39% | 7% | 14.7× | 9.1% | +94.5% |
| Ginkgo Bioworks DNA | United States | $760M | +26% | -52% | -258% | n/a | n/a | n/a |
| Jinxin Fertility 1951.HK | Hong Kong | $800M | -2% | +7% | 11% | 24.4× | 18.0% | +12.4% |