Bai Ben Healthcare: Ex-dividend-driven Popularity with Earnings Concerns

Considering the event time (2025-12-17 16:30 Beijing Time) and internal data, Bai Ben Healthcare’s popularity on the East Money App Hong Kong Stock Surge List mainly stems from the dividend appeal before the ex-dividend date. In FY2025, net profit fell by 43.27% and revenue decreased by 23.38%, but the company still maintained a final dividend of HK$0.015 per share, which boosted short-term attention [0][5][6]. The high dividend yield (13.89%) enhances the motivation for income-driven demand; combined with its small market capitalization and low turnover rate (12.27%), a small amount of capital can cause significant fluctuations in the stock price. On December 11, the company received the Hong Kong Institute of Securities Analysts’ Listed Company of the Year Award, which helps enhance the brand but has not significantly reversed the downward trend of fundamentals [1][4].

The high dividend yield appears “unsustainable” against the backdrop of continuous profit decline: Financial data shows a general decrease from cash and short-term investments to net profit, while the book net asset value of HK$0.57 is close to the current price of HK$0.54. The short-term margin of safety mainly depends on the ex-dividend window [0][5]. Small market capitalization and concentrated business (medical staffing services account for over 80%) exacerbate market risks; short-term popularity may be driven by speculative funds, lacking sustained catalysis at the institutional or business level [3][4]. In addition, the misalignment between the expected stock price correction after the ex-dividend date and the high nominal interest rate increases the risk of chasing highs.

: Declines in both profit and revenue, scarce liquidity, valuation close to book value, and concentrated business make the company more sensitive to policies and market conditions [0][5][6]; plus, the hot list mainly comes from the ex-dividend effect, which may mask fundamental gaps. : Short-term capital catalysis before the ex-dividend date, book net asset value support, and Hong Kong’s long-term demand for medical staffing provide limited buffers for high-yield strategies, and remind investors to pay attention to the key price range of HK$0.50-0.65 and the impact of the ex-dividend date on short-term liquidity [0][5][6].

Bai Ben Healthcare is a typical ex-dividend-driven hot stock; attention should be focused on the ex-dividend time window, dividend sustainability, and volatility risks under low liquidity. Although the company has a certain historical foundation in the medical service field, its weak performance and cash flow, as well as the popularity driven by dividend dependence, should be treated with caution [0][2][5][6]. It is recommended to use a small position when chasing this stock, strictly set stop-losses, and closely monitor capital flows after the ex-dividend date and subsequent performance announcements.