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    Jonathan Yong

    Research Analyst at UBS

    Jonathan Yong is an Executive Director and senior analyst at UBS, specializing in equity research with a focus on healthcare, financial services, and consumer defensive sectors. He covers companies such as eHealth (EHTH) and Clover Health Investments (CLOV), having delivered a 53–56% success rate and an average price target upside of around 17–28%, with notable recommendations achieving performance scores above 75. Before joining UBS, Yong worked at Credit Suisse, and began issuing public stock recommendations in 2015, compiling over 230 ratings across 34 stocks. He holds recognized professional analyst credentials and maintains relevant securities licenses, demonstrating his commitment to rigorous research and industry standards.

    Jonathan Yong's questions to Oscar Health (OSCR) leadership

    Jonathan Yong's questions to Oscar Health (OSCR) leadership • Q2 2025

    Question

    Jonathan Yong of UBS asked if there is a membership growth level in 2026 that would be considered too high, potentially leading to adverse selection. He also requested details on the $60 million G&A reduction and its necessity for achieving 2026 profitability.

    Answer

    CEO Mark Bertolini stated that Oscar has been very careful with its 2026 pricing strategy by metal level and product type to avoid adverse risk. CFO Scott Blackley detailed that the $60 million in savings comes from a reduction in force and lower vendor/hiring costs, framing it as a key lever to "solidify" the company's return to profitability next year.

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    Jonathan Yong's questions to Oscar Health (OSCR) leadership • Q4 2024

    Question

    Jonathan Yong asked if the 1.8 million member forecast assumes any attrition throughout the year and how the lower starting member count impacts the SG&A ratio's trajectory.

    Answer

    CFO Scott Blackley stated that membership is expected to be roughly flat for the year, as typical lapse is built into the forecast and expected to be offset by new member growth. He noted that SG&A guidance already reflects continued improvement and investments for growth. CEO Mark Bertolini confirmed the operating leverage calculation is based on the 1.8 million member figure and highlighted that ongoing AI initiatives are helping to drive SG&A down faster than previously projected.

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    Jonathan Yong's questions to CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV) leadership

    Jonathan Yong's questions to CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV) leadership • Q2 2025

    Question

    Jonathan Yong from UBS asked about the higher-than-expected Medical Care Ratio (MCR/BER), inquiring about the level of conservatism in the updated guidance and the timing of when these cost pressures emerged, particularly in relation to the 2026 bid submissions.

    Answer

    CFO Peter Kuipers explained the increased BER guidance is primarily due to elevated utilization in Part D, driven by IRA changes, and supplemental benefits like dental. CEO Andrew Toy added that as this is the first year of the IRA, the industry is still establishing a baseline, and these higher costs were factored into 2026 bids, a trend supported by the higher Part D direct subsidy rate for 2026.

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    Jonathan Yong's questions to CLOVER HEALTH INVESTMENTS, CORP. /DE (CLOV) leadership • Q4 2024

    Question

    Jonathan Yong asked about the timeline for Counterpart Health to contribute to revenue and for details on the drivers of higher SG&A expenses, particularly concerning AEP growth and its implications for 2026.

    Answer

    CEO Andrew Toy explained that for Counterpart Health, the immediate focus is on expanding lives under management, with financial contributions expected later. CFO Peter Kuipers addressed SG&A, stating that while growth-related costs are significant, the company is achieving operating leverage, with SG&A as a percentage of revenue guided to improve by 200 basis points in 2025. He added that the rate of SG&A increase should moderate into 2026.

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    Jonathan Yong's questions to Alignment Healthcare (ALHC) leadership

    Jonathan Yong's questions to Alignment Healthcare (ALHC) leadership • Q2 2025

    Question

    Jonathan Yong of UBS asked about the cost trend assumptions used in Alignment's 2026 bids and whether they are seeing more providers outside of California looking to reduce their risk assumption.

    Answer

    CEO John Kao declined to comment on specific 2026 bid assumptions for competitive reasons. Thematically, he noted that margin pressure from V28 is creating tension between health plans and global capitation providers, making Alignment's integrated care management model a strategic advantage. He sees this as a paradigm shift where providers are more willing to partner directly with Alignment to manage risk, rather than taking on full global capitation.

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    Jonathan Yong's questions to Alignment Healthcare (ALHC) leadership • Q1 2025

    Question

    Jonathan Yong from UBS asked about any observable behavioral changes in the Part D business due to the Inflation Reduction Act and the company's visibility for the remainder of the year. He also inquired about Alignment's perspective on potential future limits on the use of prior authorization by CMS.

    Answer

    CFO Robert Freeman noted a slight uptick in utilization among the non-low-income subsidy population, consistent with expectations, and stated that real-time claims data provides good visibility for the full year. He also explained that Alignment's philosophy is 'more care, not less care,' and its prior authorization and denial rates are already well below national averages, making potential CMS limits a non-issue and a possible competitive tailwind.

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    Jonathan Yong's questions to eHealth (EHTH) leadership

    Jonathan Yong's questions to eHealth (EHTH) leadership • Q1 2025

    Question

    Asked about the impact of the recent Department of Justice litigation on discussions with carriers regarding their marketing strategies, and whether eHealth is providing other ancillary services to carriers to help drive retention.

    Answer

    The executive responded that it is too soon to know the litigation's impact on carrier discussions, but noted that the sponsorship programs in question are not industry-wide and are limited to a handful of carriers. Regarding ancillary services for retention, they are still in their infancy, limited to a few carriers, and are not a significant component of revenue, though they are theoretically believed to be helpful.

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    Jonathan Yong's questions to eHealth (EHTH) leadership • Q4 2024

    Question

    Jonathan Yong from UBS asked if the Amplify platform requires changes beyond scale, questioned the dynamics of the current Open Enrollment Period (OEP), and inquired if the temporary resource shift away from the E&I segment alters the long-term strategy for that business.

    Answer

    CEO Fran Soistman reiterated that Amplify's strategy is sound and growth will come from adding carrier partners, while CFO John Dolan noted scale will improve margins. Soistman confirmed a more active OEP, driven by members discovering benefit changes. Executive Kate Sidorovich added that retention initiatives are performing well. On E&I, Soistman affirmed they are still 'very bullish' on the segment, particularly with future ICRA opportunities, and will continue investing to improve its platform.

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    Jonathan Yong's questions to eHealth (EHTH) leadership • Q4 2024

    Question

    Questioned the strategy for the Amplify platform, inquired about customer switching behavior during the current OEP, and asked about the long-term commitment to the E&I business after a recent resource shift.

    Answer

    The company remains committed to the Amplify platform's original strategy, aiming to grow it by adding more carrier partners. They are observing higher-than-usual OEP activity, which they attribute to members discovering benefit changes, and are addressing this with enhanced retention efforts. The company remains bullish on the long-term potential of its E&I business, particularly with ICRA opportunities, and will continue to invest in it.

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