Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Modern Dental listed on the HKEX in December, and the lock-up expiry date is 14 June. The shares have declined by 18% from the listing price of HK$4.20 to a recent HK$3.45, so we don't expect any insider selling. Execution since the IPO has been mixed (2015 results missed estimates) while M&amp;A activity has been in line with expectations. Management has reiterated 2016 guidance recently. The shares look attractive at these levels considering:1) insider buying occurred 10-15% below these levels2) we had liked the IPO if priced at these levels

Modern Dental listed on the HKEX in December, and the lock-up expiry date is 14 June. The shares have declined by 18% from the listing price of HK$4.20 to a recent HK$3.45, so we don't expect any insider selling. Execution since the IPO has been mixed (2015 results missed estimates) while M&amp;A activity has been in line with expectations. Management has reiterated 2016 guidance recently. The shares look attractive at these levels considering:1) insider buying occurred 10-15% below these levels2) we had liked the IPO if priced at these levels  

Modern Dental Group

Modern Dental: Time to Re-Visit