HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

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Shenzhen Mindray Bio-Medical Electronics (300760.CH) - This Year's Challenge Is Not over Yet

Shenzhen Mindray Bio-Medical Electronics (300760.CH) - Some Points Worth the Attention

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Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>Several original shareholders reduced their holdings of Mindray, which indicates that the senior executives and major shareholders aren’t optimistic about Mindray’s outlook, putting the Company's long-term growth under scrutiny.</li>
<li>Mindray's performance in overseas markets could be under pressure, which is an uncertain factor to drag down this year's performance growth. Supply chain issue would hinder Mindray's breakthrough in high-end fields.</li>
<li>Performance slowdown could continue if without breakthroughs in new growth points or internationalization. Our forecast on 2023 growth is about 15%-18%. Mindray’s valuation may fall back to 30-35 PE TTM.</li>
</ul>


Several original shareholders reduced their holdings of Mindray, which indicates that the senior executives and major shareholders aren’t optimistic about Mindray’s outlook, putting the Company's long-term growth under scrutiny.
Mindray's performance in overseas markets could be under pressure, which is an uncertain factor to drag down this year's performance growth. Supply chain issue would hinder Mindray's breakthrough in high-end fields.
Performance slowdown could continue if without breakthroughs in new growth points or internationalization. Our forecast on 2023 growth is about 15%-18%. Mindray’s valuation may fall back to 30-35 PE TTM.


Shenzhen Mindray Bio-Medical Electronics (300760.CH) - Shareholders' Stock Selling and the Outlook