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.

Micro-Tech Nanjing (688029.CH) - Potential for Reversals Despite Short-Term Pressure on Performance

China Healthcare Weekly (July.29)-Subsidy for VBP, Unpredictable NMPA, Ways for Internationalization

China Healthcare Weekly (Aug.26) - Policy Trend, Aier Eye Hospital, Hospital Project Construction

Shenzhen Mindray Bio-Medical Electronics (300760.CH) - The Logic Behind Optimism

The Impact of COVID-19 and Shanghai Lockdown on China Healthcare

Autobio Diagnostics Co Ltd (603658.CH) - Logic Changes

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>In 2021/22Q1, Mindray’s 20%+ growth rate is not easy in this difficult/complicated environment, but the market hopes to see stronger data and a fresh logic of growth to restore confidence.</li>
<li>After China's “new infrastructure”  projects finish, how to maintain its 20%+ growth could be a challenge in the long term if Mindray couldn’t make breakthrough in internationalization or innovation.</li>
<li>However, Mindray is still a “safe play”. Its current PE/TTM is also more reasonable, but definitely not undervalued. It would be much better to long Mindray at a lower valuation.</li>
</ul>


In 2021/22Q1, Mindray’s 20%+ growth rate is not easy in this difficult/complicated environment, but the market hopes to see stronger data and a fresh logic of growth to restore confidence.
After China's “new infrastructure”  projects finish, how to maintain its 20%+ growth could be a challenge in the long term if Mindray couldn’t make breakthrough in internationalization or innovation.
However, Mindray is still a “safe play”. Its current PE/TTM is also more reasonable, but definitely not undervalued. It would be much better to long Mindray at a lower valuation.


Shenzhen Mindray Bio-Medical Electronics (300760.CH) - Still a “Safe Play” Despite Growth Slowdown