HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shenzhen Mindray Bio-Medical Electronics / Equity Bottom-Up

<ul>
<li>Mindray's 23H1 results were in line with expectations. The high growth in Q2 has given us more confidence in the “complementarity of performance” between different business lines of the company.</li>
<li>Mindray is right to acquire DiaSys,but Mindray should disclose the impact of M&amp;A on financial statements.When investors understand how to "quantify" M&amp;As, positive news would be reflected in stock price.</li>
<li>The anti-corruption campaign and foreign capital outflows have weighed on Mindray’s share prices. Based on our analysis, the decline offers a good buying opportunity and share price will rebound afterwards.</li>
</ul>


Mindray's 23H1 results were in line with expectations. The high growth in Q2 has given us more confidence in the “complementarity of performance” between different business lines of the company.
Mindray is right to acquire DiaSys,but Mindray should disclose the impact of M&amp;A on financial statements.When investors understand how to "quantify" M&amp;As, positive news would be reflected in stock price.
The anti-corruption campaign and foreign capital outflows have weighed on Mindray’s share prices. Based on our analysis, the decline offers a good buying opportunity and share price will rebound afterwards.


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

Shandong Weigao Group Medical Polymer Co / Equity Bottom-Up

<ul>
<li>Weigao’s 23H1 performance was unsatisfactory. 2023 full-year performance may continue to be under pressure because Weigao needs some time to digest the negative impact of centralized procurement on orthopaedic business.</li>
<li>Weigao has hired advisers to find potential buyers for Argon. if Argon is ultimately sold, then the long-term prospects of Weigao's interventional business and internationalization need to be reassessed.</li>
<li>The unsatisfactory share price performance is related to Weigao’s business model - spin-off subsidiaries and IPO separately. There could be rebounds, but it is still possible for Weigao to underperform.</li>
</ul>


Weigao’s 23H1 performance was unsatisfactory. 2023 full-year performance may continue to be under pressure because Weigao needs some time to digest the negative impact of centralized procurement on orthopaedic business.
Weigao has hired advisers to find potential buyers for Argon. if Argon is ultimately sold, then the long-term prospects of Weigao's interventional business and internationalization need to be reassessed.
The unsatisfactory share price performance is related to Weigao’s business model - spin-off subsidiaries and IPO separately. There could be rebounds, but it is still possible for Weigao to underperform.


Shandong Weigao Group Medical Polymer (1066.HK) - Performance Rebound May Not Be as Fast as Imagined

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the <a href="https://www.smartkarma.com/insights/quiddity-a-h-premium-weekly-sep-8-icbc-abc-ccb-boc-vanke-ncl-rails" target="_blank" rel="noopener">A/H Premium Monitor</a> and HK Connect SOUTHBOUND Monitor.</li>
<li>The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).</li>
<li>We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.</li>
</ul>


This is the brand spanking new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The data on liquid names is presented for 5 days and four weeks and anything seen can be ranked in tables or selected and charted (names, sectors, outperformance, etc).
We like the nifty interactive tables and charts. We welcome feedback on how to make it more useful going forward.


Quiddity Mainland Connect NORTHBOUND Flows (Week to 8Sep23) : BYD, ZTE, Zhongji Innolight, Amperex

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.</li>
<li>We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
We estimate the outflows to be $12.8bn in August and consumer staples, and financials sectors led the outflows.
We highlight flows for CATL, Wuxi Wapptec, Fuyao Glass, Foxconn Industrial, CMB, Wuliangye, Mindray, Moutai, Longi Green.


Northbound Flows Monthly (August): $12.8bn Outflows

<ul>
<li>Mindray withstood the negative impact of pandemic/lockdown and continued to achieve solid growth in 2022H1 amid China's “new infrastructure”  projects and the recovery of overseas demand for routine medical care.</li>
<li>The essence of falling shares is the process of optimistic high growth expectations returning to rationality,which takes time until the cyclical shocks brought by the receding of pandemic are digested.</li>
<li>Mindray’s biggest alpha could be the change brought about by M&amp;A. From the perspective of strategic development, the next jump in valuation is likely to depend on subsequent M&amp;A performance.</li>
</ul>


Mindray withstood the negative impact of pandemic/lockdown and continued to achieve solid growth in 2022H1 amid China's “new infrastructure”  projects and the recovery of overseas demand for routine medical care.
The essence of falling shares is the process of optimistic high growth expectations returning to rationality,which takes time until the cyclical shocks brought by the receding of pandemic are digested.
Mindray’s biggest alpha could be the change brought about by M&amp;A. From the perspective of strategic development, the next jump in valuation is likely to depend on subsequent M&amp;A performance.


Shenzhen Mindray Bio-Medical Electronics (300760.CH) 2022H1 - Waiting for the Next Jump in Valuation

China

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

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Shenzhen Mindray Bio-Medical Electronics (300760 CH)