External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Shanghai INT Medical Instruments / Equity Bottom-Up

<ul><li>INT Medical’s 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition.</li><li>The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs.</li><li>Thanks to the improved gross margin, the Company’s attributable net profit in 2024 increased by 22.7% YoY to RMB192mn, with attributable net profit margin rising by 1.7 ppts.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

INT Medical’s 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition.The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs.Thanks to the improved gross margin, the Company’s attributable net profit in 2024 increased by 22.7% YoY to RMB192mn, with attributable net profit margin rising by 1.7 ppts.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

INT Medical (1501 HK) - Solid Growth with Margin Improvement

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>’s IFA opines that the consortium’s HK$9.25 privatisation offer is fair and reasonable. The vote is on 10 November. </li>
<li>I previously argued that the vote carries risk due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.</li>
<li>However, the risk has been lowered due to Bin Yuan and LYFE no longer being shareholders, along with the peer derating. At the last close, the gross/annualised spread is 3.7%/22.0%.</li>
</ul>



Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s IFA opines that the consortium’s HK$9.25 privatisation offer is fair and reasonable. The vote is on 10 November. 
I previously argued that the vote carries risk due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.
However, the risk has been lowered due to Bin Yuan and LYFE no longer being shareholders, along with the peer derating. At the last close, the gross/annualised spread is 3.7%/22.0%.


Kangji Medical (9997 HK): Scheme Vote on 10 November

<ul>
<li>The precondition for <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. </li>
<li>The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.</li>
<li>Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.</li>
</ul>


The precondition for Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)’s scheme privatisation from a consortium is satisfied. The offer, which has been declared final, is at HK$9.25 per share. 
The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders rejection). Crucially, the blocking stake is below the substantial disclosure threshold.
Despite the recent derating of peers, the vote risk remains medium-to-high due to a solid interim, the imminent surgical robot growth story, unfavourable AGM voting patterns, and emerging retail opposition.


Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a> disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. </li>
<li>The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders' rejection). The offer is final. </li>
<li>The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.</li>
</ul>



Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK) disclosed a preconditional privatisation from a consortium at HK$9.25, a 9.9% premium to last close and a 21.7% premium to the undisturbed price. 
The precondition relates to SAMR approval. The key condition will be approval by at least 75% disinterested shareholders (&lt;10% of all disinterested shareholders' rejection). The offer is final. 
The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM voting patterns, and emerging retail opposition.


Kangji Medical (9997 HK): Consortium’s Light Preconditional Scheme Offer

<ul><li>INT Medical unveiled its 2023 results, with revenue up 28.5% YoY to RMB753mn, 11% below our estimate, mainly due to the expanding coverage of provincial VBP in interventional cardiovascular devices and declined surgery volumes in 2H23 due to tight industry regulations.</li><li>We estimate that VBP-related products accounted for approximately 20% of INT Medical’s total revenue.</li><li>GPM improved by 1.4 ppts to 58.2%, driven by an increasing proportion of sales from the higher-margin products. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

INT Medical unveiled its 2023 results, with revenue up 28.5% YoY to RMB753mn, 11% below our estimate, mainly due to the expanding coverage of provincial VBP in interventional cardiovascular devices and declined surgery volumes in 2H23 due to tight industry regulations.We estimate that VBP-related products accounted for approximately 20% of INT Medical’s total revenue.GPM improved by 1.4 ppts to 58.2%, driven by an increasing proportion of sales from the higher-margin products. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

INT Medical (1501 HK) - Solid Earnings Amid Challenging Business Environment

Hong Kong

Shanghai INT Medical Instruments Co., Ltd. produces and sells medical instruments. The Company manufactures and sells intestinal balloon catheter, inflation device, multifunction drainage tube, and more. Shanghai INT Medical Instruments markets its products primarily throughout China with limited overseas.

Shanghai INT Medical Instruments (1501 HK)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai INT Medical Instruments (1501 HK)

INT Medical (1501 HK) - Solid Growth with Margin Improvement

INT Medical’s 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and...

CMB International

Kangji Medical (9997 HK): Scheme Vote on 10 November

Despite a light offer, the vote risk has been lowered due to Bin Yuan/LYFE no longer being shareholders, along with the peer derating. At the last...

Arun George

Kangji Medical (9997 HK): Precondition Satisfied for the Light Scheme Offer

Despite the recent derating of peers, the vote risk remains medium to high due to the imminent growth story of surgical robots, unfavourable AGM...

Arun George

Kangji Medical (9997 HK): Consortium’s Light Preconditional Scheme Offer

The scheme vote risk is medium-to-high due to an unattractive offer, a blocking stake below the substantial disclosure threshold, unfavourable AGM...

Arun George

INT Medical (1501 HK) - Solid Earnings Amid Challenging Business Environment

INT Medical unveiled its 2023 results, with revenue up 28.5% YoY to RMB753mn, 11% below our estimate, mainly due to the expanding coverage of...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)