In today’s briefing:
- Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations
- Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive
- Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
- Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns
Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations
- CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
- We expect up to five ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.
Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive
- Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
- The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
- The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.
Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
- Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).
Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns
- Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
- EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
- BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.
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