In today’s briefing:
- Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys
- Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern
Downgrading Materials; SPX, NDX, Russell 2000 Testing Downtrend Channel Support; Biotech Buys
- We remain bearish as long as the YTD downtrends remain intact on the SPX and NDX (QQQ), and as long as the 7.5-month downtrend remains intact on the Russell 2000(IWM).
- There is potential for a bounce given the SPX, QQQ, and IWM are all at downtrend channel supports.
- The continued rise of the U.S. dollar (DXY), 10-yr Treasury yield, and WTI crude oil is what we believe is fueling the bear market in equities.
Pre-IPO MicroPort NeuroTech – The Industry, the Business and the Concern
- The advantages of NeuroTech are mainly reflected in the comprehensive product portfolio and stable product performance, with higher gross margin, stronger cost control ability and first-mover advantage than its peers.
- The major concerns here are the domestic shrinking market size due to the centralized procurement, the fierce market competition and the pain points on its sales model.
- In terms of valuation, our view is that NeuroTech’s valuation could be higher than that of the peers such as Zylox-Tonbridge, HeartCare Medical, Peijia Medical and Sino Medical.
Before it’s here, it’s on Smartkarma
