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.

China Healthcare Weekly (Oct.14) - State Finance Discount for Medical Device; IVD VBP; VBP Changes

China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

Zhifei Biological Products (300122.CH) - More Downside Ahead, with Untenable Logic in HPV Vaccine

Wuxi Biologics (2269.HK) - Removed from UVL, but the Crisis Is Not Over

IRay Technology (688301.CH) - Limited Market Space Casts Doubt on Future Growth Potential

Russia-Ukraine War Episode 2 - The Balance Could Tilt Again and Its Impact on Healthcare Industry

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

Equity Bottom-Up

<ul>
<li>IRay Masters all the major core technologies. It has a complete technical system of TFT SENSOR design and invention patents in the field of scintillators,setting it apart from domestic peers. </li>
<li>The market where iRay is located has slow growth rate and obvious growth ceiling. The higher the short-term performance growth of iRay, the faster it would encounter a growth bottleneck.</li>
<li>IRay is overvalued. The valuation has already overdrawn the performance of the next few years. Any deceleration in revenue/profit in any given year would lead to a significant valuation correction.</li>
</ul>


IRay Masters all the major core technologies. It has a complete technical system of TFT SENSOR design and invention patents in the field of scintillators,setting it apart from domestic peers. 
The market where iRay is located has slow growth rate and obvious growth ceiling. The higher the short-term performance growth of iRay, the faster it would encounter a growth bottleneck.
IRay is overvalued. The valuation has already overdrawn the performance of the next few years. Any deceleration in revenue/profit in any given year would lead to a significant valuation correction.


IRay Technology (688301.CH) - Overvalued; Performance Deceleration Will Lead to Valuation Correction

iRay Technology

IRay Technology (688301.CH) - Overvalued; Performance Deceleration Will Lead to Valuation Correction