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DJ MARKET TALK: Microport +27.5%;HK$7.24-HK$8.69 1-Yr Target -SWS
1052 [Dow Jones] NEW LISTING: Microport (0853.HK) +27.5% at HK$7.78, now valued at 33X FY10 P/E based on annualized estimated 1H10 earnings; valuations may look lofty even if taken into account company being China's leading maker of minimally invasive interventional products for treatment of vascular diseases, disorders.
SWS Research forecasts FY10/11/12 EPS at HK$0.252/HK$0.254/HK$0.290; says based on valuations of listed peers, considering high growth potential of China's stent market, 25X-30X P/E "is reasonable," hence 1-year target of HK$7.24-HK$8.69.
Source: Dow Jones Newswire