BIG returns from stent
16 Sep 2010
• BioMatrix, its leading product, is the first biodegradable polymer drug eluting stent in the world with a global market share of 1.3%.
• Earnings will continue to soar on market share gains, after a solid turnaround in FY10.
• Potential earnings upside on securing approvals for BioMatrix’s sale in new markets - Japan and China, with a combined market size of US$800m – US$1bn.
• A prime target for take-over, coupled with upcoming MicroPort’s HK IPO, serves as re-rating catalyst
• Initiate with BUY, TP of S$1.20, a 43% upside