先健科技(1302.HK):Lengthy development,ready for payoff,BUY,TP HK$2.0

  机构:东方证券

  评级:买入

  目标价:2港元

  Lifetech Scientific is a leading supplier of minimally invasive medical devicestargeted at treating cardiovascular diseases. Over almost 20 years of R&D,company’s business has expanded from congenital occluders to now having threeproduct lines covering different aspects of heart diseases. The strong commitmentto research and develop new products highlights company’s long-term positionand strategy of being product-centric, allowing them to partner with globalleaders to showcase their technology and capabilities. Since 2016, revenue andearnings has accelerated as focus has shifted away from congenital occluders tohigher growth products in LAA occluders and stent grafts, setting up for greaterthan usual growth in next few years. We initiate coverage on company withDCF-based HK$2.0 TP, implying 17% upside, 34.4x FY19E PE and 5.3x FY19E PB.

  

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