UOB Kay Hian lifted its target price for MicroPort Scientific Corporation (00853) to HK$11 from HK$8.5 to reflect its accelerated domestic growth of existing products and revenue streams that the newly-launched products may bring about. The research house maintained its "buy" rating.
MicroPort announced a positive profit alert but UOBKH said the net profit of US$45m in 2019 is lower than its previous and consensus estimates. UOBKH sees substantial market expansion opportunities for its newly-launched orthopaedic and TAVI products in China. Moreover, it believes its overseas businesses will also regain revenue momentum from 2020.
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