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Investing.com - Deutsche Bank (ETR:DBKGn) initiated coverage on Shenzhen Mindray Bio-Medical Electronics (SZ:300760) with a Buy rating and a price target of RMB298.00 on Tuesday.
The bank cited Mindray’s strong position to gain market share in China’s fragmented medical device industry, supported by its robust balance sheet with RMB17 billion in cash reserves.
Deutsche Bank highlighted the company’s global expansion capabilities, noting its substantial R&D investments and established presence in 190 countries through 2,300 service channels.
The research firm pointed to fading headwinds that previously affected the industry, including delays in medical equipment procurement in China and anti-corruption campaigns, with a recovery in tendering expected to begin in the fourth quarter of 2024.
Deutsche Bank also noted that Mindray’s share price appears oversold, currently trading more than one standard deviation below its forward P/E average since its IPO, having declined 14% year-to-date while the CSI300 Healthcare index has risen 3.5% during the same period.
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