Brean Murray Assumes Coverage on China Medical Technologies (CMED) with a Buy
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Brean Murray assumes coverage on China Medical Technologies (Nasdaq: CMED) with a Buy.
Brean analyst says, "We are assuming coverage of CMED with a Buy. Last October, CMED paid a fair price of $345 million for its HPV business, in our view. The company's market cap is now ~$399 million. So FISH and ECLIA must be almost free. Given the company's strong growth potential and earnings resilience, we believe valuations are not demanding, with mid single-digit multiples and a dividend yield better than the 10-year treasury and the coupons on the company's own outstanding convertible."
China Medical Technologies, Inc. is a China-based medical device company that develops, manufactures and markets in-vitro diagnostics (IVD) products using chemiluminescence immunoassay technology, magnetic antibody immunoassay technology and fluorescent in situ hybridization technology, to detect and monitor various diseases and disorders.
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