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雷达卡
F.I.T.T. for investors
Asset injection back on the agenda
Asset injections to resume in 2013/14; another growth driver
Given our expectation of stable coal prices in 2013/14, the market focus for IPPs will likely shift
from margin recovery to volume-led growth. In addition to organic capacity growth, we see
upside potential from the resumption of parentco asset injections, especially for Huaneng and
CPI. This report analyses the potential impact of asset injections and highlights key assets that
may be injected. The Street has not paid much attention to asset injection over the last three
years due to the industry downcycle hence the resumption of asset injections should be a
positive surprise. Given the uncertainty of timing, pricing and scale of asset injections, we are yet
to factor them in to our estimates.
China medical device market: growth
acceleration continues
We review and forecast China’s medical device market and all sub-segments in this
comprehensive report. According to the data points we track, China’s medical device market
reached US$19.1bn in 2011 following a 2006-2011 CAGR of 19.7%. We forecast China’s medical
device industry to grow at 18.7% CAGR from 2011-2015 on the back of the infrastructure buildup
cycle and accelerated demand growth. Industry bellwethers such as Mindray (MR.N) will
continue to benefit from this round of accelerated growth of the medical device market in the
near/mid time horizon, in our view.
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