Upcoming Dividend • May 27
Upcoming dividend of HK$0.26 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Hong Kong dividend payers (6.9%). Lower than average of industry peers (3.3%). Announcement • Apr 30
Shanghai INT Medical Instruments Co., Ltd. (SEHK:1501) agreed to acquire 90% stake in Valgen Holding Corporation for CNY 1.5 billion. Shanghai INT Medical Instruments Co., Ltd. (SEHK:1501) agreed to acquire 90% stake in Valgen Holding Corporation for CNY 1.5 billion on April 28, 2026. A cash consideration of CNY 1.5 billion will be paid by Shanghai INT Medical Instruments Co., Ltd. As part of consideration, CNY 1.5 billion is paid towards common equity of Valgen Holding Corporation.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. Reported Earnings • Apr 26
Full year 2025 earnings released: EPS: CN¥1.26 (vs CN¥1.10 in FY 2024) Full year 2025 results: EPS: CN¥1.26 (up from CN¥1.10 in FY 2024). Revenue: CN¥1.07b (up 25% from FY 2024). Net income: CN¥206.2m (up 14% from FY 2024). Profit margin: 19% (down from 21% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 11% per year. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$40.00, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 17x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 50% over the past three years. Reported Earnings • Mar 28
Full year 2025 earnings released: EPS: CN¥1.26 (vs CN¥1.10 in FY 2024) Full year 2025 results: EPS: CN¥1.26 (up from CN¥1.10 in FY 2024). Revenue: CN¥1.07b (up 25% from FY 2024). Net income: CN¥218.8m (up 21% from FY 2024). Profit margin: 21% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Mar 28
Shanghai INT Medical Instruments Co., Ltd. announces Annual dividend, payable on June 30, 2026 Shanghai INT Medical Instruments Co., Ltd. announced Annual dividend of HKD 0.2600 per share payable on June 30, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Announcement • Mar 27
Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 28, 2026 Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 28, 2026. Announcement • Mar 17
Shanghai INT Medical Instruments Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Shanghai INT Medical Instruments Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 New Risk • Jan 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Jan 22
Shanghai INT Medical Instruments Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 915.2 million. Shanghai INT Medical Instruments Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 915.2 million.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 35,200,000
Price\Range: HKD 26
Transaction Features: Subsequent Direct Listing Announcement • Jan 15
Shanghai INT Medical Instruments Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 915.2 million. Shanghai INT Medical Instruments Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 915.2 million.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 35,200,000
Price\Range: HKD 26
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 02
First half 2025 earnings released: EPS: CN¥0.56 (vs CN¥0.58 in 1H 2024) First half 2025 results: EPS: CN¥0.56 (down from CN¥0.58 in 1H 2024). Revenue: CN¥461.1m (up 18% from 1H 2024). Net income: CN¥92.9m (down 2.0% from 1H 2024). Profit margin: 20% (down from 24% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • Aug 18
Shanghai INT Medical Instruments Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Shanghai INT Medical Instruments Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$32.50, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 18x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to HK$27.45, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 21x in the Medical Equipment industry in Hong Kong. Total returns to shareholders of 11% over the past three years. Announcement • May 23
Shanghai INT Medical Instruments Co., Ltd. Announces Board and Committee Changes Shanghai INT Medical Instruments Co., Ltd. at its annual general meeting held on 23 May 2025, approved the appointment of Mr. Zhang Hong as a non-executive Director of Fourth Session of the Board. Mr. Zhang Weixin being a Director of the Third Session of the Board, retired upon expiration of the term of office of the Third Session of the Board (i.e. on the date of the AGM). Mr. Zhang confirms that he is no disagreement between him and the Board, and there is no matter that needs to be brought to the attention of the Shareholders. At the Board meeting held immediately after the AGM, the Board unanimously elected Dr. Liang Dongke, being an executive Director, as the chairman of the Fourth Session of the Board. The term of office of Dr. Liang Dongke is the same as his term of office as an executive Director. At the Board meeting held immediately after the AGM, the Board has passed the resolutions appointing the following members of the auditor committee, the nomination committee and the remuneration committee under the Fourth Session of the Board, with effect from 23 May 2025: Auditor committee: Mr. Hui Hung Kwan (chairman), Mr. Xu Congli and Dr. Song Yuan; Remuneration committee: Mr. Jian Xigao (chairman), Dr. Liang Dongke and Mr. Hui Hung Kwan; and Nomination committee: Mr. Xu Congli (chairman), Mr. Jian Xigao and Dr. Song Yuan. Immediately after the AGM, the Supervisory Committee unanimously elected Ms. Ma Huifang as the chairman of the Fourth Session of the Supervisory Committee, whose term of office is the same as her term of office as a Supervisor. Announcement • Mar 21
Shanghai INT Medical Instruments Co., Ltd. Proposes No Final Dividends for the Year Ended 31 December 2024 Shanghai INT Medical Instruments Co., Ltd. proposed No Final dividends in respect of the year ended 31 December 2024 (2023: RMB 0.27 per ordinary share or RMB 47,520,000). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: CN¥1.10 (vs CN¥0.92 in FY 2023) Full year 2024 results: EPS: CN¥1.10 (up from CN¥0.92 in FY 2023). Revenue: CN¥852.0m (up 13% from FY 2023). Net income: CN¥191.9m (up 26% from FY 2023). Profit margin: 23% (up from 20% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 19
Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 23, 2025 Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 23, 2025. Announcement • Mar 06
Shanghai INT Medical Instruments Co., Ltd. to Report Fiscal Year 2024 Results on Mar 18, 2025 Shanghai INT Medical Instruments Co., Ltd. announced that they will report fiscal year 2024 results on Mar 18, 2025 Reported Earnings • Aug 24
First half 2024 earnings released: EPS: CN¥0.58 (vs CN¥0.48 in 1H 2023) First half 2024 results: EPS: CN¥0.58 (up from CN¥0.48 in 1H 2023). Revenue: CN¥392.3m (up 16% from 1H 2023). Net income: CN¥94.8m (up 18% from 1H 2023). Profit margin: 24% (in line with 1H 2023). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Aug 06
Shanghai INT Medical Instruments Co., Ltd. to Report Q2, 2024 Results on Aug 19, 2024 Shanghai INT Medical Instruments Co., Ltd. announced that they will report Q2, 2024 results on Aug 19, 2024 Announcement • May 26
Shanghai INT Medical Instruments Co., Ltd. Approves Final Dividend for the Year Ended December 31, 2023, Payable on or About, 28 June 2024 Shanghai INT Medical Instruments Co., Ltd. at its AGM held on May 24, 2024 approved final dividend for the year ended 31 December 2023 of RMB 0.27 per Share (equivalent to HKD 0.30 per Share) (inclusive of applicable tax). In order to ascertain the entitlements of the Shareholders to receive the Proposed Final Dividend, the register of members of the Company will be closed from Monday, 3 June 2024 to Thursday, 6 June 2024, both days inclusive, during which period no transfer of Shares will be registered. The Proposed Final Dividend is expected to be distributed on or about Friday, 28 June 2024 to the Shareholders whose names appear on the register of members of the Company on Thursday, 6 June 2024. To be eligible to receive the Proposed Final Dividend, all transfer documents must be lodged with the Company's H share registrar in Hong Kong, Computershare Hong Kong Investor Services Limited at Shops 17121716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong (for H Shareholders), or the Company's registered office at Block 2, No. 925 Jin Yuan Yi Road, Jiading District, Shanghai, the PRC (for Domestic Shareholders), by no later than 4:30 p.m. on Friday, 31 May 2024. Upcoming Dividend • May 23
Upcoming dividend of HK$0.30 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Hong Kong dividend payers (7.4%). Lower than average of industry peers (3.1%). Announcement • Apr 19
Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 24, 2024 Shanghai INT Medical Instruments Co., Ltd., Annual General Meeting, May 24, 2024, at 14:00 China Standard Time. Location: Block 2, No. 925 Jin Yuan Yi Road, Jiading District, Shanghai China Agenda: To consider and approve the report of the directors of the Company for the year 2023; to consider and approve the report of the supervisory committee of the Company for the year 2023; to consider and approve the annual report of the Company for the year 2023; to consider and approve audited financial statements of the Group for the year 2023; to consider and approve the Company's profit distribution plan for the year ended 31 December 2023; to consider and approve the annual financial budget of the Group for the year 2024; to consider and approve the remuneration for the directors of the Company for the year 2024; to consider and approve the remuneration for the supervisors of the Company for the year 2024; and to discuss other matters. Reported Earnings • Apr 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.92 (up from CN¥0.78 in FY 2022). Revenue: CN¥752.8m (up 28% from FY 2022). Net income: CN¥151.9m (up 17% from FY 2022). Profit margin: 20% (down from 22% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. New Risk • Mar 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Mar 21
Shanghai INT Medical Instruments Co., Ltd. Proposes Ordinary Final Cash Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 Shanghai INT Medical Instruments Co., Ltd. proposed ordinary final cash dividend of RMB 0.27 per share for the year ended 31 December 2023, payable on 28 June 2024. Record date is 06 June 2024. Ex-dividend date is 30 May 2024. Date of shareholders' approval is 24 May 2024. Declared Dividend • Mar 20
Dividend of HK$0.30 announced Shareholders will receive a dividend of HK$0.30. Ex-date: 30th May 2024 Payment date: 28th June 2024 Dividend yield will be 1.1%, which is lower than the industry average of 3.0%. Reported Earnings • Mar 19
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.92 (up from CN¥0.79 in FY 2022). Revenue: CN¥752.8m (up 28% from FY 2022). Net income: CN¥156.5m (up 19% from FY 2022). Profit margin: 21% (down from 23% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 8.0%. Revenue is forecast to grow 35% p.a. on average during the next 2 years, compared to a 24% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Mar 06
Shanghai INT Medical Instruments Co., Ltd. to Report Fiscal Year 2023 Results on Mar 18, 2024 Shanghai INT Medical Instruments Co., Ltd. announced that they will report fiscal year 2023 results on Mar 18, 2024 New Risk • Sep 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 19
First half 2023 earnings released: EPS: CN¥0.48 (vs CN¥0.30 in 1H 2022) First half 2023 results: EPS: CN¥0.48 (up from CN¥0.30 in 1H 2022). Revenue: CN¥339.8m (up 51% from 1H 2022). Net income: CN¥80.5m (up 58% from 1H 2022). Profit margin: 24% (up from 23% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Medical Equipment industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Aug 09
Shanghai Kindly Medical Instruments Co., Ltd. to Report First Half, 2023 Results on Aug 18, 2023 Shanghai Kindly Medical Instruments Co., Ltd. announced that they will report first half, 2023 results on Aug 18, 2023 Announcement • May 19
Shanghai Kindly Medical Instruments Co., Ltd. Approves Final Dividend for the Year Ended 31 December 2022, Payable on or About 28 June 2023 Shanghai Kindly Medical Instruments Co., Ltd. announced that the final dividend for the year ended 31 December 2022 of RMB 0.24 per Share(equivalent to HKD 0.27 per Share) (inclusive of applicable tax) was approved by the Shareholders at the AGM held on May 18, 2023. In order to ascertain the entitlements of the Shareholders to receive the Proposed Final Dividend, the register of members of the Company will be closed from 29 May 2023 to 3 June 2023, both days inclusive, during which period no transfer of Shares will be registered. The Proposed Final Dividend is expected to be distributed on or about 28 June 2023 to the Shareholders whose names appear on the register of members of the Company on 3 June 2023. Upcoming Dividend • May 17
Upcoming dividend of HK$0.27 per share at 1.0% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (1.6%). Reported Earnings • Mar 22
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CN¥0.79 (down from CN¥0.86 in FY 2021). Revenue: CN¥585.9m (up 26% from FY 2021). Net income: CN¥131.7m (down 7.9% from FY 2021). Profit margin: 23% (down from 31% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 24%. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Non-Executive Director Congli Xu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Buying Opportunity • Sep 08
Now 20% undervalued Over the last 90 days, the stock is up 57%. The fair value is estimated to be HK$34.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last year. Earnings per share has grown by 37%. Revenue is forecast to grow by 82% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Reported Earnings • Aug 20
First half 2022 earnings released: EPS: CN¥0 (vs CN¥0.30 in 1H 2021) First half 2022 results: EPS: CN¥0. Revenue: CN¥225.2m (up 25% from 1H 2021). Net income: CN¥50.8m (flat on 1H 2021). Profit margin: 23% (down from 28% in 1H 2021). Over the next year, revenue is forecast to grow 45%, compared to a 622% growth forecast for the Medical Equipment industry in Hong Kong. Valuation Update With 7 Day Price Move • Jul 14
Investor sentiment improved over the past week After last week's 15% share price gain to HK$25.05, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 31% over the past year. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improved over the past week After last week's 18% share price gain to HK$17.50, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 58% over the past year. Upcoming Dividend • May 13
Upcoming dividend of HK$0.32 per share Eligible shareholders must have bought the stock before 20 May 2022. Payment date: 20 June 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (2.1%). Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Non-Executive Director Hung Kwan Hui was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
Full year 2021 earnings released: EPS: CN¥0.86 (vs CN¥0.73 in FY 2020) Full year 2021 results: EPS: CN¥0.86 (up from CN¥0.73 in FY 2020). Revenue: CN¥464.7m (up 30% from FY 2020). Net income: CN¥143.0m (up 18% from FY 2020). Profit margin: 31% (down from 34% in FY 2020). Over the next year, revenue is forecast to grow 36%, compared to a 662% growth forecast for the industry in Hong Kong. Announcement • Apr 12
Shanghai Kindly Medical Instruments Co., Ltd., Annual General Meeting, May 16, 2022 Shanghai Kindly Medical Instruments Co., Ltd., Annual General Meeting, May 16, 2022, at 14:00 China Standard Time. Location: Block 2, No. 925 Jin Yuan Yi Road, Jiading District Shanghai Shanghai Province China Agenda: To consider and approve the adoptions of the report of the Directors for the year ended 31 December 2021; to consider and approve the adoption of the report of the Supervisory Committee for the year ended 31 December 2021; to consider and approve the annual report of the Company for the year 2021; to consider and approve the audited financial statements of the Group for the year 2021; to consider and approve the Company's profit distribution plan for the year ended 31 December 2021; to consider and approve the annual financial budget of the Group for the year 2022; to consider and approve the re-election of Dr. Liang Dongke as an executive Director of the Third Session of the Board; to consider and approve the appointment of Mr. Lin Sen as an executive Director of the Third Session of the Board; to consider and approve the re-election of Mr. Zhang Weixin as a non-executive Director of the Third Session of the Board; and to transact other matters. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorated over the past week After last week's 20% share price decline to HK$12.50, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 17x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 63% over the past year. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$24.30, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 25x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 37% over the past year. Announcement • Nov 25
Shanghai Kindly Medical Instruments Co., Ltd. Announces First Patient Implantation of Hanchorvalve Clinical Trial Shanghai Kindly Medical Instruments Co., Ltd. announced that the first patient implantation of HanchorValve, a balloon-expandable transcatheter aortic valve replacement product with an anchoring structure developed by Shanghai Healing Medical Instruments Co., Ltd, a subsidiary of the Company, has been successfully completed by Zhongshan Hospital, Fudan University, which is also the first valve replacement operation that uses the balloon-expandable TAVR product with an anchoring structure to treat patient with severe aortic regurgitation in the world. HanchorValve is the first TAVR product that Healing Medical has self-owned intellectual property rights, which is able to achieve precise and autonomous localization by virtue of its unique design of anchoring structure. It is also the first balloon-expandable TAVR product in the world that can treat both severe aortic regurgitation and severe aortic stenosis by transfemoral approach. The success achieved in the first patient implantation of HanchorValve clinical trial marks the official launch of national multi-center clinical trial with Zhongshan Hospital, Fudan University as the major research center. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 18% share price gain to HK$26.50, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 19x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 49% over the past year. Simply Wall St's valuation model estimates the intrinsic value at HK$13.03 per share. Reported Earnings • Aug 22
First half 2021 earnings released: EPS CN¥0.30 (vs CN¥0.41 in 1H 2020) The company reported a soft first half result with weaker earnings and profit margins, although revenues improved. First half 2021 results: Revenue: CN¥180.6m (up 5.1% from 1H 2020). Net income: CN¥50.6m (down 25% from 1H 2020). Profit margin: 28% (down from 39% in 1H 2020). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improved over the past week After last week's 22% share price gain to CN¥34.05, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 27x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 37% over the past year. Upcoming Dividend • May 14
Upcoming dividend of HK$0.34 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 21 June 2021. Trailing yield: 1.2%. Lower than top quartile of Hong Kong dividend payers (6.0%). Higher than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥29.20, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 21x in the Medical Equipment industry in Hong Kong. Total loss to shareholders of 20% over the past year. Announcement • Mar 21
Shanghai Kindly Medical Instruments Co., Ltd. Recommends Final Dividend for the Year Ended 31 December 2020, Payable on or about 21 June 2021 Shanghai Kindly Medical Instruments Co., Ltd.'s board recommended the payment of a final dividend of RMB 0.285 per share for the year ended 31 December 2020. Subject to the approval of the Proposed Final Dividend by the shareholders of the Company at the 2021 annual general meeting of the Company to be held on, 17 May 2021, the Proposed Final Dividend will be distributed on or about 21 June 2021 to the Shareholders whose names appear on the register of members of the Company on, 30 May 2021. Reported Earnings • Mar 20
Full year 2020 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: CN¥358.4m (up 25% from FY 2019). Net income: CN¥121.4m (up 22% from FY 2019). Profit margin: 34% (in line with FY 2019). Announcement • Mar 20
Shanghai Kindly Medical Instruments Co., Ltd., Annual General Meeting, May 17, 2021 Shanghai Kindly Medical Instruments Co., Ltd., Annual General Meeting, May 17, 2021. Agenda: To consider payment of a final dividend for the year ended December 31, 2020. Announcement • Mar 10
Shanghai Kindly Medical Instruments Co., Ltd. to Report Fiscal Year 2020 Results on Mar 19, 2021 Shanghai Kindly Medical Instruments Co., Ltd. announced that they will report fiscal year 2020 results on Mar 19, 2021 Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥34.05, the stock is trading at a trailing P/E ratio of 35.8x, down from the previous P/E ratio of 43.8x. This compares to an average P/E of 27x in the Medical Equipment industry in Hong Kong. Total return to shareholders over the past year is a loss of 8.9%. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 26% share price gain to CN¥43.70, the stock is trading at a trailing P/E ratio of 45.6x, up from the previous P/E ratio of 36.1x. This compares to an average P/E of 30x in the Medical Equipment industry in Hong Kong. Total returns to shareholders over the past year are 7.4%. Is New 90 Day High Low • Feb 04
New 90-day low: HK$33.55 The company is down 21% from its price of HK$42.50 on 06 November 2020. The Hong Kong market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 19% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥33.80, the stock is trading at a trailing P/E ratio of 35.3x, down from the previous P/E ratio of 42.8x. This compares to an average P/E of 30x in the Medical Equipment industry in Hong Kong. Total return to shareholders over the past year is a loss of 13%. Is New 90 Day High Low • Jan 15
New 90-day low: HK$37.10 The company is down 33% from its price of HK$55.65 on 16 October 2020. The Hong Kong market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market pulls back on stock over the past week After last week's 15% share price decline to CN¥38.35, the stock is trading at a trailing P/E ratio of 41x, down from the previous P/E ratio of 48.5x. This compares to an average P/E of 37x in the Medical Equipment industry in Hong Kong. Total returns to shareholders over the past year are 41%. Is New 90 Day High Low • Nov 02
New 90-day low: HK$43.50 The company is down 25% from its price of HK$58.00 on 04 August 2020. The Hong Kong market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 22% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: HK$46.80 The company is down 28% from its price of HK$64.90 on 26 June 2020. The Hong Kong market is up 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is HK$7.35 per share. Announcement • Aug 07
Shanghai Kindly Medical Instruments Co., Ltd. to Report First Half, 2020 Results on Aug 18, 2020 Shanghai Kindly Medical Instruments Co., Ltd. announced that they will report first half, 2020 results on Aug 18, 2020