Bionsensors

Bionsensors: Microport Scientific, the market leader for drug-eluting stents in China with c30% market share, will be launching a HK IPO later this month. If Weigao’s current valuation of 35x FY11 P/E is any guide, a successful H-listing of Microport could act as a re-rating catalyst for Biosensors, which owns 50% of JWMS, a pte stent maker in China with 20% market share. Nomura is valuing JWMS at 22x FY10 P/E, which translates to a $1.20 TP for Biosensors.