Biosensors: Nomura maintain Buy, TP $1.84. Note that recent pullback is healthy consolidation, stay bullish. Market concern about pricing pressure in China and Japan has been priced in.
Changes to its mgt structure will provide greater clarity in responsibilities even as Biosensors looks to embark on M&A to diversify its product range. SFDA approval of Biomatrix in China would enable the group to tap the premium market in China, while CE Mark approval for BioFreedom would enable the group to embark on new clinical trials to support the safety and efficacy of its next-generation stent.
With the restructuring of JWMS and revenue contribution from Japan in FY12F, Biosensors is well positioned for the next stage of its growth. believe it may expand into adjacent products via acquisitions.
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