[ET Net News Agency, 15 January 2020] Goldman Sachs initiated coverage on Venus Medtech
Inc. (02500) with a "buy" rating and a target price of HK$48.87.
The research house believes that Venus Medtech is one of the few innovative
commercial-stage medical devices companies in China with a mix of global vision/footprint,
solid science, local market savviness, and strong execution.
Goldman said the company is attractively positioned given (1) the likely sustainable
leadership in China's emerging TAVR (transcatheter aortic valve) market (GS estimates
US$800m or 38.4K units by 2025); (2) a strong pipeline to grow Venus beyond TAVR; (3)
upside in ex-China markets in coming years (VenusP, TriGuard3, Venibri, etc.), and (4) a
seasoned management team with a proven track record in device R&D/commercialization.
Goldman forecast sales to increase from Rmb115mn in 2018 to Rmb911mn in 2021, and net
profit to enter positive territory beginning 2020 (Rmb20mn in 2020 increasing to Rmb253mn
in 2021). (KL)
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02500 VENUS MEDTECH-B
Nominal 
5.620 0.000 (0.000%) Research Report
15/01/2020 17:20
{I-bank focus}Goldman starts Venus Medtech at HK$48.87
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