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Stocks

Mindray reports a solid Q2

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Here are the results. The important thing is they beat the est. and raised the guidance again. I also listened to its conference call, some interesting information:

1) The company plans to increase its international sales headcount to more than 200 people by the end of 2007 and to open offices in Amsterdam, Mexico City, Moscow, Sao Paulo and Toronto.

2) At the end of the second quarter 2007, the company had more than 850 R&D staff and is on track to increase R&D headcount to more than 1,000 employees by the end of 2007.

It appears the international growth is the main theme for the company. The domestic growth is also good, but not as fast as US market.

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Stocks

Lots of conference call

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I need to listen to the following calls because I hold those stocks.

Today: CROX, I don’t want to speculate on this one…too much buzz lately.

Next week
07/31: SNIC, have no idea.

08/01: SBUX, the expecation is more reasonable this time, I don’t expect block buster quarter but I think they should be OK (better than PNRA, maybe?)

08/02: GSIT, they blew up their very first quarter since IPO last time, hope they don’t disappoint this time. Their biggest customer, Cisco, has been strong lately.

The week after:
08/06: MR, I expect solid growth in the US sales; I have no idea about China.

08/07: HLYS, street expectation is low; they blew last CC because of the secondary offering thing. I expect some upside surprise.

Categories
Business

Ineresting article about Mindray

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I found this one from China Business Feature. Some of the interesting paragraphs:

How they started the R&D of medical devices?
“But unlike other distributors, Xu Hang, who holds a degree in medical engineering, started independent innovation of some products in 1992. Mindray’s first products included China’s first single-parameter blood oxygen saturation monitor. “At the time, as China’s hospitals had never used Chinese-made devices, they preferred the imported multi-parameter monitors. So our products did not sell well,” says Xu. Customers didn’t try Mindray’s equipment until 1995 because of problems in technology, quality and sales service. In the early stages of its development, Mindary was basically an opportunist. It hadn’t gone deep in researching the industry. It would generally sell anything that appealed to the market. It even sold products that had nothing to do with medicine.”

Market acceptance:
“Despite its success, Mindray still faces “discrimination” on international markets. In the Middle East, for example, American products are always chosen in the first place, and then those from Japan and Korea. Chinese products are given a very low priority. But the situation has been slowly changing since Mindray was listed. “Agents that we couldn’t contract with before are now coming to us,” claims Xu. The listing made Mindray more popular and trustworthy in overseas markets. Xu hopes to build on that trust with an international brand image for Mindray – that’s why he chose the NYSE instead of the NASDAQ.”

Categories
China Stocks

Home Inns and Mindray

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MR closed above HMIN the first time since its IPO last Sept. MR closed at 30.89, while HMIN closed at 30.81.

This comparison is mostly for fun. But seriously I do think HMIN is increasing under competitive pressure in China. Here is another hotel chain, Hanting Hotels, founded by Ji Qi, the co-founder of Ctrip and Home Inns. Recently it raised $85 m from VC, this is no small change considering Home Inns raised about similar amount last Oct. through IPO. In last two years Hanting Hotels targeted mostly business travellers who are willing to pay more than CNY 268, but this has changed since early this year, as they entering into the budget hotels arena (head to head against HMIN). In the past HanTing’s profit margin is about 5% higher than HMIN. Of course one can argue that the “budget hotels” pie in China is growing too, so all the players will benefit. I am curious to learn more about this as I’m coming back to China very soon.

On the other hand, it’s far more difficult to enter into the medical device business where Mindray is in, that’s one thing I liked about this business.

Last but not least, Starbucks will raise the price of its beverage by 9 cents starting next week.

Categories
China Stocks

Mindray MR update

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(Update July 19) CNNMoney has an article about Mindray (the original article was on IBD).

(Original) The annual report is out. You can get it from its IR Home. From first glance, it’s looking sharp (I mean, the graphic design).

Second quarter results will be announced on August 6 after US market close (8 AM August 7 Beijing Time). Dial-in details for the earnings conference call are as follows:

Hong Kong: +852-3002-1672
US Toll Free: +1-800-901-5213
International: +1-617-786-2962
Passcode for all regions: Mindray

Stock is on sale today, so I went ahead and added a little more.

BTW, CnAnalyst has a nice table listing many US traded Chinese ADRs’ earning date.

Categories
China Stocks

FFHL Case Study: risks of investing in China

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(Update June 25) Fuwei has a news release regarding this today.

(Update June 19) The stock (FFHL) got a big lift (18%) today. Major’s rule No. 2: stock moves when Major mentions it at stlplace, e.g., EDU (mentioned in June 9) and FFHL. Some speculative Chinese stocks got big move too, e.g. EFUT is up 30% today.

Seriously I am not saying Fuwei is a bad company. Its previous owner got big problems though. Do your own research before jumping in.

(Original June 18) I’ve paid attention to Fuwei Film Holding Limited (FFHL) since its IPO, as you may notice I’ve mentioned it couple times in my blog. Obviously things have take a turn lately, if you checked its stock price. I did not follow all the details until read this Chinese news. Let me summarize it because the aricle is in Chinese and it’s a bit long. In simple words: the owners and founders of Fuwei are suspected in “transfer state owned assets to personal pockets” through a bunch of “financial engineering activities”; they are under “Shuang Gui” (arrest in a better name) right now.

Categories
China Stocks

Mindray Gaining Momentum in US

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Yesterday they did a presentation at Goldman Sachs 28th Annual conference (no web cast). Today they announced two new products getting FDA approval. The following picture is BC-3200, a hematology analyzer.

Categories
China Stocks

Why I think MR is better than HMIN?

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HMIN looked cheap these days, should we jump in and buy it? I have both MR and HMIN, and as a matter of fact, I bought some more HMIN after its disappointing earning report. My mistake. You may think because HMIN has been to $49, and now it’s trading $29.50, isn’t a big discount? Yes or No. I hope HMIN won’t go much lower because it is my largest holding now (I’m looking for opportunities to exit).

MR NYSE mindray IPO

Categories
China Stocks

Mixed Bag from Mindray First Quarter

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This is the report. From the Conference call, it appears they made a mistake on the announcement, I believe there was a typo on the first bullet (should be 40% rather than 24.7% YoY if exclude the large bid in 2006)

My comments on the results:  

Categories
Stocks

Mindray, Home Inns to Report Earnings

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Mindray (meeting announcement): 8:00 PM on May 14, 2007 U.S. Eastern Time (8:00 AM on May 15, 2007 Beijing/Hong Kong Time). Dial-in details for the earnings conference call are as follows:

     Hong Kong:     +852-3002-1672
     US Toll Free:  +1-866-271-6130
     International: +1-617-213-8894
     Passcode for all regions: Mindray

Home Inns (meeting announcement): 9 PM on May 21st, 2007 U.S. Eastern Standard Time (9 AM on May 22nd, 2007 Beijing/Hong Kong time). Dial-in details for the earnings conference call are as follows:

     China Mainland (toll free):  10.800.130.0399
     Hong Kong:                   +852.3002.1672
     U.S. and International:      +1.617.213.8893

     Pass code for all regions:   HOME INNS