This is only the third day of its landing on the GEM. As the domestic medical device field leader, its debut on the market more or less disappointing, short-term market performance is lower than the expectations of many investors.
Stop 100 billion market value
18 morning, Myriad Medical to stop the price of the opening, followed by a sharp drop, the maximum drop was more than 4%. 9:35 after the Myriad Medical pulling up red, the market value of the market value of once touched the 100 billion high, and then shocked back down to the closing price of 80.97 yuan, up 4.75%, the market value of the Regrettably lost 100 billion yuan mark.
The opening of the Myriad Healthcare board, caused a huge amount of money game.
Founded in 1991, Myriad Medical is a medical device and solution provider, with revenues consisting mainly of life information and support products, in vitro diagnostic products, medical imaging products, and other products.
The listing of Myriad Medical creates the record of the largest IPO ever on GEM. From the announcement of the results of the issue, the total amount raised by Myriad Medical reached 5.93 billion yuan, of which 5.322 billion yuan was subscribed by online investors, 592 million yuan was subscribed by offline investors, and 19,255,100 yuan was underwritten by the joint lead underwriters. According to the Myriad Healthcare prospectus, Myriad Healthcare will pay the sponsor and joint lead underwriters Huatai United Securities and BOC International Securities total listing and offering expenses of 180 million yuan, the remaining 5.75 billion yuan will be used for the expansion of the bright production base, such as seven projects.
"Born out of time" of the new economy leader
As a medical device company founded 27 years ago, Myriad Medical had a 10-year overseas listing experience. 2016, Myriad Medical chose to privatize and delist from the U.S. stock market to start planning to land on the The domestic capital market, and the same period of privatization together with the return of the Chinese stocks and three six zero.
With the three six zero last June after the shell listing of 18 consecutive harvest stops "stunning" performance, compared to more than a year after the debut of the Myriad Medical listing more than a "bad timing" meaning.
However, although three six zero last year after the listing of the market value of a record high, but since this year, along with the shock of the market retracement, the market value of three six zero from the highest point has fallen close to 7%.
In addition to the three-six-zero, the first half of this year, listed on the new economy leader WuXi Kande, Industrial Fortune, Ningde Times, also in the market context of the depth of the retracement. The current market capitalization of WuXi Kande has retraced 45% from its highest point, while Industrial Fortune has retraced 56% and Ningde Times has retraced 26%.
Northeast Securities research director Fu Lichun pointed out that the Myriad Medical earlier than expected to open the board, and the current market conditions have a greater relationship. The current market risk aversion is strong, the new stock speculation mood has been significantly cooled. In addition, from the point of view of the company's own qualifications, Myriad Medical belongs to the new economy class of enterprises, although there is room for growth and imagination, but the certainty is not as strong as some of the stable assets, in the current node, the market for the company's fundamentals and valuation of the matching degree of the requirements of a more stringent and demanding.
Leader effect to be highlighted
Statistics show that since this year, the medical device index as a whole has shown a substantial decline, as of the close of business on October 18, from the highest point in May this year, 2,261 points has been reduced to 1,428 points, a cumulative decline of 37%.
From the current 78 stocks included in the medical device index, excluding the three stocks with negative P/E ratios, the P/E ratios are between 10 and 138 times, with a median value of 31 times. Myriad Healthcare's current rolling P/E ratio is 38 times, near the mid-range level.
From the point of view of revenue, net profit and R & D investment indicators, Myriad Medical is in a leading position in the A-share medical device sector.
From the performance indicators, in the first half of this year, Myriad Medical operating income of 6.808 billion yuan, an increase of 24.35% over the same period last year; net profit attributable to shareholders of the parent company of 1.872 billion yuan, an increase of 55.25% over the same period last year. Net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses of 1.842 billion yuan, an increase of 50.48% over the same period last year. Compared with A-share Shenwan medical device peer companies, the advantage is obvious.
In addition to leading financial indicators, Myriad Medical has invested more than its peers in R&D expenses in recent years.
The prospectus shows that in the past three years, the R & D expenses of Myriad Medical were 988 million yuan, 990 million yuan and 1.018 billion yuan, accounting for 12.33%, 10.96% and 9.11% of operating income. And in the A-share listed companies in the same industry, last year's R & D spending on the highest five companies for the Lepu Medical, open medical, Ribon Instruments, UW Genetics and Xinhua Medical, five companies total R & D spending sum of 990 million yuan.
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(Source: China Securities Journal)