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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| China Medical | LSE:CMSH | London | Ordinary Share | KYG211081164 | ORD USD0.005 (DI) |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 52.00 | GBX |
China Medical (CMSH) Share Charts1 Year China Medical Chart |
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1 Month China Medical Chart |
Intraday China Medical Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 27/9/2010 | 12:01 | China Medical System Holdings (CMSH) - zulu stock in the making | 93 |
| 12/7/2010 | 14:12 | China Medical System Holdings - CMSH | 297 |
| 03/2/2010 | 11:16 | China Medical System Holdings Ltd-Adjusting focus | - |
| 08/6/2009 | 15:49 | China Medical Systems Holdings Ltd | 54 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
|---|
Posted at 17/9/2010 00:49 by penpont Some quite interesting stuff here:China Medical System aims to raise $129 million from Hong Kong IPO By Lillian Liu | 10 September 2010 The pharmaceutical services company fights for investor attention along with 10 other Chinese companies that plan to launch small to mid-size share sales in Hong Kong or the US this month. China Medical System Holdings, a Chinese pharmaceutical services company, is looking to raise up to HK$1 billion ($129 million) from a Hong Kong initial public offering to fund its business expansion. The company is joining more than 10 other Chinese companies with plans to launch small to mid-size new share sales in the Hong Kong or US equity markets this month, suggesting there will be a fight for investor appetite for mid-cap Chinese enterprises. The competition will be even tougher thanks to bigger names such as AIA Group and Xinjiang Goldwind, which are expected to resume the IPOs that they called off earlier in the year. The pan-Asian insurer halted its plans for a share sale when it became the subject of a takeover bid from Prudential. However, the bid eventually failed, depriving its owners of much-needed capital from a potential acquisition. Goldwind postponed its earlier offering due to the poor market condition at the time. Given China Medical's unique business model -- it makes very few products itself, but engages in marketing and promotion of prescription drugs in China -- investors will need to expand their research beyond the company to get the full picture of how China's drug market works. "People tend to mix it up with Sinopharm (a Chinese drug distributor). But [these two companies] operate in different parts of the chain. The margin for the marketing and promotion companies is significantly higher [than for the distribution companies] because they make profits from charging pharmaceutical companies," said a source. Shenzhen-based China Medical is offering 17.8% of the company, or 200 million shares, at between HK$3.6 and HK$5.06 apiece. That means the company could raise between HK$720 million and HK$1.01 billion. The deal comes with a 15% greenshoe option which, if fully exercised, would allow the company to raise HK$828 million to HK$1.16 billion by selling an additional 30 million shares. The base deal is made up of 170 million primary shares and 30 million secondary shares. The indicated price range translates to 12.5 times to 17.6 times projected earnings for 2011, according to sources. The company started bookbuilding yesterday. The final price will be fixed on September 20 (US time) and the trading debut on the Hong Kong exchange is scheduled for September 28. UBS is managing the transaction. Founded in 1995, China Medical helps promote and raise awareness of pharmaceutical products among physicians; it offers pharmaceutical companies that lack the capability to commercialise or promote their products on their own, a way to efficiently bring these products to market. With a market share of 18% in 2009, China Medical is the largest pharmaceutical services company focusing on marketing, promotion and sale of prescription drugs in China, according to its preliminary IPO prospectus. The company made a profit of $60.9 million last year and $37.2 million in the first six months in 2010. It plans to use the proceeds to increase its marketing and promotion network. Another medical player, Shanghai-based MicroPort Scientific, which makes equipment for keyhole surgery, is said to be seeking about $130 million from a Hong Kong IPO this month. Credit Suisse and Piper Jaffray are managing that sale. Last September, Sinopharm Group, the largest distributor of pharmaceutical products in China, raised $1.13 billion in a popular Hong Kong IPO, which received massive demand from both institutions and retail investors. Sinopharm sold 545.67 million new H-shares representing 25% of the company. Strong demand enabled it to fix the price at the top of the HK$12.25 to HK$16 range, valuing the company at 25.5 times its projected earnings for 2010. The stock closed at HK$31 yesterday -- 93.7% above its IPO price. Copyright © 2010 Haymarket Media. All rights reserved. This material may not be published, broadcast, rewritten or redistributed in any form without prior authorisation. Your use of this website constitutes acceptance of Haymarket Media's Privacy Policy and Terms & Conditions. |
Posted at 10/9/2010 14:02 by 2ngawang Sold my UK holding due to lowly priced HK IPO. Probably CMSH wants to ensure a successful debut and had therefore lowered its current share price relative to NAV to achieve and appease HK-ers and to raise funds but it's at a detriment to UK faithfuls.Can buy back in HK. |
Posted at 09/9/2010 16:47 by standtall DJ China Medical Sys. Response to press speculation TIDMCMSH RNS Number : 4560S China Medical System Holdings Ltd 09 September 2010 +------------------- | For Immediate release | 9 September 2010 | +------------------- NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATION. China Medical System Holdings Ltd ("CMS" or "the Company") Response to press speculation The Board of China Medical System Holdings Limited (AIM: CMSH) notes the recent press speculation regarding a possible fundraising and confirms that it is conducting a roadshow to certain institutional investors in connection with its proposed listing of the Company's shares on the main board of The Hong Kong Stock Exchange Limited (the "Proposed Listing"). Any offer will be subject to investor demand and market conditions and there is no guarantee that it will proceed. At the EGM, shareholders approved resolutions relating to, among others, cancellation of the admission of the shares of the Company to trading on AIM (the "Delisting") conditional upon the Proposed Listing occurring and on the same day as the date of the Proposed Listing. The resolution approving the Delisting allows the Delisting to occur within a three month period from 20 August to 19 November 2010.It is currently expected that the Proposed Listing will occur on 28 September 2010 (Tuesday). Should there be a change in the expected date of the Proposed Listing and the date of the Delisting, the Company will make an announcement regarding such change as soon as practicable and in any event not later than ten clear business days in advance of the final date of Delisting. For further information, please contact: +------------------- | China Medical System Holdings Ltd | + (852) 2369 3889 | +------------------- | Vincent Hui | | +------------------- | Seymour Pierce Limited (Nominated | + 44 (0)20 | | Adviser) | 7107 8344 | +------------------- | Chris Howard / Catherine Leftley | | +------------------- The information contained in this document is not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or from in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). These materials do not contain, constitute or form part of an offer to sell or the solicitation of an offer to purchase securities in the United States or in any other jurisdiction. The securities referred to herein (the "Securities") have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration under the Securities Act except pursuant to an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offer of the Securities in the United States or in the United Kingdom. This notice does not constitute an offer to subscribe for any securities of the Company. Any investment decision in relation to securities offered pursuant to the Proposed Listing should be taken solely in reliance on the information provided in any applicable offer document the Company may issue. Notes for editors China Medical System Holdings Limited China Medical System Holdings Limited is listed on the Alternative Investment Market (AIM) of the London Stock Exchange with the ticker symbol "CMSH". For further information, please visit www.chinamedicalsyst CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND ESTIMATES This announcement contains certain forward-looking statements and estimates with respect to the financial condition, results of operations and business of the Group and certain plans and objectives of the Board of the Company with respect thereto. These forward-looking statements and estimates can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', 'will', 'may', 'should', 'would', 'could' or other words of similar meaning. These statements are based on estimates, assumptions and assessments made by the Board in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe appropriate. By their nature, forward-looking statements and estimates involve risk and uncertainty, because they relate to events and depend on circumstances that will or may occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements or estimates. Although the Group and the persons who have accepted responsibility for the information contained in this announcement believe that the expectations reflected in their respective forward-looking statements or estimates are reasonable, they can give no assurance that such expectations will prove to have been correct and the Group and the persons who have accepted responsibility for the information contained in this announcement therefore caution you not to place undue reliance on these forward-looking statements or estimates which speak only as at the date of this announcement. OVERSEAS JURISDICTIONS The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Such persons (including, without limitation, nominees, trustees and custodians) should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions. This information is provided by RNS The company news service from the London Stock Exchange SPCDMGGLKLZGGZM (END) Dow Jones Newswires 09-09-10 1544GMT |
Posted at 29/7/2010 10:02 by dasv excerpt from Jan 10 research in penpont's research link ("If we compare the position of the basket of companies included in our May note now an then we can see that P/E multiples have more doubled from 9.7 to 22.8 and y-o-y returns have turned from double digit negative percentage (almost all of them) to triple positive percentage figures in most cases (see Table 1). CMS currently trades at 24.9x P/E (Bloomberg consensus) which is in line with the average P/E ratio of the companies included in our basket. However, the excellent track record, posting y-o-y high margins well above the competitors and dividend levels are all key differentiating elements on top of solid fundamentals. The Company remains well funded with strong cash flow generation that allows them to continue to grow the business without disruption. Valuation The share price has clearly had a tremendous run which, as we have outlined, is unlikely to reverse sharply as a potential HK listing creates buying interest from a new investor base. However, the second listing is still to be achieved and it is always wise to keep track on fundamentals and ratings. This exercise does still provide reassurance that the quality and growth projections of this business strongly underpin the current AIM share price: - our historic preferred methodology of a DCF incorporating UK risk free rates gives up a fair value of 420p / share on current currency and yield levels. - Hong Kong has never issued long term government bonds but its currency is of course pegged to the US$. Rerunning the calculation with American risk free rates gives a fair value of 602p / share." divide by 20 and 30p is fair value as per Jan 10 when this was written however results after this exceeded expectations so I would argue fair value is well in excess of 30p. |
Posted at 28/7/2010 12:08 by penpont I just had a look back at a couple of Equity Dev notes - available here if you register:Although they didn't cover the recent full year results, they do offer some comparative data in the 2009 interim note, suggesting the av PE of similar Chinese medical Cos is 22.8. Assuming that CMSH earns around 2p this year (previous growth suggests to me that is possible) that would indicate a price of around 45p. The volatility in Chinese stocks with HK listing intentions has unfortunately turned out to be pretty ludicrous, leaving small cos like CMSH looking like pure gambling counters. I seem to remember something similar with ACHL and of course WCC has had its ups and downs too. I had always thought that of the Chinese Cos I owned shares in, this was the better in terms of overall quality of earnings and I'm still hopeful that post HK that will demonstrate itself in the share price. An interim TS would perhaps help settle things meantime though. |
Posted at 28/7/2010 11:35 by dasv Of course the fundamentals of the share are being forgotten, as is the fact that price discovery post HK listing should be supportive of the share price on the basis of these fundamentals (divi, strong EPS growth, balance sheet, good management etc.). However for now the share price will be driven by the technicality of the transfer of the listing to HK. And it looks like PIs are driving the price rather than instis - judging by the volume traded. |
Posted at 27/7/2010 13:29 by longsight £30,000 worth of shares sold - & share price down 21%! Lucky that £60k wasn't sold - share price wd be down 42%? Crazzzzy!!Where I always struggle with this Co is valuing it. It is soo illiquid. Also it is really a tiddler in the context of PRC - so will it fall below the radar in HK? Certainly, the medical distribution story in PRC is hot - but how do you value this share? [Means I've watched from the sidelines & missed out on the spectacular share price run over the last 2 years] |
Posted at 06/4/2010 10:03 by boadicea Surprising lack of interest here for one of the better performing China stocks. The recent pull-back is no worse than one would expect after its large rise during 2009.The results are very good again (pity that the formatting makes them difficult to follow easily) - Financial Highlights: (currency US$) * Sales up 32.9% to $96.5M (2008: $72.6M) * Gross Profit up 35.9% to $60.9M (2008: $44.8M) * Net Profit up 38.4% to $20.8 million (2008: $15 .0 million) * Basic EPS and Diluted EPS up 38.3% and 37.7% to $0.437 and $0.435 respectively (2008: $0.316 for both) * Total dividend per share for the year up 33.3%, to $0.20 per share (2008: $0.15 per share) Operational Highlights * Exceptional sales increase of our in-licensed products: Deanxit $44.5M 21.1% increase (2008:$36.7M) Ursofalk $28.3M 34.4% increase (2008:$21.1M) Stulln $6.1M39.9% increase (2008:$4.4M) GanFuLe $4.8M22.3% increase (2008:$3.9M) XinHuoSu $7.3M 155.5% increase (2008:$2.8M) Salofalk $1.8M 1,271.4% increase (2008: $0.1M) Cystistat $0.5M680.3% increase (2008:$0.1M) [end quote] This puts the shares on a historic p/e of about 16. Currency movements are trending in its favour for both product sourcing and profit conversion to sterling. However, there are many China companies with good prospects trading on mid single figure multiples so the share price looks quite high enough for the moment - imho. I sold my final tranche shortly after the trading/research split and buy-back as I reckoned the share price was getting too far ahead of events but have continued to follow its fortunes at a distance. I have no reason the think the company will not continue to expand vigorously with the share price following it. However, I feel there are opportunities for more immediate upward re-ratings elsewhere in the China segment. |
Posted at 13/3/2010 13:04 by azalea There are some interesting similarities between CMSH and HCM that might be worth highlighting. Both, are Aim listed China based companies in the pharmaceutical sector, HCM(51.3m shares)is focused on traditional Chinese medicines, whilst CMSH(47.4m)is focused on modern medicines. Both have very large percentage of shares held by a small number of investors.Both have seen their share price double in the last 6 months.HCM full year figures were announced on the 4/3, which despite showing a number of very significant improvements across the board, still resulted in a ptx loss of $5.01m. Nevertheless, the share price has since risen 25% ( 200 to 250p) with the IC(12/3) giving a buy recc. CMSH(2009 Interims -T/O, Ptx and Eps, well up on 2008) reports FY results in April with a consensus forecast of an increase 50% over 2008 and in 2010 a circa 30% on 2009. CMSH is a Forbes 100 top 100 Enterprise company with most potential in 2009. With 700 full time staff, covering 5,400 hospitals in 280 cities, it is aiming to become the largest pharmaceutical sales and marketing service provider in China and has begun to recruit 300 graduate trainees. Against this background and assuming a fair comparison with HCM, CMSH should see its share price increase conservatively by 25% on/after FY results. DYOR. |
Posted at 10/3/2010 10:20 by azalea A small but steady tick up every day this week, with 1.3bn potential customers, a trading update forecasting a y-o-y growth of circa 32% and the possibility of a H.K listing being reaffirmed in the FY results next month, CMSH share price could at least regain its previous heights going forward. DYOR |
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