CIMB in a Feb 9 research report says: "3Q12 core earnings were in-line with consensus and made up 28% of our previous FY2012 forecast, with 9M12 at 86%.
"3QFY12 revenue, including licensing and royalties came in at US$85 million (+99% y-o-y), anchored by the interventional cardiology segment, driven by increase in DES sales, coupled with the consolidation of JWMS’s results. Despite the change of product and margin mix, gross margins came in at 77.6% for the quarter, comparable to the 77.7% in 3QFY11.
"Management has suggested that provincial tenders in China will likely happen this year. We bump up our FY2012 forecast by 4% to reflect this. We up our FY2011 estimate while maintaining our SOTP target price of $1.98. OUTPERFORM."
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