Mindray Medical (MR) Profit Jumps

Stock of the Day – Update
Mindray Medical International Ltd.
Tuesday’s Closing Price: MR – $26.77

The company reported better than expected earnings late Monday and blasted 7.34% higher yesterday on the strongest positive volume since its debut as an IPO last fall.

I owned shares in the company back in February of this year but sold when the stock struggled to make and then maintain new highs. Its Chinese counterpart, EDU, was performing better so I turned my attention in that direction.

Original Blog Articles for MR:
China’s Mindray Medical Intl. (MR)
Mr. Mindray on the Move

The stock never lost much ground but it wasn’t gaining any either, until yesterday. I wouldn’t get too excited unless the stock can blast into new high territory as noted on the weekly chart.

What interests me most are the most recent institutional numbers. Compare the numbers I found back in February to the numbers being published today. Somebody is accumulating the stock and this was my reason to buy in the first place. With the numbers stronger today, I wonder if the stock can make the move I expected earlier in the year.

Institutional Analysis:
Money Market: 60 (from 21)
Mutual Fund: 57 (from 75)
Other: 2 (from 4)

Shares Held: 29.7 mil (from 7.0 mil last period)
Shares Bought Last Period: 25.7 mil (from 6.4 million)
Shares Sold Last Period: 3.0 mil (from 0.2 million)

Value of Shares Bought: $598.8 mil (from $156.4 million)
Value of Shares Sold: $70.7 mil (from $4.9 million)

Top Institutional Holders; shares held:
Goldman Sachs Group Inc.; 9,106,788
Emerging Markets Management LLC; 2,542,100
FMR Corporation (Fidelity Management & Research Corp); 2,536,700
Fidelity International Ltd (Bermuda); 2,255,050
Marvin & Palmer Associates, Inc.; 1,440,100

By Katherine Hunt
SAN FRANCISCO (MarketWatch)
Mindray Medical International Ltd. (MR) late Monday reported first-quarter net earnings of 122.4 million yuan ($15.8 million), or 1.09 yuan (14 cents) a share, up from 68.4 million yuan ($8.9 million) or 0.80 yuan (10 cents) a share, during the year-ago period. Pro forma earnings were 139.6 million yuan ($18.1 million), or 1.25 yuan (16 cents) a share. Net revenue for the three months ended March 31 rose to 422.4 million yuan from 318.3 million yuan, the Chinese medical device company said. Additionally, Mindray said it now expects 2007 net revenue to range from 2.12 billion yuan to 2.17 billion yuan, up from the previous range of 2.12 billion yuan to 2.15 billion yuan. Pro forma earnings for the year are now expected to be between 585 million yuan and 600 million yuan. The previous estimate was for earnings to range from 570 million yuan to 585 million yuan

My Rating: Accumulate Shares