Sunday, October 31, 2004

Weekend Spotlight on SRAY SP

The story: Guangdong based medical apparatus, obsterics and gynecology system manufacturer.

P/E -> 5.6 [Price: $0.215; IPO: $0.32 on Nov 03];
Current ratio -> 10.32;
Quick ratio -> 9.2;
Operating margin -> 42.5%;
Div Yield -> 3%;
Stage in Business Cycle -> Growth;
Standards Certification -> ISO9001, ISO13485 and EN46001 [CE: Conform to EU stds];
Future Growth -> Targeting emerging countries of SE Asia and South America;
Auditor -> Ernest & Young.

Future growth plans unclear;
Free replacement of equipment if it breaks down during course of normal use;
Immediate repeated sale of equipment unlikely after customers' purchase;
Technology risk - Need constant R&D to keep ahead;



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