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JVC - BUY - A device for healthier portfolios - Initiation

Japan-Vietnam Medical Instrument JSC (JVC) is the leading importer of diagnostic imaging devices in Vietnam, with a 40% market share. The company enjoys a high profit margin as it imports and sells directly a full-line of products. It is also growing its profit-sharing leasing business. Spending on medical devices should grow over 15% annually over the next five years, and we forecast JVC’s earnings will grow 19.2% annually over the next five years. The stock trades at an undemanding PER of 4.3x