Value Added Technology (Vatech) enjoyed a better-than-expected 15.4% y-y hike insales at its dental imaging business in 2Q. The unit’s exports rose 22% y-y for asecond straight quarter, backed by strong CBCT exports amid growing globaldemand for implant procedures.    The company’s dental imaging operating profit growth for 2017 should top that ofthe average of global peers, but the stock is trading the lowest among Korea’smedical device players at just 15.8x 2017 P/E. We maintain BUY for the firm’s solidfundamentals, CBCT export momentum, and valuation merit.

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