20170212-三星证券-Samsung_Healthcare_Weekly_16页_987kb

报告摘要

Sector Update Summary

Analyst Team

Brian Lee - Team Head (Pharm/Biotech)
- Email: brian79.lee@samsung.com
- Phone: 822 2020 7177
SunYoung Yoon - Analyst (Pharm/Biotech)
- Email: sy85.yoon@samsung.com
- Phone: 822 2020 7840
Kevin Kim - Analyst (Medical devices)
- Email: kevin88.kim@samsung.com
- Phone: 822 2020 7178
Wonyong Park - Research Associate
- Email: wkrw.park@samsung.com
- Phone: 822 2020 7847

Compliance Notice

This report is prepared without undue external influence and accurately reflects the views of the analysts.

Global Healthcare Indices Overview

Country	Index	Forward P/E (x)	Portion of market cap (%)	1-w (%)	1-m (%)	3-m (%)	ytd (%)
Korea	KRX Health Care	34.3	5.0	0.3	(3.8)	(8.7)	(5.2)
Korea	Kospi Medical Supplies	42.8	2.2	(1.1)	(1.8)	(3.5)	(3.1)
Korea	Kosdaq Pharmaceuticals	26.8	2.2	0.8	(3.4)	(6.7)	(4.7)
Korea	Kosdaq Medical and Precision Machines	17.6	0.5	(1.0)	(4.8)	(6.3)	(3.5)
US	S&P 500 Healthcare	15.3	8.2	0.5	1.2	1.9	4.1
US	S&P 500 Pharma/Biotech	14.6	5.0	0.6	0.9	(0.6)	2.9
US	Nasdaq Biotechnology	37.3	2.4	0.4	1.5	(1.2)	7.3
US	S&P 500 Healthcare equipment and services	16.6	3.2	0.2	1.8	6.2	6.0
Europe	MSCI Europe Healthcare	15.8	11.4	3.4	2.5	6.7	3.0
Europe	MSCI Europe Pharm/Bio	15.3	9.9	3.8	2.5	6.5	3.3
Europe	MSCI Europe Healthcare Equipment and Services	21.1	1.5	0.5	2.3	8.4	0.4
Japan	MSCI Japan Healthcare	25.5	7.3	2.5	(0.5)	6.2	1.1
Japan	MSCI Japan Pharm/Bio	25.3	5.3	3.2	0.3	4.6	2.1
Japan	Topix Pharma	25.0	4.8	3.1	0.1	4.7	1.9
Japan	MSCI Japan Healthcare Equipment and Services	26.0	1.9	0.9	(2.4)	10.1	(1.2)
China	MSCI China Healthcare	18.1	1.6	2.4	6.1	9.0	10.9
India	MSCI India Healthcare	24.3	7.5	(1.1)	0.0	(4.0)	1.8

Key Performance Insights

The KRX Health Care index has a Forward P/E of 34.3 and represents 5.0% of the market cap.
The Kospi Medical Supplies index has a Forward P/E of 42.8 and represents 2.2% of the market cap.
The Kosdaq Pharmaceuticals index has a Forward P/E of 26.8 and represents 2.2% of the market cap.
The Kosdaq Medical and Precision Machines index has a Forward P/E of 17.6 and represents 0.5% of the market cap.
In the US, the S&P 500 Healthcare index has a Forward P/E of 15.3 and represents 8.2% of the market cap.
The Nasdaq Biotechnology index has a Forward P/E of 37.3 and represents 2.4% of the market cap.

Major Korean Healthcare Firms Performance

Category	Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2015	P/E (x) 2016E	P/B (x) 2015	P/B (x) 2016E	1-w (%)	1-m (%)	3-m (%)	ytd (%)
Pharmaceutical holdings	Hanmi Science	008930	3,655	62,700	41.3	n/a	12.3	n/a	6.6	11.4	(27.9)	2.6
Pharmaceutical holdings	Green Cross Holdings	005250	1,114	22,450	30.7	n/a	2.8	n/a	3.0	(2.0)	(5.3)	(5.7)
Pharmaceuticals	Donga Socio Holdings	000640	756	125,000	16.9	5.5	1.3	1.4	(1.2)	(16.7)	(19.9)	(20.1)
Pharmaceuticals	Daewoong	003090	552	47,500	17.0	52.6	2.0	1.0	6.9	7.2	(6.3)	7.8
Pharmaceuticals	JW Holdings	096760	467	7,610	4072.0	n/a	n/a	n/a	1.1	(9.4)	(18.7)	(14.3)
Pharmaceuticals	Chongkundang Holdings	001630	297	59,300	30.4	48.6	1.4	1.7	0.0	(8.6)	(12.4)	(13.9)

Global Healthcare Firms Performance

Sector	Company	Currency	Market Cap (USDm)	Share Price (local)	P/E (x) 2015	P/E (x) 2016E	P/B (x) 2015	P/B (x) 2016E	1-w (%)	1-m (%)	3-m (%)
US Biotech	Amgen	USD	124,897	168	17.7	14.5	4.4	4.2	0.2	8.1	12.6
US Biotech	Celgene	USD	89,941	116	53.6	19.5	15.9	12.2	(0.0)	(1.3)	(3.2)
US Biotech	Gilead Sciences	USD	86,932	66	8.5	5.8	7.8	4.8	(8.3)	(9.5)	(13.2)
US Biotech	Allergan	USD	82,427	246	18.4	1.7	1.2	1.2	6.7	13.9	18.7
US Biotech	Abbott	USD	73,778	43	23.6	19.4	3.1	3.0	(0.1)	5.0	6.5
US Biotech	Biogen Idec	USD	59,335	59	1309.4	n/a	8.0	n/a	1.7	(10.4)	(11.2)

Summary of Key Insights

Forward P/E is a key valuation metric used to assess the relative value of companies in the healthcare sector.
Market Cap Portion indicates the weight of each sector within the overall market.
Performance Metrics include weekly, monthly, quarterly, and year-to-date changes, showing the relative movement of share prices.
P/B (Price-to-Book) is another important metric to evaluate the valuation of companies, especially for those with significant tangible assets.
The Kosdaq Medical and Precision Machines index has the lowest Forward P/E among Korean indices, indicating potential undervaluation.
Samsung Biologics is excluded from several indices, suggesting it's a separate entity within the Pharm/Biotech sector.
US Biotech firms like Amgen and Celgene show mixed performance with varying P/E and P/B ratios.
Global Healthcare Equipment and Services indices show a range of performance, with MSCI Europe Healthcare Equipment and Services performing well in the long term.

This summary provides a snapshot of the performance and valuation metrics across various healthcare indices and major firms in the Korean and global markets, highlighting key trends and insights for investors and analysts.

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