20170410-三星证券-Samsung_Healthcare_Weekly_16页_1001kb

报告摘要

Sector Update Summary

Core Content

This document provides an overview of the global healthcare sector, focusing on the performance of various indices and companies in the pharmaceuticals, biotechnology, medical devices, and related fields. It includes data on forward P/E, P/B, market share, and share price changes for both Korean and global firms, with a particular emphasis on the Korean healthcare sector.

Key Analysts

Brian Lee - Team Head (Pharm/Biotech)
SunYoung Yoon - Analyst (Pharm/Biotech)
Kevin Kim - Analyst (Medical Devices)
Wonyong Park - Research Associate

Compliance Notice

The report is prepared without undue external influence and accurately reflects the analysts' views.

Date

2017.4.10

Global Healthcare Indices

Country	Index	Forward P/E (x)	Portion of Market Cap (%)	1-w (%)	1-m (%)	3-m (%)	ytd (%)
Korea	KRX Health Care	34.0	5.0	3.1	2.8	(2.9)	(2.0)
Korea	Kospi Medical Supplies	45.5	2.3	2.9	4.2	4.3	5.8
Korea	Kosdaq Pharmaceuticals	25.2	2.1	2.7	1.4	(5.0)	(4.9)
Korea	Kosdaq Medical and Precision Machines	16.6	0.5	4.0	3.0	(7.1)	(4.6)
US	S&P 500 Healthcare	16.2	8.4	0.0	(1.9)	4.0	7.9
US	S&P 500 Pharma/Biotech	15.6	5.2	(0.1)	(2.4)	2.8	6.6
US	Nasdaq Biotechnology	43.6	2.4	(1.0)	(3.4)	1.4	9.6
US	S&P 500 Healthcare equipment and services	17.3	3.3	0.2	(1.1)	6.1	10.0
Europe	MSCI Europe Healthcare	16.3	11.2	(0.4)	0.5	3.7	5.5
Europe	MSCI Europe Pharm/Bio	15.8	9.7	(0.4)	0.4	3.6	5.9
Europe	MSCI Europe Healthcare Equipment and Services	21.4	1.4	(0.6)	1.2	4.4	2.8
Japan	MSCI Japan Healthcare	23.5	7.4	0.3	(2.8)	(2.9)	(0.2)
Japan	MSCI Japan Pharm/Bio	23.6	5.4	0.5	(3.1)	(3.5)	(0.2)
Japan	Topix Pharma	23.2	4.9	0.4	(3.2)	(3.5)	(0.1)
Japan	MSCI Japan Healthcare Equipment and Services	23.1	2.0	(0.3)	(2.2)	(1.5)	(0.2)
China	MSCI China Healthcare	18.8	1.6	(0.4)	5.0	10.0	14.2
India	MSCI India Healthcare	19.6	7.1	(1.1)	(1.7)	(1.0)	0.1

Korean Healthcare Sector Performance

Major Korean Healthcare Firms (1)

Category	Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Pharmaceutical holdings	Hanmi Science	008930	3,618	58,100	449.3	n/a	5.4	n/a	(0.5)	(4.8)	6.1	1.5	(33.8)
Pharmaceutical holdings	Green Cross Holdings	005250	1,529	31,250	25.0	n/a	1.4	n/a	9.1	17.7	28.6	31.3	0.0
Pharmaceutical holdings	Donga Socio Holdings	000640	847	138,000	5.5	n/a	1.1	n/a	4.6	13.6	(12.1)	(11.8)	(16.4)
Pharmaceutical holdings	Daewoong	003090	662	56,900	25.8	55.6	0.8	n/a	8.8	12.5	24.8	29.2	(0.5)
Pharmaceutical holdings	JW Holdings	096760	526	8,580	n/a	n/a	4.6	n/a	7.5	8.9	(0.8)	(3.4)	(42.2)
Pharmaceutical holdings	Chongkundang Holdings	001630	353	70,500	11.1	n/a	0.9	n/a	3.7	16.5	7.3	2.3	(0.7)
Pharmaceuticals	Hanmi Pharm	128940	3,304	296,000	136.7	128.8	4.8	4.7	(1.0)	(2.5)	8.4	3.6	(28.8)
Pharmaceuticals	Yuhan	000100	2,704	228,500	14.7	19.2	1.4	1.6	2.7	6.0	13.1	14.5	(11.9)
Pharmaceuticals	Green Cross	006280	1,887	161,500	29.1	31.6	1.8	1.8	1.9	8.0	1.6	2.9	(1.5)
Pharmaceuticals	SK Chemicals	006120	1,650	64,900	22.0	13.5	1.0	0.9	0.0	0.3	(3.6)	(3.1)	(4.7)
Pharmaceuticals	Young Jin Pharm	003520	1,602	8,760	372.8	n/a	14.8	n/a	7.2	4.4	(5.3)	(0.7)	(18.5)
Pharmaceuticals	Chong Kun Dang	185750	1,087	115,500	24.0	23.6	2.8	2.8	4.5	5.5	11.6	10.5	(0.4)
Pharmaceuticals	Daewoong Pharm	069620	1,014	87,500	29.5	26.4	1.4	1.7	4.0	6.8	21.4	27.4	(1.1)
Pharmaceuticals	Bukwang Pharmaceutical	003000	969	21,750	74.4	n/a	2.7	n/a	1.9	(3.6)	(12.1)	(17.6)	(29.8)
Pharmaceuticals	JW Pharmaceutical	001060	868	45,050	n/a	119.2	3.6	0.9	0.6	0.9	(14.4)	(14.5)	(26.7)
Pharmaceuticals	Dongsu ST	170900	806	95,500	83.3	43.0	1.5	1.4	1.7	1.6	(6.4)	(9.5)	(11.6)
Pharmaceuticals	Samjin Pharm	005500	477	34,300	16.0	13.4	2.6	2.2	5.7	4.6	(1.3)	(5.4)
Pharmaceuticals	Kwang Dong Pharm	009290	471	8,980	15.9	n/a	2.2	n/a	0.9	2.4	3.8	5.4	(2.4)
Pharmaceuticals	Boryung Pharm	003850	455	51,500	97.6	6.8	2.7	1.7	2.4	0.2	(11.7)	(16.9)	(20.4)
Pharmaceuticals	Daewon Pharmaceutical	003220	407	22,350	17.1	14.6	2.1	2.2	9.6	13.5	19.5	17.4	0.0
Pharmaceuticals	Huons	243070	329	53,200	25.6	12.8	5.3	n/a	4.1	8.0	(13.4)	(16.6)	(18.9)
Pharmaceuticals	Handok	002390	322	25,550	n/a	n/a	1.2	n/a	3.9	5.6	(3.6)	(2.7)	(7.4)
Pharmaceuticals	Whan In Pharm	016580	315	16,950	18.0	17.0	1.1	1.1	7.6	15.7	6.6	6.9	0.0
Pharmaceuticals	Korea United Pharm	033270	315	19,450	15.4	12.9	1.5	1.4	6.0	9.3	4.6	5.1	0.0

APIs

Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Kolon Life Science	102940	1,168	153,400	67.5	n/a	3.4	n/a	21.0	44.3	24.8	30.7	(0.6)
ST Pharm	237690	769	41,600	12.0	11.7	2.7	2.1	2.0	(3.7)	(13.2)	(7.3)	(18.1)
Kyongbo Pharmaceutical	214390	326	13,650	26.3	n/a	2.6	n/a	6.6	7.1	(4.9)	(2.2)	(9.6)
Daebongs	078140	131	11,800	15.7	12.0	2.1	1.7	3.5	(3.6)	(4.4)	(12.3)
Estech Pharma	041910	128	10,900	29.2	n/a	1.6	n/a	6.3	11.0	(0.5)	(2.4)	(18.5)
CKD Bio	063160	123	23,450	13.1	n/a	3.5	n/a	4.7	4.7	(0.2)	(0.4)	(2.7)
Hwail Pharm	061250	105	7,310	18.3	n/a	1.1	n/a	1.5	1.3	(9.6)	(9.9)	(12.5)

Industrial-use Enzymes

Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Amicogen	092040	406	44,550	255.6	n/a	5.0	n/a	9.2	11.2	(0.3)	(0.0)	(16.1)
GenoFocus	187420	171	19,000	111.5	n/a	3.4	n/a	5.0	9.8	(4.5)	(2.3)	(14.8)

Biosimilars

Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Samsung Biologics	207940	11,777	178,000	n/a	n/a	2.5	2.8	2.9	6.0	13.0	17.9	(7.8)
Samsung Biologics	068270	11,031	90,100	73.8	37.5	6.4	4.8	0.0	(10.2)	(14.4)	(16.7)	(16.7)
Binex	053030	438	14,000	n/a	n/a	3.6	n/a	0.4	8.1	(18.6)	(17.4)	(23.9)
Alteogen	196170	184	29,300	n/a	n/a	4.5	n/a	(0.2)	4.6	(9.0)	(10.5)	(20.1)
ISU Abaxis	086890	161	8,150	n/a	78.5	3.7	3.6	0.6	2.8	(2.9)	(3.2)	(10.9)
Chabiotech	085660	673	13,300	38.0	21.0	2.2	1.9	0.4	(2.6)	(4.7)	(4.7)	(10.1)
Medipost	078160	479	61,000	n/a	n/a	2.9	n/a	3.6	12.3	(11.1)	(12.3)	(23.5)
Pharmicell	005690	277	4,750	n/a	n/a	3.2	n/a	3.5	(0.4)	(12.0)	(8.5)	(12.0)
Tego Science	191420	192	51,800	243.7	n/a	7.2	n/a	0.6	10.6	(5.5)	(2.4)	(12.2)
Corestem	166480	175	11,150	n/a	n/a	6.7	n/a	3.5	(0.4)	(12.0)	(5.6)	(15.4)
Anterogen	065660	150	20,100	471.7	187.5	5.2	8.2	0.0	(12.2)	(15.2)	(25.1)
Kangstem Biotech	217730	145	10,200	n/a	n/a	6.4	4.8	3.7	(0.3)	(2.6)	(12.3)
Chabiotech	085660	673	13,300	38.0	21.0	2.2	1.9	0.4	(2.6)	(4.7)	(4.7)	(10.1)
Medipost	078160	479	61,000	n/a	n/a	2.9	n/a	3.6	12.3	(11.1)	(12.3)	(23.5)
Pharmicell	005690	277	4,750	n/a	n/a	3.2	n/a	3.5	(0.4)	(12.0)	(8.5)	(12.0)
Tego Science	191420	192	51,800	243.7	n/a	7.2	n/a	0.6	10.6	(5.5)	(2.4)	(12.2)
Corestem	166480	175	11,150	n/a	n/a	6.7	n/a	3.5	(0.4)	(12.0)	(5.6)	(15.4)
Anterogen	065660	150	20,100	471.7	187.5	5.2	8.2	0.0	(12.2)	(15.2)	(25.1)
Kangstem Biotech	217730	145	10,200	n/a	n/a	6.4	4.8	3.7	(0.3)	(2.6)	(12.3)
Chabiotech	085660	673	13,300	38.0	21.0	2.2	1.9	0.4	(2.6)	(4.7)	(4.7)	(10.1)
Medipost	078160	479	61,000	n/a	n/a	2.9	n/a	3.6	12.3	(11.1)	(12.3)	(23.5)
Pharmicell	005690	277	4,750	n/a	n/a	3.2	n/a	3.5	(0.4)	(12.0)	(8.5)	(12.0)
Tego Science	191420	192	51,800	243.7	n/a	7.2	n/a	0.6	10.6	(5.5)	(2.4)	(12.2)
Corestem	166480	175	11,150	n/a	n/a	6.7	n/a	3.5	(0.4)	(12.0)	(5.6)	(15.4)
Anterogen	065660	150	20,100	471.7	187.5	5.2	8.2	0.0	(12.2)	(15.2)	(25.1)
Kangstem Biotech	217730	145	10,200	n/a	n/a	6.4	4.8	3.7	(0.3)	(2.6)	(12.3)
Chabiotech	085660	673	13,300	38.0	21.0	2.2	1.9	0.4	(2.6)	(4.7)	(4.7)	(10.1)
Medipost	078160	479	61,000	n/a	n/a	2.9	n/a	3.6	12.3	(11.1)	(12.3)	(23.5)
Pharmicell	005690	277	4,750	n/a	n/a	3.2	n/a	3.5	(0.4)	(12.0)	(8.5)	(12.0)
Tego Science	191420	192	51,800	243.7	n/a	7.2	n/a	0.6	10.6	(5.5)	(2.4)	(12.2)
Corestem	166480	175	11,150	n/a	n/a	6.7	n/a	3.5	(0.4)	(12.0)	(5.6)	(15.4)
Anterogen	065660	150	20,100	471.7	187.5	5.2	8.2	0.0	(12.2)	(15.2)	(25.1)
Kangstem Biotech	217730	145	10,200	n/a	n/a	6.4	4.8	3.7	(0.3)	(2.6)	(12.3)
Chabiotech	085660	673	13,300	38.0	21.0	2.2	1.9	0.4	(2.6)	(4.7)	(4.7)	(10.1)
Medipost	078160	479	61,000	n/a	n/a	2.9	n/a	3.6	12.3	(11.1)	(12.3)	(23.5)
Pharmicell	005690	277	4,750	n/a	n/a	3.2	n/a	3.5	(0.4)	(12.0)	(8.5)	(12.0)
Tego Science	191420	192	51,800	243.7	n/a	7.2	n/a	0.6	10.6	(5.5)	(2.4)	(12.2)
Corestem	166480	175	11,150	n/a	n/a	6.7	n/a	3.5	(0.4)	(12.0)	(5.6)	(15.4)
Anterogen	065660	150	20,100	471.7	187.5	5.2	8.2	0.0	(12.2)	(15.2)	(25.1)
Kangstem Biotech	217730	145	10,200	n/a	n/a	6.4	4.8	3.7	(0.3)	(2.6)	(12.3)

Immune Cell Therapy

Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Green Cross Cell	031390	346	29,550	n/a	288.0	8.1	8.7	3.3	10.5	10.9	8.6	(7.5)
JW Shinyak	067290	312	7,990	n/a	n/a	8.2	n/a	8.3	12.1	0.6	(1.8)	(12.6)
Green Cross Lab Cell	144510	279	26,400	102.9	n/a	5.5	n/a	3.9	1.5	2.9	5.8	(9.0)
Seegene	096530	892	34,000	128.7	86.7	6.4	5.8	3.3	1.3	(7.1)	(2.7)	(7.1)
Panagene	046210	203	6,370	n/a	n/a	9.6	n/a	7.1	(3.9)	(5.5)	(6.6)	(13.9)
MG MED	180400	98	41,500	n/a	n/a	3.7	n/a	7.5	19.1	(8.1)	(10.9)	(22.6)
Bioneer	064550	87	5,370	n/a	n/a	4.6	n/a	8.2	(1.5)	(30.0)	(27.1)	(39.6)

Diagnostics

Company	Ticker	Market Cap (KRWb)	Share Price (KRW)	P/E (x) 2016	P/E (x) 2017E	P/B (x) 2016	P/B (x) 2017E	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Boditech Med	206640	452	19,400	34.6	25.7	6.3	5.1	6.7	7.5	7.1	(1.9)	(3.1)
i-Sens	099190	429	31,300	23.0	19.0	2.7	2.5	6.3	6.5	6.8	(6.8)	(6.5)
Access Bio	950130	138	5,110	n/a	n/a	n/a	n/a	5.3	(1.4)	(17.2)	(16.5)	(25.1)
Green Cross Medical Science	142280	105	11,000	n/a	n/a	3.9	n/a	4.3	2.8	(6.0)	(0.5)	(14.7)