20170508-三星证券-Samsung_Healthcare_Weekly_16页_1mb

报告摘要

Samsung Healthcare Weekly Summary

Core Content

This document provides an overview of the global and Korean healthcare sector, including indices, stock performances, price-to-earnings (P/E) ratios, price-to-book (P/B) ratios, and market share data. It is prepared by Samsung Securities analysts and is based on data from QuantiWise, Bloomberg, and DataStream. The report is intended to offer insights into the performance of various segments within the healthcare industry.

Key Information

Global Healthcare Indices

Country	Index	Forward P/E (x)	Portion of market cap (%)	1-w (%)	1-m (%)	3-m (%)	ytd (%)
Korea	KRX Health Care	33.0	4.9	0.7	1.6	4.6	(1.1)
Korea	Kospi Medical Supplies	43.5	2.3	0.2	1.0	9.0	6.7
Korea	Kosdaq Pharmaceuticals	26.4	2.1	0.8	2.1	1.9	(3.8)
Korea	Kosdaq Medical and Precision Machines	15.7	0.5	(0.1)	1.9	(0.9)	(3.4)
US	S&P 500 Healthcare	16.4	8.4	0.6	2.1	6.4	10.1
US	S&P 500 Pharma/Biotech	15.7	5.1	0.4	1.0	5.2	7.7
US	Nasdaq Biotechnology	46.5	2.4	(0.6)	1.9	4.9	11.7
US	S&P 500 Healthcare equipment and services	17.7	3.3	0.9	3.7	8.2	14.1
Europe	MSCI Europe Healthcare	16.9	11.5	1.6	3.8	8.6	9.5
Europe	MSCI Europe Pharm/Bio	16.3	10.0	1.6	3.4	8.3	9.5
Europe	MSCI Europe Healthcare Equipment and Services	23.2	1.5	2.0	6.9	10.4	9.9
Japan	MSCI Japan Healthcare	23.4	7.3	0.5	1.0	2.8	1.3
Japan	MSCI Japan Pharm/Bio	23.1	5.3	(0.5)	0.2	1.6	0.4
Japan	Topix Pharma	22.8	4.8	(0.0)	0.5	2.1	0.9
Japan	MSCI Japan Healthcare Equipment and Services	24.0	2.0	2.3	3.0	5.7	3.5
China	MSCI China Healthcare	18.9	1.6	(1.2)	(0.4)	3.4	13.8
India	MSCI India Healthcare	19.5	7.0	(1.5)	(2.6)	(5.6)	(2.5)

Korean Healthcare Sector

Portion of trading volume: Healthcare accounts for 6.8% of total trading volume, a slight decrease of 0.1% from the previous month.
Weekly share performance:
- Top 30: Positive performance with increases.
- Bottom 30: Negative performance with decreases.

Major Korean Healthcare Firms

Pharmaceutical Holdings

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Hanmi Science	3,780	60,700	449.3	n/a	5.4	n/a	0.3	1.9	10.1	6.0	(30.2)
Green Cross Holdings	1,598	32,700	25.0	n/a	1.4	n/a	(0.2)	12.2	50.0	37.4	(0.9)
Donga Socio Holdings	890	145,000	5.5	14.1	1.1	1.0	(0.3)	3.9	14.6	(7.4)	(11.0)
Daewoong	748	64,300	25.8	62.8	0.8	n/a	0.0	13.6	44.7	46.0	0.0
JW Holdings	486	7,890	n/a	n/a	0.6	n/a	(2.3)	(5.5)	13.2	(2.6)	(5.5)
Chongkundang Holdings	336	67,100	11.1	n/a	0.9	n/a	(2.3)	(5.5)	6.0	(11.0)	(15.7)

Pharmaceuticals

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Hanmi Pharm	3,533	316,500	136.7	90.3	4.8	5.1	5.7	4.6	15.5	10.8	(21.5)
Yuhan	2,768	234,000	14.7	19.2	1.4	1.6	(1.1)	0.7	25.8	17.3	(2.7)
Green Cross	1,940	166,000	29.1	32.1	1.8	1.8	0.9	1.5	16.5	5.7	0.0
SK Chemicals	1,592	62,500	22.0	13.7	1.0	0.9	(2.3)	(5.7)	4.5	(6.7)	(8.2)
Young Jin Pharm	1,586	8,670	372.8	n/a	14.8	n/a	2.0	1.9	24.6	(1.7)	(14.2)
Chong Kun Dang	1,110	118,000	24.0	23.4	2.8	2.8	0.9	1.7	16.8	12.9	0.0
Daewoong Pharm	1,062	91,700	29.5	26.1	1.4	1.8	(0.1)	4.2	20.8	33.5	(2.3)
Bukwang Pharmaceutical	943	21,150	74.4	n/a	2.7	1.6	1.4	(2.3)	(3.4)	(19.9)	(31.8)
JW Pharmaceutical	832	43,200	n/a	114.3	4.0	3.4	(0.5)	(6.0)	(1.3)	(18.0)	(21.7)
Donga ST	802	95,000	83.3	70.6	1.5	1.4	(1.0)	(1.1)	7.3	(10.0)	(12.0)
Samjin Pharm	476	34,250	16.0	13.8	2.6	2.2	9.8	(1.4)	(5.5)	(15.6)	(15.6)
Kwang Dong Pharm	460	8,770	15.9	n/a	0.9	n/a	(0.3)	(3.0)	7.9	2.9	(4.7)
Boryung Pharm	434	49,100	97.6	6.6	2.7	1.6	(1.0)	(4.8)	(5.2)	(15.6)	(22.9)
Daewon Pharmaceutical	415	22,800	17.1	14.9	2.1	2.2	1.1	4.1	13.9	19.7	(0.9)
Korea United Pharm	321	19,800	15.4	13.3	1.5	1.5	(3.4)	(1.1)	7.0	(3.6)	(12.0)
Huons	321	51,900	25.6	12.5	4.2	2.7	(5.1)	(3.9)	(4.1)	(18.7)	(20.9)
Whan In Pharm	315	16,950	18.0	16.1	1.1	1.1	(2.3)	(6.0)	(1.4)	(14.2)	(15.6)

APIs

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Kolon Life Science	1,073	141,000	67.5	n/a	3.4	n/a	(0.8)	9.3	30.6	20.1	(8.1)
ST Pharm	860	46,550	12.0	15.0	2.7	2.3	2.2	(1.0)	(3.5)	(6.0)	(13.8)
Kyongbo Pharmaceutical	308	12,900	26.3	18.9	2.6	2.2	(3.4)	(1.9)	0.0	(7.5)	(11.0)
Daebongs	144	13,000	15.7	13.2	2.1	n/a	0.0	11.6	10.6	9.7	0.0
Estech Pharma	127	10,800	29.2	n/a	1.6	n/a	1.4	2.9	21.6	(1.7)	(14.2)
CKD Bio	118	22,600	13.1	n/a	0.9	n/a	(0.9)	(3.8)	7.1	(4.0)	(6.2)
Hwail Pharm	103	7,130	18.3	n/a	1.1	n/a	(1.7)	(1.9)	(3.5)	(12.1)	(14.6)

Industrial-Use Enzymes

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Amicogen	415	45,500	255.6	n/a	5.0	n/a	(0.1)	6.1	11.0	2.1	(14.3)
GenoFocus	163	18,150	111.5	n/a	3.4	n/a	(1.4)	(4.7)	7.7	(6.7)	(13.6)

Biosimilars

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Samsung Biologics	11,910	180,000	n/a	n/a	2.5	3.0	(0.8)	1.4	4.1	(11.2)	(16.1)
Samsung Biologics	11,031	90,100	73.8	37.6	6.4	4.7	(1.1)	(0.2)	(11.2)	(16.7)	(15.6)

Stem Cell Therapy

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Chabiotech	655	12,950	38.0	20.5	2.2	1.8	1.2	(3.0)	8.4	(11.2)	(14.8)
Medipost	481	61,200	n/a	n/a	2.9	n/a	1.5	(0.6)	17.2	(12.7)	(15.1)
Pharmicell	258	4,420	n/a	n/a	3.2	n/a	0.8	(6.3)	(7.4)	(14.8)	(18.1)
Tego Science	186	50,200	243.7	n/a	7.2	n/a	1.4	2.9	21.6	(1.4)	(15.0)
Anterogen	149	19,950	471.7	194.5	2.4	1.6	(0.2)	(1.9)	(3.5)	(12.1)	(14.7)
Corestem	146	9,270	n/a	n/a	2.7	n/a	(7.0)	(13.8)	(10.0)	(20.4)	(23.1)

Immune Cell Therapy

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Green Cross Cell	344	29,400	n/a	286.6	8.1	8.6	0.3	(1.0)	(2.0)	(5.1)	(10.0)
JW Shinyak	311	7,970	n/a	n/a	3.6	n/a	2.1	(2.6)	(13.8)	(22.4)	(28.5)
Green Cross Lab Cell	275	26,100	102.9	n/a	5.5	n/a	(1.9)	(0.4)	(5.5)	(16.1)	(17.0)

Molecular Diagnostics

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Seegene	950	36,200	128.7	89.0	6.4	6.2	0.3	(0.2)	(1.2)	(3.0)	(7.7)
Panagene	191	5,970	n/a	n/a	9.6	n/a	(1.0)	(0.3)	(7.3)	(12.5)	(19.3)
MG MED	91	38,550	n/a	n/a	3.7	n/a	0.4	(4.3)	(4.8)	(17.2)	(27.5)
Bioneer	90	5,600	n/a	n/a	4.6	n/a	7.1	11.1	(19.8)	(24.0)	(33.7)

New Drug Development

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
ViroMed	1,473	92,300	2818.8	n/a	7.5	n/a	1.5	0.3	(2.0)	(3.0)	(11.4)
Genexine	729	40,850	n/a	n/a	4.9	5.1	(0.6)	(3.7)	7.9	(5.3)	(11.5)
Sillajen	726	11,350	n/a	n/a	4.0	n/a	0.0	(5.8)	11.3	(14.3)	(17.5)
HLB	505	14,050	n/a	n/a	5.3	n/a	(0.4)	(9.4)	4.1	(10.8)	(20.4)
GemVax & Kael	404	13,200	n/a	n/a	8.3	n/a	1.5	(6.1)	(9.3)	(10.8)	(19.8)
Crystal Genomics	399	15,400	n/a	n/a	5.3	n/a	1.3	(1.0)	(3.6)	(11.1)	(12.1)
Intron Biotechnology	369	24,550	n/a	n/a	9.6	n/a	0.2	(2.2)	(4.4)	(1.5)	(3.7)
Legochem Biosciences	283	28,400	n/a	n/a	3.7	n/a	(3.4)	(1.4)	(7.5)	(19.9)	(26.2)
Access Bio	136	5,040	n/a	n/a	n/a	n/a	(2.3)	0.2	(8.0)	(17.7)	(19.6)

Medical Devices

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Osstem Implant	774	54,200	36.9	25.0	8.1	5.4	1.5	(1.0)	(8.0)	(10.7)	(15.7)
Viewworks	667	66,700	22.2	19.8	5.4	4.7	1.4	(4.3)	(6.5)	(11.5)	(16.3)
Dio	546	36,000	30.3	24.4	5.4	4.0	(1.2)	(3.3)	(5.9)	(2.1)	(13.9)
Value Added Technology	449	30,250	21.7	7.2	3.7	2.1	(2.0)	(1.0)	(1.2)	(3.4)	(16.5)
Dentium	436	39,350	n/a	17.5	n/a	3.7	(3.3)	(7.6)	(4.4)	(8.6)	(16.5)
Interjo	426	39,500	21.2	17.8	4.5	3.7	(0.3)	(5.1)	(4.2)	(1.5)	(6.2)
InBody	400	29,200	21.8	19.4	4.0	3.5	(3.8)	(1.9)	(5.5)	(2.8)	(14.8)
Lutronic	355	14,200	68.7	65.8	3.3	2.5	(3.1)	(0.4)	(1.5)	(1.5)	(1.2)
Rayence	321	19,350	18.1	17.4	1.7	1.7	(2.0)	(1.0)	(3.4)	(4.6)	(10.0)
JVM	279	44,050	24.5	15.9	2.3	2.0	(1.3)	(2.1)	(4.4)	(10.4)	(11.4)
Sewoon Medical	173	3,960	22.7	15.2	2.6	n/a	(3.3)	(7.6)	(4.2)	(10.8)	(16.5)
Hans Biomed	169	17,150	37.0	24.3	3.5	3.1	(7.0)	(0.4)	(0.5)	(2.2)	(10.0)
Huvitz	153	12,850	14.6	12.6	2.7	n/a	(3.4)	(0.3)	(0.8)	(12.7)	(15.6)
Corentec	138	14,050	114.8	n/a	2.3	n/a	2.2	(0.3)	(0.8)	(1.7)	(1.7)
Mediana	111	12,850	17.8	12.4	3.2	2.2	(0.8)	(1.9)	(5.5)	(12.1)	(19.3)

Telemedicine

Company	Market Cap (KRWb)	Share Price (KRW)	P/E (2016)	P/E (2017E)	P/B (2016)	P/B (2017E)	1-w (%)	1-m (%)	3-m (%)	ytd (%)	From Peak (%)
Infinit Healthcare	178	7,290	23.6	n/a	2.4	n/a	2.1	(2.0)	(3.4)	(2.3)	(2.1)
UBCare	146	3,625	27.9	n/a	3.9	n/a	(1.0)	(5.9)	(1.2)	(3.7)	(4.3)
BIT Computer	101	6,050	16.9	n/a	2.7	n/a	(1.3)	(2.6)	(1.5)	(2.4)	(1.