20170612-三星证券-Samsung_Healthcare_Weekly_16页_1mb

Sector Update Summary

Core Content

This document provides an analysis of the global healthcare sector, focusing on key indices, share performances, and financial metrics such as forward P/E and P/B for major companies in different sub-sectors like pharmaceuticals, biotech, and medical devices. It is authored by Samsung Securities analysts and includes data from various sources including QuantiWise, Bloomberg, and Dataguide.

Main Analysts

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

Key Indices and Metrics

Global Healthcare Indices

Korean Healthcare Firms

• Pharmaceutical holdings:

  • Hanmi Science: P/E (2016: 449.3, 2017E: n/a), P/B (2016: 5.4, 2017E: n/a), Share price performance: 16.2% (1-w), 33.4% (1-m), 48.2% (3-m), 51.9% (ytd), 0.0% (From peak).
  • Green Cross Holdings: P/E (2016: 25.0, 2017E: 55.4), P/B (2016: 1.4, 2017E: 2.6), Share price performance: -5.6% (1-w), 1.4% (1-m), 31.7% (3-m), 40.6% (ytd), -8.4% (From peak).
  • Other firms show varied performance, with some experiencing declines.

• Pharmaceuticals:

  • Hanmi Pharm: P/E (2016: 136.7, 2017E: 96.0), P/B (2016: 4.8, 2017E: 6.6), Share price performance: 6.7% (1-w), 18.8% (1-m), 40.0% (3-m), 45.1% (ytd), 0.0% (From peak).
  • Yuhan: P/E (2016: 14.7, 2017E: 20.4), P/B (2016: 1.4, 2017E: 1.7), Share price performance: 1.2% (1-w), 2.7% (1-m), 16.1% (3-m), 24.8% (ytd), -1.8% (From peak).
  • Other pharmaceutical firms also show mixed performance, with some experiencing significant gains or losses.

• Biosimilars:

  • Samsung Biologics: P/E (2016: n/a, 2017E: n/a), P/B (2016: 2.5, 2017E: 3.7), Share price performance: -3.0% (1-w), -8.4% (1-m), -11.0% (3-m), -13.3% (ytd), -1.8% (From peak).
  • Celltrion: P/E (2016: 73.8, 2017E: 40.5), P/B (2016: 6.4, 2017E: 5.3), Share price performance: 5.5% (1-w), 7.0% (1-m), 2.2% (3-m), 21.1% (ytd), -0.8% (From peak).

• Medical Devices:

  • Osstem Implant: P/E (2016: 36.9, 2017E: 28.7), P/B (2016: 8.1, 2017E: 5.6), Share price performance: -1.0% (1-w), -6.3% (1-m), -13.8% (3-m), -18.7% (ytd), -1.3% (From peak).
  • Viewworks: P/E (2016: 22.2, 2017E: 17.6), P/B (2016: 5.4, 2017E: 4.0), Share price performance: 4.6% (1-w), 18.5% (1-m), 2.4% (3-m), -18.5% (ytd), -4.6% (From peak).
  • Other medical device companies also display mixed performance, with some seeing substantial gains and others declines.

Key Observations

• The KRX Health Care index has a forward P/E of 37.2 and a market cap portion of 5.3%, with a positive 3-month return of 17.6%.
• The Nasdaq Biotechnology index has a forward P/E of 48.7 and a market cap portion of 2.3%, but experienced a negative 1-month return of (0.7)%.
• Samsung Biologics is noted as a significant player in the biosimilars sector, with a forward P/B of 3.7 and a market cap of 14,854 KRWb.
• The Kosdaq Pharmaceuticals index has a forward P/E of 27.8 and a market cap portion of 2.2%, with a 3-month return of 3.2%.
• The MSCI Europe Healthcare Equipment and Services index has a forward P/E of 23.7 and a market cap portion of 1.7%, showing a 3-month return of (0.2)%.

Notes

• The report is based on the closing prices as of June 9.
• The data includes both Korean and global companies, with a focus on the pharmaceutical, biotech, and medical device sectors.
• Performance metrics include 1-week, 1-month, 3-month, and year-to-date (ytd) returns, as well as performance from peak.