20171106-三星证券-Samsung_Healthcare_Weekly_17页_1mb

Samsung Healthcare Weekly Summary

Core Content

This document provides an overview of the performance and valuation metrics for major companies in the healthcare sector, both in the Korean market and globally. It includes information on market capitalization, forward P/E and P/B ratios, and year-to-date (YTD) returns for key players in the pharmaceutical, biotech, medical devices, and related industries. The summary is based on data from QuantiWise, Bloomberg, and Samsung Securities.

Main Points

Korean Healthcare Sector

• Top 20 Companies by Market Cap: Samsung Electronics leads the list with a market cap of 344.4 KRWt, followed by SK Hynix, Hyundai Motor, and Celltrion + Celltrion Healthcare. Samsung Biologics is among the top 10 with a market cap of 24.9 KRWt.
• Performance Metrics: YTD returns vary significantly, with some companies like Hyundai Mobis showing a sharp increase of 150.0%, while others such as AmorePacific and LG Household & Health Care show negative returns.
• Forward P/E and P/B: High P/E ratios are observed for some companies, indicating high growth expectations. Celltrion has a high forward P/E of 43.7, and Samsung Biologics has an unusually high forward P/E of 272.1.

Global Healthcare Sector

• Top 20 Companies by Market Cap: AbbVie is the largest with a market cap of 147.2 USDb, followed by Amgen, Gilead Sciences, and Thermo Fisher Scientific. Samsung Biologics and Celltrion + Celltrion Healthcare are included in the list.
• Performance Metrics: Global healthcare indices show mixed performances, with some indices like the Nasdaq Biotechnology index showing a positive YTD return of 19.7%.
• Forward P/E and P/B: Forward P/E ratios are relatively high for several companies, with Vertex Pharmaceuticals at 79.6 and Illumina at 57.4. The P/B ratios also show a wide range, indicating different valuations.

Key Information

Korean Healthcare Indices

• KRX Health Care Index: Forward P/E is 46.0, and the YTD return is 33.4%.
• Kospi Medical Supplies Index: Forward P/E is 54.9, and the YTD return is 57.7%.
• Kosdaq Pharmaceuticals Index: Forward P/E is 34.5, and the YTD return is 28.6%.
• Kosdaq Medical and Precision Machines Index: Forward P/E is 14.6, and the YTD return is 11.0%.

Market Share and Valuation

• Portion of Total Market: Korean healthcare companies collectively make up 13.4% of the total market.
• Forward P/E Premium: The premium over the industry average varies, with Samsung Biologics having a significant premium.
• P/B Ratio: P/B ratios indicate varying levels of valuation relative to book value, with some companies like Celltrion showing a high P/B ratio.

Performance Trends

• Top 30 and Bottom 30: Weekly share performance is analyzed for top and bottom performers, showing significant variations in returns.
• SLB Balance: Top-30 companies show increases in SLB balance, while bottom-30 show decreases, indicating a shift in investment sentiment.

Conclusion

The document highlights the diverse performance and valuation trends within the Korean and global healthcare sectors. It emphasizes the importance of forward P/E and P/B ratios in assessing the market value and growth potential of companies. Korean companies like Samsung Biologics and Celltrion are notable for their high market caps and P/E ratios, suggesting strong investor confidence and growth expectations. Global firms such as AbbVie and Amgen are leading in terms of market cap, while others like Celgene and Shire show negative YTD returns. The analysis also provides insights into the market share and performance trends of various sub-sectors within healthcare, offering a comprehensive view of the industry landscape.