20170515-三星证券-Samsung_Healthcare_Weekly_16页_1mb

Samsung Healthcare Weekly Summary

Core Content

This document provides a detailed overview of the global and Korean healthcare sector, including indices, performance metrics, and specific share price data for major healthcare firms. It is authored by the Samsung Healthcare team, including analysts Brian Lee, SunYoung Yoon, Kevin Kim, and research associate Wonyong Park.

Main Points

Global Healthcare Indices

• Korea:

  • KRX Health Care: Forward P/E 34.1, Market Cap portion 5.0%, 1-week performance 4.3%, 1-month 7.2%, 3-month 8.7%, YTD 3.1%
  • Kospi Medical Supplies: Forward P/E 45.7, Market Cap portion 2.3%, 1-week performance 5.1%, 1-month 7.3%, 3-month 15.8%, YTD 12.2%
  • Kosdaq Pharmaceuticals: Forward P/E 27.0, Market Cap portion 2.1%, 1-week performance 3.2%, 1-month 6.1%, 3-month 4.3%, YTD (0.7)%
  • Kosdaq Medical and Precision Machines: Forward P/E 15.8, Market Cap portion 0.4%, 1-week performance 1.3%, 1-month 3.2%, 3-month 2.1%, YTD (2.1)%

• US:

  • S&P 500 Healthcare: Forward P/E 16.3, Market Cap portion 8.4%, 1-week performance (1.0)%, 1-month 1.7%, 3-month 2.2%, YTD 9.1%
  • S&P 500 Pharma/Biotech: Forward P/E 15.5, Market Cap portion 5.0%, 1-week performance (1.3)%, 1-month 0.3%, 3-month 0.3%, YTD 6.3%
  • Nasdaq Biotechnology: Forward P/E 47.9, Market Cap portion 2.4%, 1-week performance 0.7%, 1-month (0.7)%, 3-month 10.5%
  • S&P 500 Healthcare equipment and services: Forward P/E 17.6, Market Cap portion 3.3%, 1-week performance (0.4)%, 1-month 3.9%, 3-month 5.1%, YTD 13.6%

• Europe:

  • MSCI Europe Healthcare: Forward P/E 17.5, Market Cap portion 11.5%, 1-week performance 2.7%, 1-month 5.8%, 3-month 8.5%, YTD 12.5%
  • MSCI Europe Pharm/Bio: Forward P/E 17.0, Market Cap portion 10.0%, 1-week performance 2.9%, 1-month 5.9%, 3-month 8.4%, YTD 12.7%
  • MSCI Europe Healthcare Equipment and Services: Forward P/E 23.2, Market Cap portion 1.5%, 1-week performance 0.7%, 1-month 5.7%, 3-month 9.8%, YTD 10.7%

• Japan:

  • MSCI Japan Healthcare: Forward P/E 24.2, Market Cap portion 7.3%, 1-week performance 1.7%, 1-month 5.9%, 3-month 2.4%, YTD 3.1%
  • MSCI Japan Pharm/Bio: Forward P/E 24.0, Market Cap portion 5.3%, 1-week performance 2.2%, 1-month 5.4%, 3-month 1.1%, YTD 2.7%
  • Topix Pharma: Forward P/E 23.7, Market Cap portion 4.8%, 1-week performance 2.3%, 1-month 5.9%, 3-month 1.7%, YTD 3.3%
  • MSCI Japan Healthcare Equipment and Services: Forward P/E 24.6, Market Cap portion 2.0%, 1-week performance 0.6%, 1-month 7.2%, 3-month 5.6%, YTD 4.1%

• China:

  • MSCI China Healthcare: Forward P/E 19.5, Market Cap portion 1.6%, 1-week performance 3.7%, 1-month 3.7%, 3-month 8.3%, YTD 18.0%

• India:

  • MSCI India Healthcare: Forward P/E 19.9, Market Cap portion 7.1%, 1-week performance 2.0%, 1-month (3.2)%, 3-month 0.4%, YTD (0.6)%

Korean Healthcare Sector

• Pharmaceutical Holdings:

  • Hanmi Science: P/E 449.3 (2016), P/E n/a (2017E), P/B 5.4 (2016), P/B n/a (2017E), 1-week performance 16.5%, 1-month 24.5%, 3-month 20.3%, YTD (14.4)%
  • Green Cross Holdings: P/E 25.0 (2016), P/E n/a (2017E), P/B 1.4 (2016), P/B n/a (2017E), 1-week performance (0.9)%, 1-month 7.1%, 3-month 44.3%, YTD (3.4)%
  • Donga Socio Holdings: P/E 5.5 (2016), P/E 14.4 (2017E), P/B 1.1 (2016), P/B 1.0 (2017E), 1-week performance 2.4%, 1-month 9.2%, 3-month 18.8%, YTD (5.1)%
  • Daewoong: P/E 25.8 (2016), P/E 62.8 (2017E), P/B n/a (2016), P/B n/a (2017E), 1-week performance 0.0%, 1-month 16.5%, 3-month 35.4%, YTD (8.9)%
  • JW Holdings: P/E n/a (2016), P/E n/a (2017E), P/B n/a (2016), P/B n/a (2017E), 1-week performance 2.4%, 1-month 8.4%, 3-month (7.1)%, YTD (9.3)%
  • Chongkundang Holdings: P/E 11.1 (2016), P/E n/a (2017E), P/B n/a (2016), P/B n/a (2017E), 1-week performance 0.6%, 1-month 15.9%, 3-month (0.3)%, YTD (3.2)%

• Pharmaceuticals:

  • Hanmi Pharm: P/E 136.7 (2016), P/E 92.6 (2017E), P/B 4.8 (2016), P/B 6.0 (2017E), 1-week performance 19.6%, 1-month 31.2%, 3-month 30.8%, YTD (3.6)%
  • Yuhan: P/E 14.7 (2016), P/E 19.6 (2017E), P/B 1.4 (2016), P/B 1.7 (2017E), 1-week performance 3.9%, 1-month 5.9%, 3-month 29.3%, YTD (0.2)%
  • Green Cross: P/E 29.1 (2016), P/E 34.7 (2017E), P/B 1.8 (2016), P/B 1.9 (2017E), 1-week performance 5.4%, 1-month 13.6%, 3-month 24.1%, YTD (0.6)%
  • SK Chemicals (003520): P/E 372.8 (2016), P/E n/a (2017E), P/B n/a (2016), P/B 10.6 (2017E), 1-week performance 15.7%, 1-month 34.5%, 3-month 8.7%, YTD (5.0)%
  • SK Chemicals (006120): P/E 22.0 (2016), P/E 13.5 (2017E), P/B 14.8 (2016), P/B 10.6 (2017E), 1-week performance 15.7%, 1-month 34.5%, 3-month 8.7%, YTD (5.0)%
  • Chong Kun Dang: P/E 24.0 (2016), P/E 24.6 (2017E), P/B 2.8 (2016), P/B 3.0 (2017E), 1-week performance 5.1%, 1-month 7.4%, 3-month 21.6%, YTD (1.2)%
  • Daewoong Pharm: P/E 29.5 (2016), P/E 27.1 (2017E), P/B 1.4 (2016), P/B 1.8 (2017E), 1-week performance 3.7%, 1-month 14.9%, 3-month 38.4%, YTD (1.7)%
  • Bukwang Pharmaceutical: P/E 74.4 (2016), P/E n/a (2017E), P/B 5.3 (2016), P/B n/a (2017E), 1-week performance 4.3%, 1-month (3.1)%, 3-month (17.4)%, YTD (29.7)%
  • JW Pharmaceutical: P/E n/a (2016), P/E 123.7 (2017E), P/B 3.7 (2016), P/B n/a (2017E), 1-week performance 10.0%, 1-month 5.2%, 3-month (11.3)%, YTD (13.6)%
  • Donga ST: P/E 83.3 (2016), P/E 78.2 (2017E), P/B 4.5 (2016), P/B 1.4 (2017E), 1-week performance 5.3%, 1-month 12.2%, 3-month 35.4%, YTD (6.8)%
  • Samjin Pharm: P/E 16.0 (2016), P/E 13.8 (2017E), P/B 2.2 (2016), P/B 2.2 (2017E), 1-week performance 2.6%, 1-month 8.9%, 3-month (1.0)%, YTD (5.1)%
  • Kwang Dong Pharm: P/E 15.9 (2016), P/E n/a (2017E), P/B 1.0 (2016), P/B n/a (2017E), 1-week performance 0.3%, 1-month 9.3%, 3-month (3.6)%, YTD (5.0)%
  • Boryung Pharm: P/E 97.6 (2016), P/E 6.8 (2017E), P/B 2.7 (2016), P/B 1.7 (2017E), 1-week performance 3.4%, 1-month 4.3%, 3-month (4.0)%, YTD (18.1)%
  • Daewon Pharmaceutical: P/E 17.1 (2016), P/E 14.2 (2017E), P/B 9.6 (2016), P/B n/a (2017E), 1-week performance 2.1%, 1-month (4.6)%, 3-month (4.2)%, YTD (6.9)%
  • Huons: P/E 25.6 (2016), P/E 13.6 (2017E), P/B 7.2 (2016), P/B n/a (2017E), 1-week performance 8.9%, 1-month 7.8%, 3-month 9.7%, YTD (11.4)%
  • Korea United Pharm: P/E 15.4 (2016), P/E 13.6 (2017E), P/B 1.5 (2016), P/B n/a (2017E), 1-week performance 1.5%, 1-month 8.9%, 3-month (1.9)%, YTD (2.3)%

• APIs:

  • Kolon Life Science: P/E 67.5 (2016), P/E n/a (2017E), P/B 3.4 (2016), P/B n/a (2017E), 1-week performance 2.4%, 1-month 2.4%, 3-month 33.5%, YTD (5.9)%
  • ST Pharm: P/E 12.0 (2016), P/E 16.0 (2017E), P/B 2.7 (2016), P/B 2.4 (2017E), 1-week performance 1.5%, 1-month 6.7%, 3-month 13.0%, YTD (5.5)%
  • Kyongbo Pharmaceutical: P/E 26.3 (2016), P/E 20.1 (2017E), P/B 2.6 (2016), P/B 2.4 (2017E), 1-week performance 6.2%, 1-month 6.2%, 3-month 6.2%, YTD (1.8)%
  • Daebong LS: P/E 15.7 (2016), P/E 13.9 (2017E), P/B 2.1 (2016), P/B n/a (2017E), 1-week performance 0.4%, 1-month 3.1%, 3-month 4.6%, YTD (17.4)%
  • Estech Pharma: P/E 29.2 (2016), P/E n/a (2017E), P/B 5.3 (2016), P/B n/a (2017E), 1-week performance 2.9%, 1-month 8.9%, 3-month 7.8%, YTD (10.2)%
  • CKD Bio: P/E 13.1 (2016), P/E n/a (2017E), P/B 3.4 (2016), P/B n/a (2017E), 1-week performance 0.9%, 1-month 1.8%, 3-month 0.7%, YTD (2.3)%
  • Hwail Pharm: P/E 18.3 (2016), P/E n/a (2017E), P/B 1.7 (2016), P/B n/a (2017E), 1-week performance 2.7%, 1-month 1.7%, 3-month 3.5%, YTD (18.1)%

• Industrial-use enzymes:

  • Amicogen: P/E 255.6 (2016), P/E n/a (2017E), P/B 5.0 (2016), P/B n/a (2017E), 1-week performance (0.2)%, 1-month 3.4%, 3-month 9.0%, YTD (9.4)%
  • GenoFocus: P/E 111.5 (2016), P/E n/a (2017E), P/B 3.4 (2016), P/B n/a (2017E), 1-week performance 3.3%, 1-month 2.5%, 3-month 7.8%, YTD (3.6)%

• Biosimilars:

  • Samsung Biologics: P/E n/a (2016), P/E n/a (2017E), P/B 2.5 (2016), P/B 3.0 (2017E), 1-week performance 2.8%, 1-month 2.8%, 3-month 17.1%, YTD (4.1)%
  • Celltrion: P/E 73.8 (2016), P/E 38.5 (2017E), P/B 6.4 (2016), P/B 5.0 (2017E), 1-week performance 6.0%, 1-month 6.0%, 3-month (6.2)%, YTD (11.1)%
  • Binex: P/E n/a (2016), P/E n/a (2017E), P/B 3.6 (2016), P/B n/a (2017E), 1-week performance 8.4%, 1-month 8.8%, 3-month (5.3)%, YTD (15.9)%
  • Alteogen: P/E n/a (2016), P/E n/a (2017E), P/B 4.5 (2016), P/B n/a (2017E), 1-week performance 0.7%, 1-month 2.4%, 3-month (4.4)%, YTD (14.1)%
  • ISU Abaxis: P/E n/a (2016), P/E 76.9 (2017E), P/B 3.7 (2016), P/B 3.5 (2017E), 1-week performance (0.6)%, 1-month 0.4%, 3-month 2.2%, YTD (5.2)%

• Stem Cell Therapy:

  • Chabiotech: P/E 38.0 (2016), P/E 20.7 (2017E), P/B 2.2 (2016), P/B 1.9 (2017E), 1-week performance 1.2%, 1-month 2.0%, 3-month 6.9%, YTD (4.0)%
  • Medipost: P/E n/a (2016), P/E n/a (2017E), P/B 2.9 (2016), P/B n/a (2017E), 1-week performance 4.7%, 1-month 8.5%, 3-month 21.4%, YTD (0.8)%
  • Pharmicell: P/E n/a (2016), P/E n/a (2017E), P/B 3.2 (2016), P/B n/a (2017E), 1-week performance 3.2%, 1-month 1.3%, 3-month 12.3%, YTD (15.7)%
  • Tego Science: P/E 243.7 (2016), P/E n/a (2017E), P/B 2.6 (2016), P/B n/a (2017E), 1-week performance 2.6%, 1-month 2.8%, 3-month 5.9%, YTD (10.2)%
  • Corestem: P/E n/a (2016), P/E n/a (2017E), P/B 114.8 (2016), P/B n/a (2017E), 1-week performance 2.9%, 1-month 1.5%, 3-month 7.9%, YTD (16.5)%

• Immune Cell Therapy:

  • Green Cross Cell: P/E n/a (2016), P/E 294.8 (2017E), P/B 8.1 (2016), P/B 8.9 (2017E), 1-week performance 2.9%, 1-month 6.1%, 3-month 18.2%, YTD (1.8)%
  • JW Shinyak: P/E n/a (2016), P/E n/a (2017E), P/B 8.2 (2016), P/B n/a (2017E), 1-week performance 2.4%, 1-month 5.2%, 3-month 15.6%, YTD (0.3)%
  • Green Cross Lab Cell: P/E 102.9 (2016), P/E n/a (2017E), P/B 5.5 (2016), P/B n/a (2017E), 1-week performance (0.8)%, 1-month 1.4%, 3-month (0.6)%, YTD (10.7)%

• Molecular Diagnostics:

  • Seegene: P/E 128.7 (2016), P/E 100.4 (2017E), P/B 6.4 (2016), P/B 6.4 (2017E), 1-week performance 3.2%, 1-month 9.7%, 3-month 13.2%, YTD (6.9)%
  • Panagene: P/E n/a (2016), P/E n/a (2017E), P/B 9.6 (2016), P/B n/a (2017E), 1-week performance 0.5%, 1-month (4.5)%, 3-month (3.2)%, YTD (12.0)%
  • MG MED: P/E n/a (2016), P/E n/a (2017E), P/B 3.7 (2016), P/B n/a (2017E), 1-week performance 10.0%, 1-month 6.1%, 3-month (10.3)%, YTD (12.5)%
  • Bioneer: P/E n/a (2016), P/E n/a (2017E), P/B 23.6 (2016), P/B n/a (2017E), 1-week performance 3.8%, 1-month 14.6%, 3-month 5.4%, YTD (21.2)%

• New Drug Development:

  • ViroMed: P/E 2818.8 (2016), P/E n/a (2017E), P/B 7.5 (2016), P/B n/a (2017E), 1-week performance 1.1%, 1-month 1.1%, 3-month (7.2)%, YTD (9.9)%
  • Genexine: P/E n/a (2016), P/E n/a (2017E), P/B 4.9 (2016), P/B 5.1 (2017E), 1-week performance 0.2%, 1-month (0.4)%, 3-month 8.1%, YTD (11.3)%
  • Sillajen: P/E n/a (2016), P/E n/a (2017E), P/B 4.0 (2016), P/B n/a (2017E), 1-week performance (3.1)%, 1-month (5.6)%, 3-month 7.8%, YTD (17.0)%
  • HLB: P/E n/a (2016), P/E n/a (2017E), P/B 5.3 (2016), P/B n/a (2017E), 1-week performance (1.1)%, 1-month (0.7)%, 3-month 5.3%, YTD (5.8)%
  • GemVax & Kael: P/E n/a (2016), P/E n/a (2017E), P/B 8.3 (2016), P/B n/a (2017E), 1-week performance 4.6%, 1-month 0.4%, 3-month 11.3%, YTD (5.2)%
  • Crystal Genomics: P/E n/a (2016), P/E n/a (2017E), P/B 5.3 (2016), P/B n/a (2017E), 1-week performance 2.9%, 1-month 8.9%, 3-month (0.6)%, YTD (6.8)%
  • Intron Biotechnology: P/E n/a (2016), P/E n/a (2017E), P/B 9.6 (2016), P/B n/a (2017E), 1-week performance 2.2%, 1-month (3.5)%, 3-month (2.9)%, YTD (18.0)%
  • Legochem Biosciences: P/E n/a (2016), P/E n/a (2017E), P/B 5.9 (2016), P/B 7.1 (2017E), 1-week performance 5.1%, 1-month 12.2%, 3-month 3.5%, YTD (15.8)%
  • Pepton: P/E n/a (2016), P/E n/a (2017E), P/B 5.4 (2016), P/B n/a (2017E), 1-week performance 0.0%, 1-month 1.2%, 3-month 4.2%, YTD (8.9)%
  • Quirient: P/E n/a (2016), P/E n/a (2017E), P/B 10.4 (2016), P/B 12.2 (2017E), 1-week performance (7.0)%, 1-month (4.5)%, 3-month 10.7%, YTD (14.8)%

• Functional Foods:

  • Su-Heung: P/E 15.7 (2016), P/E n/a (2017E), P/B 1.7 (2016), P/B n/a (2017E), 1-week performance 4.9%, 1-month 1.6%, 3-month 6.1%, YTD (10.7)%
  • Cell Biotech: P/E 24.7 (2016), P/E 16.3 (2017E), P/B 4.5 (2016), P/B n/a (2017E), 1-week performance (5.1)%, 1-month (9.8)%, 3-month 6.0%, YTD (27.1)%
  • SK Bioland: P/E 21.7 (2016), P/E 22.4 (2017E), P/B 2.1 (2016), P/B n/a (2017E), 1-week performance 0.3%, 1-month 12.2%, 3-month 17.0%, YTD (1.5)%
  • Naturalendo Tech: P/E n/a (2016), P/E n/a (2017E), P/B n/a (2016), P/B n/a (2017E), 1-week performance 0.7%, 1-month 2.4%, 3-month 5.0%, YTD (2.7)%

• Beauty Care:

  • Medytox: P/E 34.1 (2016), P/E 38.2 (2017E), P/B 12.8 (2016), P/B 12.7 (2017E), 1-week performance 2.7%, 1-month 10.6%, 3-month 25.1%, YTD (1.4)%
  • Hugel: P/E 24.4 (2016), P/E 22.8 (2017E), P/B 4.2 (2016), P/B 4.0 (2017E), 1-week performance (1.4)%, 1-month 22.0%, 3-month 34.2%, YTD (2.4)%
  • Caregen: P/E 38.3 (2016), P/E 29.7 (2017E), P/B 3.6 (2016), P/B 2.8 (2017E), 1-week performance (3.3)%, 1-month 6.4%, 3-month (2.3)%, YTD (16.7)%

• Medical Devices:

  • Osstem Implant: P/E 36.9 (2016), P/E 28.0 (2017E), P/B 8.1 (2016), P/B 6.1 (2017E), 1-week performance 12.0%, 1-month 13.9%, 3-month 2.7%, YTD (5.6)%
  • Viewworks: P/E 22.2 (2016), P/E 20.4 (2017E), P/B 5.4 (2016), P/B 4.8 (2017E), 1-week performance 3.2%, 1-month 0.4%, 3-month 3.0%, YTD (1.0)%
  • Dio: P/E 30.3 (2016), P/E 24.3 (2017E), P/B 3.5 (2016), P/B 4.0 (2017E), 1-week performance (0.4)%, 1-month 7.0%, 3-month 4.5%, YTD (1.5)%
  • Value Added Technology: P/E 21.7 (2016), P/E 6.4 (2017E), P/B 2.2 (2016), P/B 2.0 (2017E), 1-week performance (2.0)%, 1-month 3.7%, 3-month 9.6%, YTD (18.0)%
  • Interjo: P/E 500 (2016), P/E 29.0 (2017E), P/B 23.6 (2016), P/B n/a (2017E), 1-week performance (1.1)%, 1-month 0.5%, 3-month 4.2%, YTD (4.1)%
  • Dentium: P/E n/a (2016), P/E 16.2 (2017E), P/B n/a (2016), P/B 3.4 (2017E), 1-week performance (7.5)%, 1-month 5.5%, 3-month 0.0%, YTD (12.7)%
  • InBody: P/E 21.8 (2016), P/E 19.1 (2017E), P/B 4.5 (2016), P/B 3.4 (2017E), 1-week performance 1.6%, 1-month 8.7%, 3-month 20.3%, YTD (15.8)%
  • Lutronic: P/E 68.7 (2016), P/E 64.0 (2017E), P/B 7.2 (2016), P/B n/a (2017E), 1-week performance (2.8)%, 1-month 4.2%, 3-month 11.3%, YTD (22.2)%
  • Rayence: P/E 18.1 (2016), P/E 17.2 (2017E), P/B 1.7 (2016), P/B 1.7 (2017E), 1-week performance 1.6%, 1-month 1.6%, 3-month 11.4%, YTD (4.3)%
  • JVM: P/E 24.5 (2016), P/E 16.4 (2017E), P/B 2.0 (2016), P/B 2.0 (2017E), 1-week performance 2.3%, 1-month 2.1%, 3-month 5.5%, YTD (6.5)%
  • Sewoon Medical: P/E 22.7 (2016), P/E 15.8 (2017E), P/B 2.1 (2016), P/B n/a (2017E), 1-week performance (5.4)%, 1-month 0.0%, 3-month 4.0%, YTD (11.4)%
  • Hans Biomed: P/E 37.0 (2016), P/E 25.1 (2017E), P/B 3.2 (2016), P/B n/a (2017E), 1-week performance (1.5)%, 1-month 0.1%, 3-month 4.0%, YTD (0.3)