20170327-三星证券-Samsung_Healthcare_Weekly_16页_995kb

Sector Update Summary

Core Content

This document provides a detailed analysis of the healthcare sector, focusing on performance metrics, forward P/E ratios, and market capitalization data for various indices and companies in Korea and globally. The report is prepared by Samsung Securities and highlights the current state and trends in the healthcare industry.

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 Performance

Korea

• KRX Health Care: Forward P/E 32.9, Market Cap % 4.8, 1-week performance (0.0), 1-month performance (-5.0), 3-month performance (-3.4), YTD performance (+7.4)
• Kospi Medical Supplies: Forward P/E 44.8, Market Cap % 2.2, 1-week performance 1.5, 1-month performance 0.5, 3-month performance 6.7, YTD performance 3.9
• Kosdaq Pharmaceuticals: Forward P/E 24.6, Market Cap % 2.0, 1-week performance -0.8, 1-month performance -5.9, 3-month performance -5.2, YTD performance -10.0
• Kosdaq Medical and Precision Machines: Forward P/E 15.4, Market Cap % 0.4, 1-week performance -2.0, 1-month performance -4.3, 3-month performance -7.8, YTD performance -9.9

US

• S&P 500 Healthcare: Forward P/E 16.2, Market Cap % 8.4, 1-week performance -1.3, 1-month performance -0.9, 3-month performance 6.7, YTD performance 7.7
• S&P 500 Pharma/Biotech: Forward P/E 15.6, Market Cap % 5.2, 1-week performance -1.3, 1-month performance -1.1, 3-month performance 5.7, YTD performance 6.7
• Nasdaq Biotechnology: Forward P/E 42.5, Market Cap % 2.4, 1-week performance -1.6, 1-month performance -2.7, 3-month performance 6.9, YTD performance 9.5
• S&P 500 Healthcare Equipment and Services: Forward P/E 17.2, Market Cap % 3.3, 1-week performance -1.4, 1-month performance -0.7, 3-month performance 8.3, YTD performance 9.5

Europe

• MSCI Europe Healthcare: Forward P/E 16.2, Market Cap % 11.3, 1-week performance -0.8, 1-month performance 0.1, 3-month performance 5.2, YTD performance 4.7
• MSCI Europe Pharm/Bio: Forward P/E 15.7, Market Cap % 9.8, 1-week performance -0.9, 1-month performance -0.1, 3-month performance 5.5, YTD performance 4.9
• MSCI Europe Healthcare Equipment and Services: Forward P/E 21.9, Market Cap % 1.5, 1-week performance -0.1, 1-month performance 1.7, 3-month performance 3.0, YTD performance 2.7

Japan

• MSCI Japan Healthcare: Forward P/E 25.1, Market Cap % 7.3, 1-week performance -1.1, 1-month performance 0.9, 3-month performance 1.3, YTD performance 1.5
• MSCI Japan Pharm/Bio: Forward P/E 24.7, Market Cap % 5.3, 1-week performance -1.0, 1-month performance 0.0, 3-month performance 1.3, YTD performance 1.5
• Topix Pharma: Forward P/E 24.5, Market Cap % 4.8, 1-week performance -1.0, 1-month performance 0.1, 3-month performance 1.5, YTD performance 1.7
• MSCI Japan Healthcare Equipment and Services: Forward P/E 26.0, Market Cap % 2.0, 1-week performance -1.3, 1-month performance 3.2, 3-month performance 1.5, YTD performance 1.3

China

• MSCI China Healthcare: Forward P/E 19.3, Market Cap % 1.7, 1-week performance 2.8, 1-month performance 6.0, 3-month performance 21.6, YTD performance 17.7

India

• MSCI India Healthcare: Forward P/E 24.7, Market Cap % 7.5, 1-week performance -1.0, 1-month performance -0.5, 3-month performance 4.8, YTD performance 2.8

Key Insights

• Performance Trends: The global healthcare sector has shown mixed performance, with some indices experiencing positive returns while others have seen declines.
• Forward P/E Ratios: The P/E ratios vary significantly across different indices, indicating different valuation levels and growth expectations.
• Market Cap Contributions: The healthcare sector accounts for a relatively small portion of the total market in most regions, with the exception of Europe, where it contributes more significantly.
• Kospi Medical Supplies Index: Companies in this index have shown varied performance, with some experiencing declines and others showing positive returns.
• Kosdaq Pharmaceuticals Index: The index has seen negative performance in recent periods, with a notable drop in 1-week and 1-month performance.
• Pharmaceutical Holdings: Companies like Hanmi Science, Green Cross Holdings, and Chongkundang Holdings have shown mixed performance, with some experiencing significant declines and others showing positive growth.
• Pharmaceuticals: Major pharmaceutical firms such as Hanmi Pharm, Yuhan, and Green Cross have seen varied performance, with some showing positive returns and others experiencing losses.
• Medical Devices: Companies like Osstem Implant, Viewworks, and Lutronic have shown positive performance, with some exhibiting substantial growth.
• Specialized Sectors: Sectors such as APIs, biosimilars, stem cell therapy, immune cell therapy, molecular diagnostics, and functional foods have shown diverse performance, with some experiencing notable increases and others declines.

Conclusion

The healthcare sector is experiencing a range of performance outcomes across different regions and sub-sectors. While some indices and companies have shown positive growth, others have faced declines, indicating a complex market environment. The forward P/E ratios and market cap contributions highlight varying valuation trends and growth expectations. This report provides valuable insights for investors and analysts looking to understand the current state and potential movements in the healthcare industry.