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萧智舜 - 医疗保健
+852 2899 6747

萧智舜在15年十一月份成为国信证券(香港) 经纪有限公司的研究部主管。专注香港业务,他现带领最少七至八人的分析员团队,覆盖约四十多间香港上市公司,函盖四个主要板块。在他从14年起加入国信以来,他亦是覆盖中国医疗保健行业。在此之前,他是中融国际(集团)有限公司一名投资经理, 曾参与香港及国际项目融资推广,包括房地产和综合企业。他曾在销售方担任医疗行业分析员, 子行业包括制药,医疗耗材及器械,中医药,医药推广代理商,医院和其他医疗专科。覆盖客户曾包括香港,中国,台湾,东南亚, 英国,欧洲,和美国。另外,他亦曾在购买方和私募股权研究担任分析工作。在展开其金融事业之前, 他在英国剑桥大学担任博士后研究员, 同时亦得到工业界赞助,用化学科技及合成方法建立新药研发技术。他在英国伦敦大学分别获得化学学士和哲学博士学位, 而他的博士研究专题为合成化学药物用作光动力法治疗癌病肿瘤。

三生制药( 1530 HK) | 买入 | HKD24.8 生物技术与制药
中国中药( 570 HK) | 买入 | HKD8.5 生物技术与制药
金斯瑞生物科技( 1548 HK) | 买入 | HKD48.45 生物技术与制药
雅各臣科研製药( 2633 HK) | 买入 | HKD2.5 生物技术与制药
丽珠集团( 1513 HK) | 买入 | HKD78.6 生物技术与制药
绿叶制药( 2186 HK) | 买入 | HKD11.46 生物技术与制药
四环医药( 460 HK) | 买入 | HKD6.65 生物技术与制药
联邦制药( 3933 HK) | 买入 | HKD11 生物技术与制药
国药控股( 1099 HK) | 买入 | HKD40.2 卫生保健设施/服务
康宁医院( 2120 HK) | 买入 | HKD51.17 卫生保健设施/服务
山东威高( 1066 HK) | 买入 | HKD7 医疗设备

三生制药(1530 HK) | 买入 | HK$24.8
3SBIO Inc (1530 HK) CITIC stake sales do not change fundamental - 6月 13, 2018 (9页)  
On 5 Jun, 3SBio announced that CITIC Private Equity China had sold 149m shares, c.6% of the company’s issued shares, likely to the institutional investors. Post transaction, CITIC’s holding in 3SBio will be cut to 18.6% from 24.5% of total issued shares. We see CITIC will likely take at least a couple of years to dispose its 3SBio stakes under well plan. We now factor in Bydureon sales at RMB70m/RMB162m in FY18F/19F, and move 3SBio’s DCF valuation base year to 2019. Maintain BUY with higher TP at HKD24.80.
China Healthcare On the way to on-line prescription drug sales - 6月 1, 2018 (3页)  
Sina News, on 25 May, cited that China will likely relax the rules for internet sales of prescription drugs, contrary to the market and our previous view on 20 Nov 2017. While the market expects these restricted medicines should be sold in condition of good surveillance. Certain on-line healthcare platforms had already appended their system with on-line doctors and pharmacy chains, such as (1) Ping An Healthcare and Technology(平安好医生)(1833.HK, NR); and (2) WeDoctor (微医).
金斯瑞生物科技(1548 HK) | 买入 | HK$48.45
Genscript Biotech (1548 HK) Lifting TP on CAR-T’s IND approval in US - 5月 31, 2018 (5页)  
On 30 May, Genscript announced its collaborative CAR-T drug with Janssen, namely JNJ-68284528, had received IND (Investigational New Drug) approval by US’ FDA to conduct phase 1B/2 clinical trials for white blood cell cancers (multiple myeloma). This JNJ-68284528 is regarded to be identical to Genscript’s CAR-T drug LCAR-B38M. On (1) higher success probability for US’ CAR-T work; and (2) moving valuation base year to FY19F, our TP rises to HKD48.45. Keep BUY.
Healthcare Modified CAR-T work on focus - 5月 24, 2018 (3页)  
Current CAR-T therapies for blood cancer appear to see patient encountering relapse, toxicity and specificity. In April, researchers from Boston University had invented a modified SUPRA CAR-T system, allowing it to (1) target on different cancer types (including solid tumors) without re-engineering of T-cells; and (2) fine-tune its drug action and efficacies. Despite of this being in pre-clinical stage, we see this would further attract the investor interest on biotech for CAR-T such as Genscript Biotech (1548.HK, BUY, TP:HKD36.20).
中国中药(570 HK) | 买入 | HK$8.5
China TCM (570 HK) No doubt about growth momentum - 5月 9, 2018 (7页)  
Being the market leader and pioneer of Chinese medicine formula granule (CCMG), we believe China TCM’s active sales/marketing coverage and smart dispensing machines will keep its CCMG sales over 21% y-o-y growth in 2018F-19F. Expanding its decoction pieces’ production capacity helps lift its y-o-y total revenue to 22%/21%/19% in FY18F-20F from 17%/16%/14%. Keep BUY with higher SOTP-TP at HKD8.50 on bigger CCMG and decoction pieces sales.


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