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萧智舜 - 研究部主管
+852 2899 6747

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

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).

三生制药(1530 HK) | 买入 | HK$24.8 萧智舜
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.
金斯瑞生物科技(1548 HK) | 买入 | HK$48.45 萧智舜
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.
中国中药(570 HK) | 买入 | HK$8.5 萧智舜
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.
山东威高(1066 HK) | 买入 | HK$7 萧智舜
Shandong Weigao (1066 HK) Eyes on Argon as the new driver - 4月 23, 2018 (9 页)  
Shandong Weigao had completed its acquisition of Argon Medical Devices in US on 24 Jan 2018. In 2018, we see Weigao sales from consumables/ orthopaedic and total revenue growth y-o-y at 11%/13%/36%, expecting Argon to turn net profit in 2020 and having Weigao’s EPS CAGR (FY17-20F) at 15.2%. Adding Argon’s valuation, our SOTP-TP rises to HKD7.00 (from HKD6.35). Upgrade to BUY.
国药控股(1099 HK) | 买入 | HK$40.2 萧智舜
Sinopharm (1099 HK) Market leader with no fear of the storm - 4月 12, 2018 (7 页)  
On 10 April, Sinopharm issued profit warning with 1Q18 earnings to fall 30% y-o-y, on (1) less drug sales via hospitals to outpatients and controlled medical reimbursement; and (2) more opex to sales/ finance costs for deeper sales coverage. We see Sinopharm as #1 distributor will pick up sales and cost control, having earnings growth by end of each year. Maintain BUY with lower SOTP-TP at HKD40.20.












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