Guosen Securities (HK)  
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绝对回报 (%) (1.90) 3.00 (0.96) 6.72 19.04 0 3.17 8.79
绝对回报 (美元, %) (1.90) 3.00 (0.97) 6.73 18.60 (0.33) 3.16 8.29
相对于 HSI 回报 (%) (2.32) 7.06 2.48 18.77 31.58 0.48 7.96 17.83
威高股份(1066 HK) 踏上股份改革之路 - 7月 23, 2018 (9 页)  

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.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Shandong Weigao (1066 HK) Targeting on high-end US devices - 9月 27, 2017 (4 页)  
On 24 Sept night, Weigao announced to form a JV (9:1) with another investor to fully acquire Argon Medical Devices in US. The total consideration is USD850m, with USD420m to be paid by debt and the rest from its cash. We see (1) Argon’s FY16 P/EBITDA at 12.5x similar to Weigao’s 12.7x; (2) post conference call, both approvals from US antitrust act and China authorities will not be the hurdles; and (3) Argon’s high-end products will lure to Weigao’s top-tier clients.

Shandong Weigao (1066 HK) Looking to expand outside - 9月 21, 2017 (8 页)  
On 1 Sept, Weigao announced to join hands with another investor to take control of a US based device maker and marketer. We see (1) more synergies with this US company; (2) FY17F revenue growth at 13% y-o-y; (3) likely slacked revenue at 9% y-o-y each in FY18F-19F on policy overhang especially for orthopaedics. Downgrade to Neutral with higher TP at HKD6.35, on rolling valuation base year to FY18F.

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