瑞信-亚太地区-医疗保健行业-亚洲医疗保健行业洞察-2020.2-39页.pdf
《瑞信-亚太地区-医疗保健行业-亚洲医疗保健行业洞察-2020.2-39页.pdf》由会员分享,可在线阅读,更多相关《瑞信-亚太地区-医疗保健行业-亚洲医疗保健行业洞察-2020.2-39页.pdf(41页珍藏版)》请在启牛文库网上搜索。
1、DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES,ANALYST CERTIFICATIONS,LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS.US Disclosure:Credit Suisse does and seeks to do business with companies covered in its research reports.As a result,investors should be awar
2、e that the Firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.Information contained in this report is generated using the HOLT Lens model.The information and data in t
3、he report are current as of the publication date and subject to change without notice.For analysis using updated data please click here to access HOLT Lens or to request trial access.HOLT APAC Health Care Insights A health check leading into results February 2020 Peter Jabour CA+61 3 9280 1702 peter
4、.jabourcredit- 每日免费获取报告1、每日微信群内分享7+最新重磅报告;2、每日分享当日华尔街日报、金融时报;3、每周分享经济学人4、行研报告均为公开版,权利归原作者所有,起点财经仅分发做内部学习。扫一扫二维码关注公号回复:研究报告加入“起点财经”微信群。2 A health check leading into results The sectors earnings recovery paused following a multi-year period of CFROI decline.Following successive years of CFROI erosion,
5、the regional sectors earnings headwinds moderated during the second-half of 2019,turning positive in November.However,these earnings“green-shoots”proved to be short-lived with a noticeable divergence now apparent between the sectors underlying profitability and its market valuation.The magnitude of
6、earnings downgrades has moderated.While initially reflective of muted news flow following a sustained period of negative earnings updates,the sectors improved sentiment has been supported by booming blood products demand,a mostly benign GPO tendering outcome for China and Hong Kong Pharmaceuticals,a
7、nd market expectations that the COVID-19 outbreak will have a temporary and limited impact.Value has historically been the strongest alpha factor;Quality only modestly additive.HOLTs Value factor has produced the greater alpha within the regional sector over the past sixteen years.Accordingly,high c
8、onviction value-based HOLT styles,Best In Class and Restructuring,have been the strongest performers.Firms that invest heavily in R&D stand the best chance of surviving the new landscape.While both China and India Health Care exhibit the lowest market expectations of their regional peers,their busin
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 亚太地区 医疗保健 行业 亚洲 洞察 2020.2 39