上海醫藥 (2607.HK): H股配股集資31 億港元,完成收購康得樂中國 February 23, 2018 519

投資概要

公司完成H股配售,募集31億港元資金;完成收購康得樂中國,業務整合進一步推進,DTP藥房業務有望隨著整合加速拓展;電商平臺正積極尋求引入新戰略投資者。考慮到股本擴大及兩票制的影響,我們調低17E/18E的每股收益至1.25元/1.45元,保守假設14.2倍目標市盈率(接近兩年歷史平均值),得到H股目標價24.8港元,維持“買入”評級。(現價截至2月21日)

H股配股集資31億港元

公司1月26日宣佈成功完成H股配售,募集款項淨額達3116.79百萬港元,所得款項淨額擬用於工業製造和分銷業務拓展及補充運營資金。本次募集以每股20.43港元,向不少於6名且不多於10名承配人發行共153百萬股新H股,分別佔配售前已發行H股總數20%,占已發行股本總額約5.7%。配售完成後,境外H股占已發行股本32.34%(配售前28.48%),A股股份數保持不變,占已發行股本比例67.66%(配售前71.52%)。

完成收購康得樂中國

公司公告稱完成收購康得樂馬來西亞(間接擁有全部康得樂中國業務),以現金出資預計約5.57億美元,約合44億港幣。康得樂中國總裁林雯詩及公司主要核心骨幹已決定留任,團隊按既定的業績目標啟動2018運營計畫。目前收購已完成交割,上海醫藥成立融合對接小組推進整合工作。收購使得上海醫藥的分銷網路進一步擴大至覆蓋24個省市,更接近2020年完成覆蓋全國28省市的目標,公司的進口藥品總代理品種數躍居行業第一,成為中國最大的進口藥品代理商和分銷商。

DTP藥房業務進一步整合

DTP藥房商業模式的驅動因素來自於未來中國公立醫院處方外流的趨勢,腫瘤和慢病等治療性用藥等用藥比例上升,以及居民支付能力隨著醫保商保覆蓋更廣而提升。開展DTP業務是醫藥流通企業未來重要增長點之一。根據IMS統計,DTP市場規模2016年為105億,預計到2020年,DTP市場容量接近400億,年複合增長率預計達到39.7%。上海醫藥開展DTP藥房業務的主要優勢在於其豐富的上游藥品資源和醫院管道資源,使其能夠更好地控制成本費用,並且承接醫院處方外流。整合康得樂DTP業務之後,上海醫藥將擁有超過70家DTP藥房,覆蓋全國大部分經濟發達省市。

電商平臺尋求新投資者

上海醫藥於2015年3月與京東、IDG資本、軟銀中國資本等共同投資設立上藥雲健康,作為旗下電商平臺公司,與京東在戰略、資本、業務等層面建立全面戰略合作夥伴關係。上藥雲健康以電子處方作為核心業務模式,同時發展B2C與B2B業務。上藥雲健康旗下的“益藥·藥房”是專注於新特藥的零售、慈善贈藥及患者管理服務的DTP專業藥房,在全國擁有32家益藥專業藥房,遍佈13個省27個市。隨著上海醫藥和康得樂中國整合工作啟動,以“益藥·藥房”為品牌的新特藥服務網路版圖將進一步延伸。上海醫藥官網披露,上藥雲健康目前正在積極籌備新一輪融資、引入更多戰略投資者,以拓展電商平臺的實施應用。

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Eurus Zhou

Eurus Zhou
Phillip Securities (HK)

Graduated from Hong Kong Polytechnic University, Master of Finance (Investment Management). Possess bachelor degree majoring in Financial Management from Southwestern University of Finance and Economics. Focus on industry prospect and corporate fundamentals to explore investment value and cover pharmaceutical and consumer industry.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!