Embed Size (px)
Citation preview
Pacific Hospital Supply Co., Ltd.
Company Report
Presented by Jacky Lee
Your Health, Our Mission
2
Our Milestone
1977 PAHSCO formed with a stock Capital $1Million
1980 Started the production & trading of central medical gas equipments
2001 Tong Lo Factories receives ISO13485
2002 Tong Lo (F1) receives GMP Certification
2004 PAHSCO becomes a public listed company in the stock market
2005 Tong Lo (F3) formed to expand the production of sterilize medical product
2006 The automatic warehousing system was officially implemented in August
Tong Lo (F2) constructed & expanded the production of gas piping products 1987
2009
Expanded 11,997m2 of production capacity
2008
New factory (F4) constructed on 15th January
2008
2010
Obtain 7,085 m2 of land
Issued its second series of secured domestic convertible bonds
3
Factory
Miaoli
Taiwan
4
Production Area
5
Certificate
6
Introduction to the Medical Product
Industry and Future
Global Market for Medical Devices and Equipments –
Steady growth year by year
210,192224,103
236,221249,518
265,368
0
50,000
100,000
150,000
200,000
250,000
300,000
2008 2009 2010(e) 2011(f) 2012(f)
U
n
i
t
:
M
(
U
S
D
)
Resource: IEK（2010/04）
Percentage of Global Market （2009）
Westerm Europe
29% Americas
46%
Asia
18%
Eastern Europe
5%
Middle East and
Africa
2%
Prediction of Global Market
Growth rate maintained between 5%-6%
in recent years.
7
Introduction to the Medical Product
Industry and Future
Prediction of Global Medical Product Market
Resource: IEK（2010/04）
Estimated percentage by category
Estimated percentage of Global Market
by country
Medical disposal
devices 35%
Diagnostic imaging
products 32%
Others 5%
Orthopedic and
implantable products
4%
Orthodontic
products 24%
Year of 2010(e)
USD $236.2B
United States 40%
Others 38%
Japan 10%France 4%
Germany 8%
Year of 2010(e)
USD $236.2B
8
Medical Device and Equipment Industry
in Mainland China
Market Proportion Analysis
Un
it
：Billio
n (U
SD
)
China market has maintained 10% of the growth rate in recent years.
Resource: IEK（2010/04）
5.526.16
8.537.72
6.94
0
1
2
3
45
6
7
8
9
2008 2009 2010(e) 2011(f) 2012(f)
0%
2%
4%
6%
8%
10%
12%
14%
市場規模 Market Proportion 年均成長率 Avg. Annual Growth Rate
9
Main Geographic Areas of
Global Medical Device Market
10
Overall Index of Geographic Areas
Developed Countries
with Subcontract Manufacturing Focus
Countries with Self-Branding
Focus
US Japan Germany China Taiwan
Overa
ll Index
Population (Million) 310 127 81.6 1350 23
Age
(0~14:15~64:65up) 20 : 67 : 13 13 : 65 : 22 14 : 66 : 20 17.6：73.6：8.9 16 : 73 : 11
Birth Rate：Death Rate 14 : 8 9 : 9 8 : 10 12 : 7 9 : 7
Fertility Rate 2.1 1.4 1.4 1.8 0.94
GDP (Million USD) 14,582,400 5,497,812 3,309,669 5,878,629 430,096
GDP per Capita(USD) 47,084 43,161 40,542 4,393 17,660
Economic Growth Rate 2.90% 5.10% 3.60% 10.3% 4.21%
Medic
al In
dustry
Index
Health Expenditure per
Capita（USD） 7,410 3,321 4,629 169 1,260
Health Expenditure / GDP（%）
16.20% 8.30% 11.30% 4.6% 6.00%
Change of Health
Expenditure per Capita
3~4%
Steady Growth
Rate
Adjusting
(Negative growth
approx. in every 5
years)
Positive growth
(Growth Rate not
steady)
15% and above
High-speed
Growth Rate
2~3% Growth Rate
Hospital Beds per 1000
persons (unit) 3.10 13.80 8.20 2.45 6.78
Source: World Bank, Espicom, IEK
11
Population Structure of
Geographic Areas Low birth rate in
Taiwan, hence the
Population
Structure is aging. Population of age above 65
Country Percentage of population above age 65 Period of time expected
7% 10% 14% 20% 30% 7%→14% 10%→20% 20%→30%
Taiwan 1993 2005 2017 2025 2040 24 20 15
Singapore 2000 2010 2016 2023 2034 16 13 11
South Korea 2000 2007 2017 2026 2040 17 19 14
Japan 1970 1985 1994 2005 2024 24 20 19
China 2001 2010 2026 2036 - 25 20 -
United States 1942 1972 2015 2034 - 73 62 -
Germany 1932 1952 1972 2009 2036 40 57 27
UK 1929 1946 1975 2026 - 46 80 -
Italy 1927 1966 1988 2007 2036 61 41 29
Switzerland 1887 1948 1972 2015 - 85 67 -
France 1864 1943 1979 2020 - 115 77 -
Source：1. Council for Economic Planning and Development
2.United Nations, World Population Prospects：The 2006 Revision.
12
Thousand of NTD
Percentage of Product Categories
YEAR
ITEM
2007 2008 2009 2010 2011
AMT % AMT % AMT % AMT % AMT % Growth
Medical
Device 673,063 80.8 827,727 86 989,956 87.3 1,129,706 90.5 1,223,123 91.03 8.27
Medical
Equipment 39,414 4.7 52,528 6 56,586 5.0 82,991 6.6 78,532 5.85 -5.37
Piping
system 120,370 14.5 80,651 8 87,886 7.7 35,605 2.9 41,964 3.12 17.86
TOTAL 832,847 100. 960,906 100 1,134,428 100 1,248,302 100 1,343,619 100 7.64
13
Thousand of NTD
Percentage of Product Categories
YEAR
ITEM
2009 2010 2011 2011Q1 2012Q1
AMT % AMT % AMT % AMT % AMT % Growth
Medical
Device 989,956 87.3 1,129,706 90.5 1,223,123 91.03 299,037 91.8 312,008 91.1 4.34%
Medical
Equipment 56,586 5.0 82,991 6.6 78,532 5.85 19,530 6.0 28,105 8.2 43.91%
Piping
system 87,886 7.7 35,605 2.9 41,964 3.12 7,323 2.2 2,494 0.7 -65.94%
TOTAL 1,134,428 100 1,248,302 100 1,343,619 100 325,890 100 342,607 100 5.13%
14
Sales by Quarter
Thousand of NTD
YEAR 2006 2007 2008 2009 2010 2011 2012
Q1 131,736 192,669 222,680 246,505 299,794 325,890 342,607
Q2 204,176 218,285 221,649 282,752 319,461 372,298
Q3 236,581 204,471 240,016 294,085 310,737 342,243
Q4 166,433 217,421 276,562 311,086 318,310 303,188
Total 738,926 832,847 960,906 1,134,428 1,248,302 1,343,619
Growth 39.2% 12.7% 15.4% 18.1% 10.0% 7.64% 5.13%
Gross Margin 27.26% 28.92% 33.25% 39.37% 41.07% 38.67% 39.99%
15
Sales and Gross Profit
Thousand of NTD
ITEM
2006 2007 2008 2009 2010
AMT Growth AMT Growth AMT Growth AMT Growth AMT Growth
Sales 738,926 39.2% 832,847 12.7% 960,906 15.4% 1,134,428 18.1% 1,248,302 10.04%
Gross Profit 201,415 53.6% 240,872 19.6% 319,462 32.6% 446,597 39.8% 512,725 14.81%
Expenses 110,553 17.2% 131,272 18.7% 142,097 8.2% 145,503 2.4% 151,582 4.18%
Operating Income 90,862 146.8% 109,600 20.6% 177,365 61.8% 301,094 69.7% 361,143 19.94%
Income Before Tax 101,836 173.1% 118,469 16.3% 157,187 32.7% 48,501 -69.1% 367,215 657%
Evaluation Loss of
Financial Liabilities 0 (38,388) - (247,474) - 3,470 -
Income Before Tax
(ignore evaluation
loss of financial
liabilities) 101,836 173.1% 118,469 16.3% 195,575 65.1% 295,975 51.3% 363,745 22.90%
Gross Margin 27.26% 28.92% 33.25% 39.37% 41.07%
16
Sales and Gross Profit
ITEM
2010 2011 2011Q1 2012Q1
AMT Growth AMT Growth AMT Growth AMT Growth
Sales 1,248,302 10.04% 1,343,619 7.64% 325,890 8.70% 342,607 5.13%
Gross Profit 512,725 14.81% 519,513 1.32% 130,864 9.32% 137,006 4.69%
Expenses 151,582 4.18% 161,758 6.71% 37,946 1.41% 40,803 7.53%
Operating Income 361,143 19.94% 357,755 -0.94% 92,918 12.91% 96,202 3.53%
Income Before
Tax 367,215 657% 383,415 4.41% 98,083 19.61% 85,986 -12.33%
Evaluation Loss of
Financial
Liabilities 3,470 - - - - - - -
Income Before tax
(ignore evaluation
loss of financial
liabilities) 363,745 22.90% 383,415 5.4% 98,083 21.01% 85,986 -12.33%
Gross Margin 41.07% 38.67% 40.16% 39.99%
Thousand of NTD
17
Financial Information
ITEM 2006 2007 2008 2009 2010 2011 2011Q1 2012Q1
EPS 2.03 2.45 2.73 (0.23) 5.49* 5.39 1.51 1.25
ROE % 14.52 19.13 19.27 (1.4) 28.14 22.62 5.86 4.86
ROA % 10.43 14.24 12.88 (0.93) 22.20 18.93 4.89 4.14
Pay-out % 79 28.5 56.4 Nil 75 74.21* - -
Net Profit
Margin
10.7 14.1 13.6 (1.12) 27.55 24.06 24.98 21.94
Net Cash
per Share
4.9 4.2 7.2 8.0 9.84 10.44 10.3 11.37
*2010EPS 5.49 in the weighted average capital ; *2010EPS 6.37 in the year-end capital
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1 Stock Dividend will be proposed at the Meeting of the Boards of Directors.
18
Financial Information
ITEM 2006 2007 2008 2009 2010 2011 2011Q1 2012Q1
EPS 2.03 2.45 3.53 4.24 5.44 5.39 1.51 1.25
ROE % 14.52 19.13 22.23 22.71 27.85 22.62 5.86 4.86
ROA % 10.43 14.24 14 16.15 22.02 18.93 4.89 4.14
Pay-out % 79 28.5 43.6 Nil 75.7 74.21* - -
Net Profit
Margin 10.7 14.1 17.6 20.69 27.27 24.06 24.98 21.94
Net Cash per
share 4.9 4.2 7.2 8.0 9.84 10.44 10.3 11.37
* Ignore the evaluation loss of financial liabilities
*2010EPS 5.44 in the weighted average capital , 2010EPS 6.31 in the year-end of capital
*2010Pay-out: $3 Cash Dividend and $1.12 Stock Dividend presented at the Shareholders’ Meeting.
*2011Pay-out: $3 Cash Dividend and $1 Stock Dividend will be proposed at the Meeting of the Boards of Directors.
19
Client Types of Medical Devices & Equipment
2011
Thousand of NTD
2011 /1-12
Item Hospital Distributor Manufacture Other Total
AMT % AMT % AMT % AMT % AMT %
Domestic 76,527 5.9% 109,170 8.4% 46,543 3.6% 232,240 17.9%
Export 0.0% 370,055 28.4% 682,599 52.4% 16,761 1.3% 1,069,415 82.1%
TOTAL 76,527 5.9% 479,225 36.8% 682,599 52.4% 63,304 4.9% 1,301,655 100.0%
20
Client Types of Medical Devices & Equipment
2012Q1
Thousand of NTD
2012 Q1
Item Hospital Distributor Manufacture Other Total
AMT % AMT % AMT % AMT % AMT %
Domestic 22,294 6.6% 28,292 8.3% - - 6,920 2.0% 57,506 16.9%
Export
- - 88,189 25.9% 193,619 56.9% 799 0.3% 282,607 83.1%
TOTAL 22,294 6.6% 116,481 34.2% 193,619 56.9% 7,719 2.3% 340,113 100.0%
21
SALES COUNTRY Overall
Country
2009 YEAR
2010 YEAR
2011 YEAR
AMT % AMT % AMT % Growth
Taiwan 268,124 23.6 238,925 19.1 274,190 20.41 14.8%
Japan 315,045 27.8 337,021 27.0 358,729 26.70 6.4%
Germany 92,470 8.2 96,368 7.7 95,321 7.09 -1.1%
China 73,960 6.5 82,997 6.6 114,567 8.53 38.0%
United States 94,866 8.4 117,534 9.4 120,907 9.00 2.9%
Hong Kong 30,805 2.7 33,048 2.6 27,954 2.08 -15.4%
United Kingdom 25,150 2.2 32,540 2.6 35,098 2.61 7.9%
France 8,081 0.7 22,272 1.8 18,419 1.37 -17.3%
Brazil 6,276 0.6 18,396 1.5 3,902 0.29 -78.8%
Saudi Arabia 21,734 1.9 17,734 1.4 24,734 1.84 39.5%
Australia 23,445 2.1 21,974 1.8 23,287 1.73 6.0%
Other 174,472 15.4 229,493 18.5 246,511 18.35 7.4%
TOTAL 1,134,428 100.0 1,248,302 100.0 1,343,619 100.0 7.6%
Thousand of NTD
22
SALES COUNTRY Overall
Thousand of NTD
Country
2010 YEAR 2011 YEAR 2011Q1 2012Q1
AMT % AMT % AMT % AMT % growth
Taiwan 238,925 19.1 274,190 20.41 61,135 18.76 60,000 17.51 -1.9%
Japan 337,021 27.0 358,729 26.70 86,988 26.70 122,754 35.83 41.1%
Germany 96,368 7.7 95,321 7.09 18,535 5.69 18,137 5.29 -2.1%
China 82,997 6.6 114,567 8.53 36,356 11.16 25,609 7.47 -29.6%
United States 117,534 9.4 120,907 9.00 36,025 11.05 25,269 7.38 -29.9%
Hong Kong 33,048 2.6 27,954 2.08 5,579 1.71 8,086 2.36 44.9%
United Kingdom 32,540 2.6 35,098 2.61 11,266 3.46 9,141 2.67 -18.9%
France 22,272 1.8 18,419 1.37 2,555 0.78 1,633 0.48 -36.1%
Brazil 18,396 1.5 3,902 0.29 149 0.05 2,564 0.75 1620.8%
Saudi Arabia 17,734 1.4 24,734 1.84 3,764 1.15 4,352 1.27 15.6%
Australia 21,974 1.8 23,287 1.73 8,227 2.52 8,309 2.43 1.0%
Other 229,493 18.5 246,511 18.35 55,311 16.97 56,753 16.56 2.6%
TOTAL 1,248,302 100.0 1,343,619 100.0 325,890 100.0 342,607 100.0 5.1%
23
SALES COUNTRY Disposable Device
Country
2009 YEAR
2010 YEAR
2011 YEAR
AMT % AMT % AMT % growth
Taiwan 163,263 16.5 183,628 16.3 211,838 17.32 15.4%
Japan 314,424 31.8 335,386 29.7 358,729 29.33 7.0%
Germany 92,470 9.3 96,368 8.5 95,321 7.79 -1.1%
China 59,397 6.0 75,611 6.7 107,105 8.76 41.7%
United States 86,371 8.7 97,148 8.6 101,382 8.29 4.4%
Hong Kong 27,958 2.8 29,851 2.6 26,158 2.14 -12.4%
United Kingdom 24,798 2.5 32,540 2.9 35,098 2.87 7.9%
France 8,081 0.8 22,272 2.0 18,419 1.51 -17.3%
Brazil 6,276 0.6 18,396 1.6 3,753 0.31 -79.6%
Saudi Arabia 21,531 2.2 17,348 1.5 23,523 1.92 35.6%
Australia 23,445 2.4 21,974 1.9 23,287 1.90 6.0%
Other 161,942 16.4 199,184 17.6 218,510 17.86 9.7%
TOTAL 989,956 100.0 1,129,706 100.0 1.223,123 100.0 8.3%
Thousand of NTD
24
SALES COUNTRY Disposable Device
Thousand of NTD
Country
2010 YEAR 2011 YEAR 2011Q1 2012Q1
AMT % AMT % AMT % AMT % growth
Taiwan 183,628 16.3 211,838 17.32 49,012 16.4 52,660 16.9 7.4%
Japan 335,386 29.7 358,729 29.33 86,988 29.1 122,754 39.3 41.1%
Germany 96,368 8.5 95,321 7.79 18,535 6.2 18,137 5.8 -2.1%
China 75,611 6.7 107,105 8.76 33,960 11.4 20,265 6.5 -40.3%
United States 97,148 8.6 101,382 8.29 28,750 9.6 22,852 7.3 -20.5%
Hong Kong 29,851 2.6 26,158 2.14 5,579 1.9 7,488 2.4 34.2%
United Kingdom 32,540 2.9 35,098 2.87 11,266 3.8 9,041 2.9 -19.7%
France 22,272 2.0 18,419 1.51 2,555 0.9 1,633 0.5 -36.1%
Brazil 18,396 1.6 3,753 0.31 - - 2,564 0.8 -
Saudi Arabia 17,348 1.5 23,523 1.92 3,538 1.18 3,380 1.1 -4.5%
Australia 21,974 1.9 23,287 1.90 8,227 2.8 8,309 2.7 1.0%
Other 199,184 17.6 218,510 17.86 50,627 16.9 42,925 13.8 -15.2%
TOTAL 1,129,706 100.0 1.223,123 100.0 299,037 100.0 312,008 100.0 4.3%
25
Thanks for your attention
&
patience!
