国信证-券（香港）-china_healthcare：future_stays_good-20170217-guosen_securities_(hk).pdfVIP

Roadshow Commentary China Healthcare China / Healthcare Future stays good 17 February 2017 On 15 Feb 2017, we hosted a non-deal NDR with Jacobson Pharm (JP) (2633.HK, NR) with its management at our HK office. Our investor’s questions focus on: (1) Po Chai Pills’ (PCP) (保济丸) sales and formulation in China and Hong Kong; (2) newly acquired Ho Chai Kung’s (HCK) (何济公) wider net margin; and (3) western generic drug sales and pipeline. The counter currently trades at 18.0x trailing P/E (12.2x EV/EBITDA), versus global and HK sector median at 24.2x (17.0x EV/EBITDA) and 18.0x (12.2x EV/EBITDA) respectively. Company profile Listed on the main-board of HKEx on 21 Sept 2016, Jacobson Pharm (JP) is a HK-based vertically integrated Top generic drug supplier to HK hospitals and local doctors generic drug maker, as well as the owner of some In 2015, JP’s market shares within HK Hospital Authority in cardiovascular, oral renowned Chinese medicine brand in HK such as Po Chai Pills (保济丸). Its generic drug products made by its anti-diabetics, digestive system, central nervous system, and respiratory system