【出版时间及名称】：2010年3月澳大利亚医疗行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：103
        【目录或简介】：
Contents
Stock Ratings – Order of Preference ............................................................................................................................ 4
Changes to Ratings & Estimates.................................................................................................................................. 6
Morgan Stanley versus Consensus Estimates ............................................................................................................ 7
New Research................................................................................................................................................................. 8
Proprietary analysis of Medicare data .......................................................................................................................... 9
COH – Implications of Reported Bid for Siemens’ Hearing Aid Unit ....................................................................... 18
Investment Case........................................................................................................................................................... 19
Valuation ....................................................................................................................................................................... 24
Valuation Summary...................................................................................................................................................... 25
Share Price Performance (Three Months) .................................................................................................................. 26
Share Price Performance (Five Years)........................................................................................................................ 28
Forward One Year P/E Charts (Consensus) ............................................................................................................... 30
Scenario Analysis, 1h10 Overview & 2h10 Outlook .................................................................................................. 32
Sonic Healthcare (SHL.AX; A$13.50; OW; PT A$15.87)............................................................................................. 33
Investment Case........................................................................................................................................................... 34
Resmed Inc (RMD; US$58.17; OW; PT US$63.09)...................................................................................................... 39
Investment Case........................................................................................................................................................... 40
Ansell (ANN.AX; A$11.50; OW PT A$13.28)................................................................................................................ 43
Investment Case........................................................................................................................................................... 44
Quantifying the impact of increasing input costs….................................................................................................. 45
Restructuring Charges – keeping the forecast base overly conservative.............................................................. 46
ANN results ahead of US employment recovery….................................................................................................... 46
Source: Company data, Morgan Stanley Research, E = Morgan Stanley Research Estimates............................ 48
Aust. Pharmaceutical Industries (API.AX; A$0.53; OW; PT A$0.75) ........................................................................ 49
API: 1h10e Preview & Outlook .................................................................................................................................... 50
Cochlear (COH.AX, A$65.08, EW, PT A$64.30)........................................................................................................... 53
Investment Case........................................................................................................................................................... 54
CSL Ltd. (CSL.AX, A$34.73, EW, PT A$33.12) ............................................................................................................ 58
Investment Case........................................................................................................................................................... 59
Healthscope (HSP.AX; A$4.29; EW; PT A$4.83)......................................................................................................... 68
Investment Case........................................................................................................................................................... 69
Ramsay Healthcare (RHC.AX, A$12.98, EW, PT A$13.32)......................................................................................... 73
Investment Case........................................................................................................................................................... 74
Primary Health Care (PRY.AX, A$4.44, EW, PT A$4.71) ............................................................................................ 78
Investment Case........................................................................................................................................................... 79
Sigma Pharmaceuticals (SIP.AX, $0.90, UW, PT $0.79)............................................................................................. 82
SIP: 1H10e Preview & Outlook.................................................................................................................................... 83
Financial Summaries ................................................................................................................................................... 86
Changes to Estimates Post Results........................................................................................................................... 97
Ansell................................................................................................................................... Error! Bookmark not defined.
Valuation Methodology................................................................................................................................................ 98