摩根大通-146页英文-中国医疗业希望和机会.pdf

Asia Pacific Equity Research 15 October 2011 China Healthcare Shattered landscape; hope and opportunity  Sell-off creating buying opportunities: The MSCI China healthcare index Healthcare (down 13.5% in the past three months and 2 % YTD) is trading at the AC Sean Wu lowest multiples since mid-2009, with many counters offering enticing (852) 2800 8538 valuations when set against the growth prospects, in our view. We believe sean.wu@ the sentiment has been too negative given that the secular growth of J.P. Morgan Securities (Asia Pacific) Limited healthcare industry looks intact and it is in the government’s interest to strengthen, not weaken, the domestic players. We are confident that many healthcare companies can withstand short-term negative macro headwinds and emerge with growth outlooks intact. We believe the recent sell-off has created some attractive buying opportunities. One-year China APxJ Healthcare  Fundamentals for long-term growth look strong - underpinned by 20%