Event: the holding subsidiary Cancer Hospital Management Company, Peking University Medical Industry Fund signed the share purchase Agreement with New mileage Hospital Group, New mileage Investment Group, NEA Capital and China Health Industry Investment Group. The former two co-sponsoring funds plan to invest about US $41.2286 million to the New mileage Hospital Group through overseas investment and purchase all or part of the shares held by the New mileage Hospital Group, NEA Capital and China Health, and acquire 65.00% of the shares of the New mileage Hospital Group.
Comments:
1) the first step taken by Peking University Cancer Hospital after setting up a joint venture company. In the middle of last year, the company put forward the strategic transformation goal of "relying on shareholder resources and laying out the medical service industry in the future", and the tumor industry chain is the key development direction. The company enters the field of oncology treatment services through its own R & D, manufacturing and acquisition of oncology drugs, but the complete oncology industry chain lacks oncology hospitals. Previously, "Peking University Medical Oncology Hospital Management Co., Ltd." was jointly established with Peking University Cancer Hospital, Peking University Industrial Fund and Xin'an Medical. The company is a major shareholder with a stake of 41%. The company plans to use the subsidiary as a platform to establish an oncology specialist medical network with "Peking University tumor" as the brand. This acquisition of New mileage Hospital Group is the first step after the establishment of the joint venture company, and it is a gradual realization of the established strategy, and it is expected that the follow-up acquisition will continue to make efforts. The company can also form a synergistic effect with the new mileage tumor hospital through medicine circulation and consumable distribution to enhance the company's overall market competitiveness and profitability.
2) the new mileage tumor hospital locates the high-end cancer medical service, the qualification is good. The new mileage hospital group acquired this time owns the new mileage tumor hospital and new mileage wisdom (Beijing) international medical technology co., Ltd., while the new mileage tumor hospital is a Chinese and foreign for-profit oncology specialist hospital jointly established by the new mileage hospital group and Peking university tumor hospital, with a shareholding ratio of 70% and 30% respectively, and is positioned as an analogical international cancer diagnosis and treatment service platform to serve the high-end cancer patients. It fills the gap in the middle and high-end tumor treatment market. The hospital was established in October 2011 with a registered capital of 50 million yuan and began trial operation in June 14 years. The first phase opened about 100 beds and the second phase is expected to open about 50 beds in June 15. The hospital team gathered many famous experts in the field of oncology at home and abroad, such as 301 Hospital, Peking University people's Hospital, Guanganmen Hospital of traditional Chinese Medicine and Taiwan Chang Gung Memorial Hospital. Set up nearly 20 clinical departments and research centers, including internal medicine and surgery, radiotherapy and chemotherapy, immune biology, targeting and intervention, and characteristic traditional Chinese medicine, equipped with global advanced large-scale medical equipment such as nuclear magnetic resonance, CT and color ultrasound, to provide personalized early tumor examination, comprehensive treatment, telemedicine, international consultation and 24-hour consultation and appointment service.
Valuation rating: the company's overall performance is stable, the landing of integrated medical acquisition and the acceleration of supply chain integration will promote the company's profit inflection point, but the time of the new mileage hospital is uncertain, maintaining the original 14-15 years EPS is 0.09,0.19,0.27 yuan respectively, corresponding to PE is 178,87 and 62 times, to maintain the overweight rating.
Risk hints: the benefits of supply chain integration are favorable to expectations, and the development of medical services is lower than expected.