Know plan medical services: Fixed position invests a company at medical services

Pilgrimage Through Kham: A Medical Mission in Tibet

Know plan medical services: Fixed position invests a company at medical services
[South hill viewpoint: Attention connects plan medical services to capture the spring breeze that medical services reforms, undertake fast dilate. Have 10 years of decuple latent capacity, be worth to pay close attention to for a long time.

Origin: Negotiable securities institute casts to release time in: On November 19, 2010



Incident: We organized the medical services that understand strategy to combine survey, with effective control person Huang Yuhua of secretary of Zhang Hong of Lv Jianming, general manager, board of directors undertook communicating. Comment on as follows:

Company fixed position serves course of study to invest administrative company and rather than at medical services is provider of medical services merely, future develops method to may be similar to group of foreign large medical services.

The company is doing big oral cavity advocate on the foundation of course of study, do not eliminate to buy other blame through investing fund the likelihood of the stomatological hospital. To this share capital, breed inchoate achieve the form of collection administration fee earnings, the likelihood after autumn infuse appears on the market company. The distant view target of the company is to make group of oral cavity medical services not only, become hospital management company even.

Be the same as the research of the industry to abroad according to us, many large hospital groups are inchoate be be built oneself or buy professional hospital to do big, medical services of the sortie after certain dimensions serves government. The United States‘ biggest hospital group HCA held water 1968, there are 11 hospitals only at the beginning of holding water, through buying the bottom owned 26 hospitals 1969. To 1987, HCA owns 255 hospitals, run 208 hospitals. The 1975-1983 that develops quickly in the company year, share price rose 14 times.

We think, the company if can driving force of revolution of policy of have the aid of is short-term inside take resource of high grade medical services, below the circumstance that can achieve a balance in outspread force and control force, future realizes rapid development 3 years likely.

To oral cavity business, company already slam the door the outspread way that buy or proposes clinic oneself, future basically will adopt bought way to enter new market, still adopt " total courtyard + branch department " mode.

2006-2010 year the success of Hangzhou stomatological hospital is managed laid outspread foundation for the company. Hangzhou stomatological hospital 07, 9 years income is 86.31 million, 159 million, 07, embellish of 9 annual interest is 10.15 million, 36.36 million, compound increase rate is achieved respectively 36% , 79% , achieved high speed growth.

The success of Kunming stomatological hospital is bought reflected a company participating in public hospital to alter the ability that restricts a respect, hopeful makes example. Kunming reforms the city with the rapiddest progress as public hospital, already announced 8 years in Feburary " accelerate advance medical services sanitation enterprise reform and develop and accelerate civilian battalion hospital to develop further " two important files. The company intervenes in 8 years the project exchanges views, buy a success finally. Kunming oral cavity becomes other and public hospital to reform urban example likely, buy next for the company rise to set an example action. Kunming oral cavity will take the kind that poor dissimilation locates, radiation reachs high-end medical services at the foundation of southwest and even southeast Asia.

We forecast company 10-12 year EPS is 0.32, 0.44 mix 0.61 yuan, keep commendatory investment grade.

Risk clew: The hospital buys progress cannot accurate forecast, the canal in company patulous course accuses force