º q n 0 g Î % * = ô Ü ¨ 0 v w Î % Ï ó !â sÅr x...0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%...

2019 3

100-00041-9-2


65 2017 327 65 / 13.9%2018 14 2027 21

5 2 10

65

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

2052

2054

2056

2058

2060

2062

2064

202721.5

201814.5

2018 2065 2018 8 30


2017

2015

•

•

• 2015

•

•

•

• 2017•


2017 2018 10

67% 17% 16%

25.4


4,00090%

•

•

• •

1 3.5


9,000 4,500

42

90.4% 83.8% 78.3%

88%

9,097

7,255

5,528

4,473

3,797

3,217

3,105

2,246

1,952

1,663

1,317

1,214

1,197

1,146

7,619

5,582

4,209

4,042

2,966

2,378

2,218

1,802

1,338

1,474

1,065

933

1,053

822

0 2,000 4,000 6,000 8,000 10,000

83.8%

76.9%

76.1%

90. %

78. %

73.9%

71. %

80.2%

68.5%

88.6%

80.9%

76.9%

88.0%

71.7%

1,000


10

2017

1/3

25.42,600

4,000 65


23.6

19.8

0

5

10

15

20

25

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

2052

2054

2056

2058

2060

2062

2064

2,3572021 2,360 2054 2,000

2018 2065 2018 8 30

2021

2054


65 2017 327 65 / 13.9%2018 14 2027 21

5 2 10

65

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

2052

2054

2056

2058

2060

2062

2064

202721.5

201814.5

2018 2065 2018 8 30

p.3


1.020 75 80

78.1 79.6

80.8 81.9

82.8 83.4

75.0 76.5

77.5 78.6

79.5 80.0

72.4 73.8

74.7 75.6

76.4 76.8

66.0

68.0

70.0

72.0

74.0

76.0

78.0

80.0

82.0

84.0

86.0

1996 2000 2004 2008 2012 2016

1.76 1.77

1.47

1.56 1.68

1.40 1.34

1.24 1.18

1.12 1.12 1.10 1.05 1.03

0.90

1.07

1.27

1.07

1.17

1.18

1.17 1.13

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00


102 65

2017 2018 10

65

9%

20%

33%

33%

0%1% 2% 2%

2

3

4


2017 2018 10

67%

27%

6%

62.6%

5.5%4.4%1.8%3.7%

21.2%

0.4%0.4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


1980 2000

2015 2017 6 201710 2.0

1998 •

•

•

• 3

2002 03

2002 07

• 102007

•2015

•2017 2015


2007 10/

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

124 127 133 144 149 162 168 181 186 238

31 39 66 73 83 94 146 171 192 259

- - - - - 21 25 27 26 32

4 16 23 15 20 21 32 22 25 31

166 204 201 159 169 190 209 197 197 249

31 42 43 39 43 42 41 41 40 48

487 495 489 451 478 483 486 494 413 505

62 88 122 112 111 125 143 143 129 211

1,390 1,439 1,444 1,052 1,510 1,509 1,549 1,565 1,666 1,702

2,295 2,450 2,521 2,051 2,567 2,649 2,768 2,812 2,812 2,812


10

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

22,305 22,017 27,800 33,193 37,994 41,486 43,584 46,428 48,962 56,056

339 618 785 1,206 1,780 1,878 2,314 2,993 3,917 5,091

1 11 35 62 110 131 146 200 222 321

2,734 4,184 6,112 6,845 6,240 6,817 6,773 7,016 6,847 8,009

5,356 4,695 5,267 6,048 5,824 5,714 5,074 5,520 7,488 9,479

7,332 18,685 21,916 20,368 23,638 25,782 25,549 24,724 24,703 27,428

1,875 2,730 2,405 2,755 2,720 2,850 3,127 3,426 4,329 4,777

39,942 52,940 64,320 70,477 78,306 84,658 86,567 90,307 96,468 111,161


10 10 2,859 81710 1,144 327 40

0 28 2922 28 31.88 35.1 45 54.18 53.76

028

5780

108139

174

219

274

327

0

50

100

150

200

250

300

350

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

10

498256

63

1 3.5


10 10 2.0

ABC

••

••

•• 1996

• 4••

10 2.0

10 2.0


10 2.0

A B C)A B C

2.0

10 2.0

80199

441469

829

2529

0

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1,000

1,500

2,000

2,500

3,000

2017

2017

2017

••

••

••


A B C

10 2.0

ABC

Copyright C Nomura Research Institute, Ltd. All rights reserved. 2310 2.0

••


••

75 95


2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

230 277 287 298 379 392 405 488 504 603 3,862

42 78 92 103 113 124 132 140 146 152 1,123

4 4 5 5 6 6 6 7 7 8 58

0 37 38 40 43 45 47 50 52 55 407

5 18 19 21 23 24 26 27 29 31 224

11 20 23 25 32 35 39 44 52 57 338

9 9 9 9 9 9 9 9 9 9 88

1 1 1 1 1 1 1 1 1 2 13

1 2 2 2 2 2 2 2 2 2 17

10 43 54 66 79 94 113 138 165 200 961

25 36 38 39 40 41 43 44 45 46 397

231 575 697 824 881 957 1,037 1,156 1,269 1,413 9,037

568 1,101 1,265 1,433 1,607 1,729 1,859 2,106 2,281 2,578 16,526

10 2.01 3.5

P10 10 2.0


2015 201766

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15

10 20

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••

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2.

3.

4.

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8.


0

•

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•

•

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•

•


22

1/325

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(

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2

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1,030

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1

574

0 200 400 600 800 1,000 1,200

2018 7

4%

51%

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42%

1,674

83,643


2015 2016 20175,898 5,253 5,0883,869 3,347 3,297

65.6% 63.7% 64.8%51,628 53,289 54,86640,492 41,806 42,964

78.4% 78.5% 78.3%2,279 2,476 2,4501,874 1,969 2,018

82.2% 79.5% 82.4%64 64 6462 59 61

96.9% 92.2% 95.3%59,869 61,082 62,46846,297 47,181 48,340

77.3% 77.2% 77.4%

2018 7


9,000 4,500

42

90.4% 83.8% 78.3%

88%

9,097

7,255

5,528

4,473

3,797

3,217

3,105

2,246

1,952

1,663

1,317

1,214

1,197

1,146

7,619

5,582

4,209

4,042

2,966

2,378

2,218

1,802

1,338

1,474

1,065

933

1,053

822

0 2,000 4,000 6,000 8,000 10,000

83.8%

76.9%

76.1%

90. %

78. %

73.9%

71. %

80.2%

68.5%

88.6%

80.9%

76.9%

88.0%

71.7%

2016

1,000

p.7


1980

19971

49

50

20155

50 49

7 216

8 96

3 27

8 60

1 10

3 16

3 13

4 15

9 61

8 45

1 35

5 13

3 24

14 101

15 140

8 52

3 11

5 13

10 31

2 5

120 9842016


2015 2016 2017

537 552 574

40,757 42,874 45,353

11,663 12,377 12,886

78.4 79.1 77.8


152,275 2,415

128,800 /260

14 80,500 /96.6

3,8004,000

1 3.5


2007 10/

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

124 127 133 144 149 162 168 181 186 238

31 39 66 73 83 94 146 171 192 259

- - - - - 21 25 27 26 32

4 16 23 15 20 21 32 22 25 31

166 204 201 159 169 190 209 197 197 249

31 42 43 39 43 42 41 41 40 48

487 495 489 451 478 483 486 494 413 505

62 88 122 112 111 125 143 143 129 211

1,390 1,439 1,444 1,052 1,510 1,509 1,549 1,565 1,666 1,702

2,295 2,450 2,521 2,051 2,567 2,649 2,768 2,812 2,812 2,812

10.4% 10.6% 10.7% 10.9% 11.2% 11.5% 12.0% 12.5% 13.2% 13.9%

p.17


10

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

22,305 22,017 27,800 33,193 37,994 41,486 43,584 46,428 48,962 56,056

339 618 785 1,206 1,780 1,878 2,314 2,993 3,917 5,091

1 11 35 62 110 131 146 200 222 321

2,734 4,184 6,112 6,845 6,240 6,817 6,773 7,016 6,847 8,009

5,356 4,695 5,267 6,048 5,824 5,714 5,074 5,520 7,488 9,479

7,332 18,685 21,916 20,368 23,638 25,782 25,549 24,724 24,703 27,428

1,875 2,730 2,405 2,755 2,720 2,850 3,127 3,426 4,329 4,777

39,942 52,940 64,320 70,477 78,306 84,658 86,567 90,307 96,468 111,161

p.18


( )

% % % % % (%) (%)

35,070

0 5 16 140,000 0 10 30

113,190

0 5 1

54,110

5,880 0 10 30 6,440 0 9 27 7,000 0 8 25 8,400 0 7 21

65,030

84,350

98,245

112,315

169,785

126,630

2017 12 29

1 3.5


1 1.11 727

3028


2576

24 365

2018 8

36%

64%

69.6 193,187

31,600 498

28,392 2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


59,500 / 59,500 / ---

4 / 8,166 / ---

5,950 / 1,400 /

7,000 / ---

8,750~14,000 / ---

1 5,250 /2 5,950 /3 6,300 /

0 / 5,250~6,300 /

7,000 /

26,250~35,000 ---

6 1830 --- 6,300~8,750

--- 3,500

30 2,450~3,500 ---

24,000 17,000

1 3.5


90 20

18 6 150

NPO NPO

901

18

206 150

56 2 3

(


10 3.6

15,985

12,155 13,570

19,365

12,059 10,899

14,944

0

5,000

10,000

15,000

20,000

25,000

2011 2012 2013 2014 2015 2016 2017

9.8

2017


90

• 90

•

•

NPO

•


24

ABS

1989

1999

1950

•

• 7• 122

( 32 78 12)

•

•

• 200 ( 16 11149 24)

•

• 120


•400 212

154 66

•

• 1995• 200•

•

/

• 20

• 150•

•


588 39% 53% 4%

2016

2016 2016

39%

53%

4%

588

151

147

123

121

90

79

79

0 50 100 150 200


•

•

•

•


Karma

• 1987

• 645

Pihsiang

• 1983

•

Mertis

• 1987

•


2016 93.2 40%

93,197 42.4%

12 0.01%

3 0.00%

46 0.02%

55,509 25.3%

50,649 23.1%

4,223 1.9%

11 0.00%

16,022 7.3%

219,673 100%

20161 3.5


•

•

•


•

•

• 20

•

•

MEDIFIRST) • 200

WELLCARE•

1989 100

º q n 0 g Î % * = ô Ü ¨ 0 v w Î % Ï ó !â sÅr x...0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%...

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