pacific hospital supply co., ltdpascho sales revenue reached nt$ 2 billion 3 our certificates common...
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Pacific Hospital Supply Co., Ltd 3Q2020 Company Report
2
Our Milestone
1977 PAHSCO formed with a stock Capital of NT$ 1 Million
1980 Started the production & trading of central medical gas equipment
2001 Tong Lo Factories received ISO9001 & CE Certification
2002 Tong Lo (F0) received GMP Certification
2004 PAHSCO became a public listed company in the stock market
2005 Tong Lo (F0’) formed to expand the production of sterilize medical product
2006 The automatic warehousing system was officially implemented in August
1987
2010 Obtained 11,997m2 of production capacity and expanded (F3 sold in 2019)
2009 Tong Lo (F1) constructed in November
2008
2012
Issued series of secured domestic convertible bonds & obtained 7,085 m2 of land
Implemented Oracle ERP (2011) and BPM systems
2019
PAHSCO was Ranked Top 5% for Corporate Governance from 2014 to 2019 & awarded with Best Rankings for Information Transparency and Disclosure from 2008 to 2014.
Tong Lo Factory constructed & expanded the production (F2 sold in 2018)
2014
2016
Implemented new production technique and established mold department
New Factory constructed at Tong Lo Science Park in December
New Factory obtained pharmaceutical manufacturer & ISO 13485 Certification 2017
2018 New Factory registered for GMP & FDA
PASCHO Sales Revenue reached NT$ 2 Billion
3
Our Certificates
Common Wealth Magazine Ranked PAHSCO
• No. 951 in Top 2000 Enterprise (2019) • No. 231 for Sales Growth • No. 349 for After Tax Profit
• No. 36 Most Profitable Manufacturer • No. 11 in Precision Instrument Industry
Company News
Source: https://www.cw.com.tw/cw2000/database
4
Taichung Office Factories at Tong-Lo Industrial Park
F1 on the right for Sale (Nov. 2019)
Land: 7,085 m2 + Building: 12,059.5 m2
Taipei Headquarter
Our Location
Miaoli
Taiwan
New Factory at Tong-Lo Science Park
Kaohsiung Office
5
Factory sold for 320 M (Tax incl.) TWD(July. 2019)
Land: 11,229 m2 + Building: 17,867 m2
6
New Factory
Land Buildings Capacity
46,000 m²
Factory 44,900 m² AS/RS 4,500m²
(8,100 storage spaces)
Dorm 6,300m² (380 people capacity)
--------------------- Total of 55,700 m²
3.6B TWD sales
7
Introduction to Medical Product Industry and Future
Global Market for Medical Device and Equipment:
2019-2022 CAGR 5.6%
Source: TrendForce 2019/01 ; IRTI/BMI research 2020
Unit:Billion (USD) YoY YoY
Unit:100 Million (USD)
Forecast Slightly
Increased
-
50
100
150
200
250
300
350
400
450
500
Middle Eastand Africa
OtherEurope Asia Pacific
WesternEurope America
Global
12 15
86 95
196
404
15 18
105 112
226
475
6.2% 6.4%
7.0% 5.6%
4.9%
8
Introduction to Medical Product Industry and Future
Global Market for Medical Device and Equipment:
2019-2022 CAGR forecast (By Region)
Source: 2020 IRTI / ITA Medical Devices Top Markets Report
Market size in 2016 and 2020(f)
Unit:Billion (USD)
CAGR 5.6%
U.S. 43.1%
Japan 7.3%
Germany 7.0%
China 6.8%
France 3.8%
Others 32.1%
9
Introduction to Medical Product Industry and Future
Global Medical Product Market Share
(2019-2020 By Country) YoY (e) 4.1%
2019 Market Size
404 B (USD)
2020 Market Size (e)
420 B (USD)
U.S. 43.5%
Japan 7.4%
Germany 6.6%
China 7.4%
France 3.5%
Others 31.6%
Source: 2020 IRTI / ITA Medical Devices Top Markets Report
10
Introduction to Medical Product Industry and Future
Global Medical Product Market Share
(2019-2020 By Product ) YoY (e) 4.1%
2019 Market Size
404 B (USD)
2020 Market Size (e)
420 B (USD)
Source: 2020 IRTI / ITA Medical Devices Top Markets Report
Diagnostic Imaging Product 23.3%
Medical Disposal Devices 16.3%
Assistive Device 12.8%
Orthopodic &
Implantable Product 12.0%
Orthodontic Product
7.5%
Others 28.2%
Diagnostic Imaging Product 23.4%
Medical Disposal Devices 16.2%
Assistive Device 12.7%
Orthopodic &
Implantable Product
11.7%
Orthodontic Product
7.5%
Others 28.1%
11
Market of Aging Population
Age % of health expenditure
<25 3.4%
25~34 5.4%
35~44 6.5%
45~54 6.8%
55~64 8.8%
>65 13.4%
*Source: WorldPopulationReview(2019); Franklin Templeton(2016); Council for Economic Panning & Development(2008): UN(2006)
U.S. Europe China Japan
Global low birth rate
12
1950~70
Period
1980~2010
Period
2010
Period
Childhood Adulthood Elder
WWII Baby Boom: 1946-1964 U.S births increased rapidly Aging Boom: 2011-2029 Baby boomers start to enter age of 65
Global Population of Children vs. Elders (%)
Under 5
It is estimated global population age over 65 will surpass age under 5 after 2020 and the difference will continue to grow.
Market of Aging Population
*Source: Franklin Templeton(2016); United States Census Bureau (2016); United Nations(2013)
Over65
Developed Countries
with Subcontract Manufacturing Focus
(ODM/OEM)
Emerging Countries
with Self-Branding Focus
(OBM)
US Japan Germany China Taiwan
Ove
rall In
de
x
Population (Million) 332 126 80 1,394 24
Age
(0~14:15~64:65up) 18 : 65 : 17 12 : 59 : 29 13 : 65 : 23 17:71:12 13 : 71 : 15
Birth Rate:Death Rate 12 : 8 7 : 10 9 : 12 12 : 8 8 : 7
Fertility Rate 1.8 1.4 1.5 1.6 1.2
Life Expectancy at Birth 80 86 81 76 81
2019 GDP (Trillion USD) 21.37 5.08 3.85 14.34 0.58
GDP per Capita (USD) 65,118 40,247 42,259 10,261 25,932
GDP Growth Rate 1.8% 0.9% 0.3% 5.7% 2.7%
Me
dic
al In
du
stry
Ind
ex
Health Expenditure per
Capita(USD)2017 10,246 4,167 5,033 441 1,149
Health Expenditure / GDP 17.1% 10.9% 11.% 5.2% 6.4%
Physicians Density
Per 1000 population
(OECD Avg. of 3.5)
2.6 2.4 4.3 1.8 2.4
Hospital Beds
Per 1000 population
(OECD Avg. of 4.7)
2.8 13.4 8.0 4.3 5.7
13
Overall Index of Geographic Areas
Source: 2020 CIA The World Factbook; World Bank; Ministry of Health and Welfare of Taiwan
14
Taiwan 17.1%
China 11.5%
Other Asia 12.4% North
America 10.2%
Latin America
4.8%
Germany 7.5%
Other Europe
9.4%
Middle East & Others 4.2 %
PAHSCO 2018
Japan
22.9%
Sales Distribution (By Country)
PAHSCO 2019
Taiwan 15.8%
China 11.1%
Other Asia 12.2%
North America
9.3%
Latin America
4.3%
Germany 5.6%
Other Europe 11.1%
Middle East & Others 5.0%
Japan
25.6%
15
Sales Distribution (By Currency Type)
JPY
18%
TWD
17%
CNY
11%
Euro &
Others
4%
PAHSCO 2018
USD 50%
JPY
21%
TWD
16%
CNY
10%
Euro &
Others
5%
PAHSCO 2019
USD 48%
16
Taiwan 14.5%
China 9.3% Other Asia
10.9% North
America 11.4%
Latin America
6.8%
Germany 7.5%
Other Europe 13.0%
Middle East & Others 4.2%
PAHSCO 3Q2020
Japan
22.4%
Sales Distribution (By Country)
Taiwan 15.3%
China 10.3%
Other Asia 12.6%
North America
8.5%
Latin America
4.5%
Germany 5.9%
Other Europe 11.0%
Middle East & Others 5.1%
PAHSCO 3Q2019
Japan
26.8%
17
Sales Distribution (By Currency Type)
JPY
17%
TWD
14.5%
CNY
9%
Euro &
Others
4%
PAHSCO 3Q2020
USD 55.5%
JPY
22%
TWD
15%
CNY
10%
Euro &
Others
5%
PAHSCO 3Q2019
USD 48%
18
85% 90% 95% 100%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3Q2020
90.5%
91.0%
90.5%
90.9%
92.0%
90.4%
92.9%
92.8%
93.0%
93.7%
94.3%
5.00%
5.9%
6.9%
7.0%
7.1%
8.6%
6.8%
6.1%
6.5%
5.3%
5.5%
2.9%
3.1%
2.6%
2.1%
0.9%
1%
0.3%
1.1%
0.5%
1.0%
0.2%
Medical Device Medical Equipment Piping System
Percentage of Product Categories
19
Tubes, 25%
CSS, 24%
WDS, 12%
Bags, 9%
Sets, 8%
Equipment,
7%
Others,
15% (2ND ) Closed Suction System 24% of TR: 434 M (NTD)
(1ST) Tubes 25% of TR: 459M (NTD)
(3rd) Wound Drainage System 12% of TR: 219 M (NTD)
PAHSCO 2018
(4th) Bags 9% of TR: 172 M (NTD)
(5th) Sets 8% of TR: 139 M (NTD)
Percentage of Product Categories
20
Tubes, 27%
CSS, 23%
WDS, 12%
Bags, 9%
Sets, 8%
Equipment,
5%
Others,
16%
(2nd) Closed Suction System 23% of TR: 473 Million (NTD)
(1st) Tubes 27% of TR: 543 Million (NTD) )
(3rd) Wound Drainage System 12% of TR: 245 Million (NTD)
PAHSCO 2019
(4th) Bags 9% of TR: 187 Million (NTD)
(5th) Sets 8% of TR: 169 Million (NTD)
Percentage of Product Categories
21
0
100
200
300
400
500
600
Tubes CSS WDS BagsSets
5 year Product Sales Trend
2015 2016 2017 2018 2019
Sales Distribution
(By Product Categories)
(Million NTD)
22
Tubes, 27%
CSS, 24% WDS, 12%
Bags, 9%
Sets, 8%
Equipment,
5%
Others,
15%
(2nd) Closed Suction System 24% of TR: 378 Million (NTD)
(1st) Tubes 27% of TR: 423 Million (NTD) )
(3rd) Wound Drainage System 12% of TR: 192 Million (NTD)
PAHSCO 3Q2019
(4th) Bags 9% of TR: 138 Million (NTD)
(5th) Sets 8% of TR: 122 Million (NTD)
Percentage of Product Categories
23
Tubes, 22%
CSS, 34% WDS, 10%
Bags, 8%
Sets, 7%
Equipment,
6%
Others,
13%
(2nd) Tubes 22% of TR: 355 Million (NTD
(1st) Closed Suction System 34% of TR: 557 Million (NTD)
(3rd) Wound Drainage System 10% of TR: 163 Million (NTD)
PAHSCO 3Q2020
(4th) Bags 8% of TR: 132 Million (NTD)
(5th) Sets 7% of TR: 109 Million (NTD)
Percentage of Product Categories
24
0
500
1000
1500
2000
CSSNon-CSS
Total
3Q2019
3Q2020
(Million NTD)
Sales Distribution
(By Product Categories)
% 33.9% 66.1% 100%
yoy +47.3% -8.7% +4.8%
25
Sales Distribution (By Domestic & Export)
1980 2000 2005 2010 2015
Export 0% 15% 38% 81% 82%
Domestic 100% 85% 62% 19% 18%
PAHSCO 1980-2015 3Q2019
3Q2020
Export
85%
Domestic
15%
26
Sales Distribution (By Customer Type)
OEM/ODM OBM Total
917M 905M 1.82B TWD
OBM 50%
OEM/ODM 50%
PAHSCO 2018 PAHSCO 2019
OBM 47%
OEM/ODM 53%
OEM/ODM OBM Total
1.08B 958M 2.04B TWD
27
Sales Distribution (By Customer Type)
OBM 46%
OEM/ODM 54%
PAHSCO 3Q2019
OEM/ODM OBM Total
842 M 725 M 1.57 B TWD
PAHSCO 3Q2020
OBM 45%
OEM/ODM 55%
OEM/ODM OBM Total
898M 745M 1.64B TWD
28
0
500
1000
1500
2000
2500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Unit: Million(NTD)
The 14th consecutive year with sales growth since 2005.
Year 2005 2009 2016 2017 2018 2019
Sales (NTD) 531M 1.13B 1.69B 1.73B 1.82B 2.04B
Historical Sales
29
Sales by Quarter
Unit: Thousand (NTD)
YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2020
Q1 342,607 357,542 371,812 363,487 452,010 424,871 407,839 482,717 493,955
Q2 341,626 382,503 362,975 353,704 452,428 447,684 427,293 556,964 583,661
Q3 369,016 351,901 376,479 439,502 419,800 455,706 479,033 527,364 565,023
Q4 385,459 351.950 395,398 464,871 365,426 395,710 508,276 473,598 -
Total 1,438,708 1,443,896 1,506,664 1,621,564 1,689,664 1,734,971 1,822,441 2,040,643 1,642,639
YoY Growth
7.1% 0.4% 4.4% 7.6% 4.2% 2.7% 5.0% 12.0% 4.8%
Gross Margin
39.2% 37.5% 36.1% 36.9% 36.5% 29.7% 25.7% 28.4% 31.0%
*Original
currency YoY
Around 8.6%
30
Financial Information
ITEM 2012 2013 2014 2015 2016 2017 2018 2019 3Q19 3Q20
EPS 4.77 4.88 4.95 5.32 5.04 3.59 3.28 6.95 3.23 3.42
ROE % 20.28 19.49 18.55 18.18 15.80 10.65 9.47 18.88 10.11 9.77
ROA % 16.75 16.06 15.33 14.32 11.13 6.98 6.23 12.50 6.36 6.52
Net Profit
Margin 21.90 22.29 21.70 21.66 19.69 13.67 11.87 22.50 14.98 15.13
EBIDA 28.84 28.43 24.39 22.19 25.34 28.84 28.43 24.39 26.42 27.57
Net Cash
per Share 12.40 12.64 11.82 6.81 - - - - - 0.18
Cash
Dividend 4.0 2.5 2.5 2.5 2.5 2.5 3.2 4 - -
*2012Pay-out: $4 Cash Dividend presented at the Shareholder Meeting .
*2013 to 2017 Pay-out: $2.5 Cash Dividend presented at the Shareholder Meeting.
*2018Pay-out: $3.2 Cash Dividend presented at the Shareholder Meeting.
*2019Pay-out: $4 Cash Dividend and $0.997 Stock presented at the Shareholder Meeting.
EPS Adjusted
Retrospectively
31
Medical Device Market Size in China
Market size & Market growth rate Unit: Million (USD)
Source: BMI Espicom; IEK(2017)
CAGR 9.6%
32
Sales (NTD) 2012 2013 2014 2015 2016 2017 2018 2019 3Q19 3Q20
PAHSCO Total
(Billion) 1.44 1.44 1.51 1.62 1.69 1.73 1.82 2.04 1.57 1.64
China
(Million) 130 143 165 194 194 201 209 226 161 152
China % 9.0% 9.9% 11.0% 12.0% 11.5% 11.6% 11.5% 11.1% 10.3% 9.3%
-0.4% 3.9%
Our Sales in China
10% YoY
Growth 15% 4.1% 8.0% 18%
130 143 165
194 194 201 209 226
161 152
2012 2013 2014 2015 2016 2017 2018 2019 3Q19 3Q20
Unit: Million (NTD)
-5.3%
Original Currency
YoY around 0.5%
Thank you
for your attention & patience!
*For your information, PAHSCO presentation will be updated quarterly on the official website: http://www.pahsco.com.tw/investment-23
IR contact: tinawang@pahsco.com.tw ; hsianyu@pahsco.com.tw
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