Embed Size (px)
Citation preview
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 Tong Lo (F3)
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 2018 & awarded with Best Rankings for Information Transparency and Disclosure from 2008 to 2013.
Tong Lo Factory constructed & expanded the production of gas piping products (F2)
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.1035 in Tope 2000 Enterprise (2018) • No. 1059 in Top 2000 Enterprise (2017) • No. 1069 in Top 2000 Enterprise (2016)
• No. 14 in Precision Instrument Industry
• No. 703 for Sales Growth • No. 582 for After Tax Profit
• No. 235 Most Profitable Manufacturer
Company News
Source: https://campaign.cw.com.tw/cwpage/2000business-77
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
*2019 Number of workers: 954
Forecast
Declined
7
Introduction to Medical Product Industry and Future
Global Market for Medical Device and Equipment:
2018-2023 CAGR 5.4%
Source: TrendForce 2019/01
Unit：Billion (USD) yoy
-
50
100
150
200
250
300
350
400
450
Middle Eastand Africa
OtherEurope Asia Pacific
WesternEurope America
Global
10 15
69 80
167
340
13 19
89 106
209
436
7.2% 6.9%
6.6% 7.5%
5.8%
8
Introduction to Medical Product Industry and Future
Global Market for Medical Device and Equipment:
2016-2020 CAGR forecast (By Region)
Source: 2016 ITA Medical Devices Top Markets Report
Market size in 2016 and 2020(f)
Unit：Billion (USD)
CAGR 6.4%
Diagnostic Imaging Product 23.8%
Medical Disposal Devices 16.2%
Assistive Device 12.7%
Orthopodic &
Implantable Product 11.7%
Orthodontic Product
7.5%
Others 28.1%
U.S. 42.1%
Japan 7.1%
Germany 7.4%
China 6.3%
France 4.0%
Others 33.1%
9
Introduction to Medical Product Industry and Future
Global Medical Product Market Share
% Reference by Country
% Reference by Category
Source: Medical Devices Industry Yearbook (2016); IEK(2017)
2018 Market Size
389 B (USD)
10
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
11
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) 329 126 80 1385 24
Age
(0~14:15~64:65up) 19 : 65 : 16 13 : 59 : 28 13 : 66 : 22 17：72：11 13 : 72 : 15
Birth Rate：Death Rate 12 : 8 8 : 10 9 : 12 12 : 8 9 : 7
Fertility Rate 1.9 1.4 1.5 1.6 1.2
Life Expectancy at Birth 80 86 81 76 80
2016 GDP (Trillion USD) 19.49 5.44 4.20 12.01 0.58
GDP per Capita(USD) 59,800 42,900 50,800 16,700 24,577
GDP Growth Rate 2.2% 1.7% 2.5% 6.9% 1.4%
Me
dic
al In
du
stry
Ind
ex
Health Expenditure per
Capita（USD）2016 9,870 4,233 4,714 398 1,431
Recent trend of Health
Expenditure per Capita Steady Fluctuated Fluctuated Fast Growing Steady
Health Expenditure / GDP 17.1% 10.9% 11.1% 5.0% 6.3%
Hospital Beds
per 1000 persons (unit) 2.9 13.4 8.3 4.2 7.1
12
Overall Index of Geographic Areas
Source: CIA The World Factbook; World Bank; Ministry of Health and Welfare of Taiwan
13
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%
14
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%
15
85% 90% 95% 100%
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
90.5%
91.0%
90.5%
90.9%
90.90%
90.40%
92.9%
92.8%
93.0%
93.7%
5.00%
5.9%
6.9%
7.0%
7.00%
8.50%
6.8%
6.1%
6.5%
5.3%
2.9%
3.1%
2.6%
2.1%
2.10%
1.10%
0.3%
1.1%
0.5%
1.0%
Medical Device Medical Equipment Piping System
Percentage of Product Categories
16
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
17
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
18
Sales Distribution (By Domestic & Export)
1980 2000 2005 2010 2015
Export 0% 15% 38% 81% 82%
Domestic 100% 85% 62% 19% 18%
2018
Export
83%
Domestic
17%
PAHSCO
1980-2015
Export
84%
Domestic
16%
2019
19
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
20
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
21
Sales by Quarter
Unit: Thousand (NTD)
YEAR 2011 2012 2013 2014 2015 2016 2017 2018 2019
Q1 325,890 342,607 357,542 371,812 363,487 452,010 424,871 407,839 482,717
Q2 372,298 341,626 382,503 362,975 353,704 452,428 447,684 427,293 556,964
Q3 342,243 369,016 351,901 376,479 439,502 419,800 455,706 479,033 527,364
Q4 303,188 385,459 351.950 395,398 464,871 365,426 395,710 508,276 473,598
Total 1,343,619 1,438,708 1,443,896 1,506,664 1,621,564 1,689,664 1,734,971 1,822,441 2,040,643
Growth 7.7% 7.1% 0.4% 4.4% 7.6% 4.2% 2.7% 5.0% 12.0%
Gross Margin
38.7% 39.2% 37.5% 36.1% 36.9% 36.5% 29.7% 25.7% 28.4%
22
Financial Information
ITEM 2011 2012 2013 2014 2015 2016 2017 2018 2019
EPS 5.39 4.77 4.88 4.95 5.32 5.04 3.59 3.28 6.95
ROE % 22.62 20.28 19.49 18.55 18.18 15.80 10.65 9.47 18.88
ROA % 18.93 16.75 16.06 15.33 14.32 11.13 6.98 6.23 12.50
Net Profit
Margin 24.06 21.90 22.29 21.70 21.66 19.69 13.67 11.87 22.50
EBIDA 30.4 30.6 28.7 27.9 28.8 28.4 24.4 22.2 25.4
Net Cash
per Share 10.44 12.40 12.64 11.82 6.81 - - - -
Cash
Dividend
Pay-out
3.0 4.0 2.5 2.5 2.5 2.5 2.5 3.2 4
*2011Pay-out: $3 Cash Dividend and $1.00 Stock Dividend presented at the Shareholder Meeting.
*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 Dividend will be presented at the Shareholder Meeting.
23
Medical Device Market Size in China
Market size & Market growth rate Unit: Million (USD)
Source: BMI Espicom; IEK(2017)
CAGR 9.6%
115 130
143 165
194 194 201 209 226
2011 2012 2013 2014 2015 2016 2017 2018 2019
Unit: Million (NTD)
14%
18%
24
Sales (NTD) 2011 2012 2013 2014 2015 2016 2017 2018 2019
PAHSCO Total
(Billion) 1.34 1.44 1.44 1.51 1.62 1.69 1.73 1.82 2.04
China
(Million) 115 130 143 165 194 194 201 209 226
China % 8.6 % 9.0 % 9.9% 11.0% 12.0% 11.5% 11.6% 11.5% 11.1%
-0.4% 3.9%
Our Sales in China
10% yoy
15%
4.1% 8.0%
*China plant project delayed due to Covid-19.
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
