Coland Holdings Limited

Transcription

1 Coland Holdings Limited TWSE 4144 March, 2015

2 Disclaimer The presentation and the relevant information mentioned in this material, including operating performance, financial performance and the business outlook, have been compiled from both internal and external resources. These forward looking statements involve known and unknown risks, uncertainties and other factors, including price variation, competition, global economy, exchange rate movement and market demand, which may cause actual results to differ materially from those implied by such forward-looking statements. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters. The forward looking statements expressed in this material reflect the Company s current view about the future as of today. The Company is not responsible for any updates if there are any changes in the future. 2

3 About Coland 3

4 Value Creation - Coland Style We are a healthcare firm that, while listed in Taiwan, is firmly rooted in China. We have a deep understanding of the healthcare market and we excel in the areas of product development and brand marketing. Our superior performance is led by an industry-leading MNCexperienced, senior management team. We recruit only the best local talent. Coland uses its market insights to choose specialty products in targeted markets, effectively launching them with our outstanding partners via our integrated commercialization platform. 4

5 Our Position and Strategy Integrated Healthcare Platform We focus on building a healthcare platform which includes pharmaceutical, medical device and IVD reagents. High Value-Added We cooperates with outstanding partners to lunch high value-added specialty products to maximize shareholders value. Strategic Cooperation and Investment We continues to grow our businesses and assets efficiently via precise cooperation and investment strategies. 5

6 Milestones Accomplished since IPO in 2011 Diversify product offering Co-promote with top MNC Expanded therapeutic areas to respiratory products and broaden pipeline portfolios including hepatitis, respiratory, oncology, cardiovascular, and other fields. In-licensed international brands such as Pfizer s Lezhiping and Detrol, Daewoong s Ursa, and Mathys Orthopedic products Deepen coverage via M&A Obtained a 51% stake in Heilongjiang Tongze Pharma in 2012, 60% stake in Hefei Guozhen Pharma in 2013, 60% stake in Quan Yuan in 2014, continue to expand sales network Introduce new medical device products Strategically invested in HC-BIOS-Dental Implant, Suzhou Micro Clear-Ophthalmology, Rendu Biotechnology-IVD reagents, Revlis-ECG, Joinsmart- Orthopedics Strategic alliances Established strategic collaboration with Taiwan ScinoPharm in developing oncology products: Bortezomib, Azacitidine New business joint -venture Partnered with PharmaDax Taiwan in developing special formulation drugs targeting Asian market 6

7 Our Product Offering Pharma ceutical Medical Device Hepatitis Respiratory Cardiovascular Oncology Other niche product Orthopedics Dental/Oral Ophthalmology Cardio ECG IVD Reagent RNA Diagnostics 7 7

8 Dividends History NTD Million Net income Cash dividend Dividend payout (NT$) Cash yield (%)* 4.6 *1 4.7 *2 5.1 *3 Payout ratio (%) 74% 79% 67% Source: TWSE *1:Stock price based on closing price on 10 Jul 2013, the day before Ex-div date *2:Stock price based on closing price on 23 Jul 2014, the day before Ex-div date *3:Stock price based on closing price on 26 Fab

9 Development Strategy 9

10 Development Strategy We have strengthened our market presence and increased our product offering through product in-licensing, co-development, strategic investment, JV, and M&A Heilongjiang TongZe TIPR Pfizer Daewoong Medtronic Mathys Hefei Guozhen Suzhou Microclear East-Asia Pharma Rendu Zhejiang Jianfeng Xianju Pharma Joinsmart PharmaDax Revlis Product in-licensing/co-development Shechen Lotus Strategic investment ScinoPharm M&A Taiwan Biotech Quan Yuan Hainan Jinrui HC Bios 10

11 Our Main Business Coland Strategic Investment IVD Medical Devices Pharmaceuticals Tongze Guozhen Quan Yuan PharmaDax(P) Shechen(P) Bora(P) Rendu(D) Microclear (D) Revlis (D) TB CT/NG/ UU/MG HFMD HIV/HBV/ HCV Orthopaedic Ophthalmology Dental Cardiology Hepatitis Respiratory Cardiovascular Urology Immunology HC Bios(D) Oncology Joinsmart (D) P- Pharmaceutical; D- Medical Device 11

12 Strategy for Platform Development Improving product offering Pharmaceutical Medical Device IVD Reagent Strengthen sales ability and performance by establishing nation wide sales platform Continue expanding sales network by acquisition 1.Heilongjiang- Tongze 2.Hefei- Guozhen 3.Hainan- Quan Yuan 12

13 Extensive Sales Network In July 2012, Coland obtained a 51% stake in Heilongjiang Tongze Pharma In September 2013, Coland acquired a 60% stake in Hefei Guozhen Pharma In August 2014, Coland acquired a 60% stake in Hainan Quan Yuan Continue to expand our sales network and deepen our channel coverage via M&A Heilongjiang Xinjiang Tibet Qinghai Gansu Medical doctors Hospitals 400+ Sales representatives 200+ Distributors 10+ Sales channel partners 10 Sales offices 3 Joint Ventures (Heilongjiang Tongze/Hefei Guozhen/Quan Yuan) Sichuan Yunnan Jilin Liaoning Inner Mongolia Beijing Tianji Hebei n Ningxia Shanxi Shandong Shaanxi Guangdong Guangxi Macao Hong Kong Hainan Henan Jiangsu Anhui Shanghai Hubei Chongqing Zhejiang Hunan Jiangxi Guizhou Fujian Taiwan 13

14 Future Product Pipeline-Pharmaceutical Hepatitis Medicine Name Indications Supplier Launch Year Entecavir dispersible tablets Anti-HBV Zhejiang Zhongyi 2017 Tenofovir Anti-HBV East-Asia Pharma 2020 Sofosbuvir Anti-HCV Independent Development 2025 Respiratory Compound ipratropium bromide COPD Taiwan Biotech 2016 Oncology Cardiovascular Others Irinotecan Injection Colorectal cancer Nangkuang Pharma 2017 Temozolomide capsule Brain cancer Lotus Pharma 2019 Bortezomib Malignant melanoma ScinoPharm 2018 Vorinostat Skin cancer Hainan Jinrui 2018 Capecitabine Mammary cancer; Gastric and colorectal cancer TIPR 2020 Imatinib Leukemia TIPR 2020 Azacitidine Malignant melanoma ScinoPharm 2020 Erlotinib Lung cancer Hainan Jinrui 2020 Metoprolol succinate sustainedrelease tablets Alvimopan Hypertension, Angina Pectoris Gastrointestinal surgery recovery PharmaDax 2018 TIPR 2016 Epalrestat Diabetic neuropathy East-Asia Pharma

15 Future Product Pipeline-Medical Devices & IVD Product Name Application Supplier Launch Year Medical Devices Dental Dental Implant Dental Implant HC-BIOS 2016 Scanning Laser Ophthalmoscope Retinopathy and other retinal disease screening Suzhou Micro Clear 2015 Ophthalmology Fluorescence Scanning Laser Ophthalmoscope Retinopathy and other retinal disease screening Suzhou Micro Clear 2015 Handheld-Fundus Camera Retinopathy and other retinal disease screening Suzhou Micro Clear 2015 Cardiology ECG Prevention and treatment of angiocardiopathy Revlis 2015 IVDs IVD reagents RNA Diagnosis HIV/HBV/HCV Detection Rendu Biotechnology

16 Strategic Investments Company From (Year) Current Stake Therapeutic Focus Long-term investments Products Launch Year PharmaDax (4191-TW) % Pharmaceutical Cardiovascular 2018 Shechen Pharma % Pharmaceutical Bora Pharmaceuticals (6472.TW) Controlled-release and new formulation generic % Pharmaceutical Generic drugs OEM Rendu % Medical device IVD reagent 2014~2016 Suzhou Microclear % Medical device Ophthalmoscope 2015 Revlis Biotech % Medical device ECG equipment 2015 HC Bios % Medical device Dental Implant 2016 Joinsmart Biomedical % Medical device M&A Orthopedics, sports medicine equipment Heilongjiang TongZe % Pharmaceutical: Hepatitis, Cardio Hefei Guozhen % Pharmaceutical: Hepatitis, Cardio, Oncology Hainan Quan Yuan % Pharmaceutical: Anti-infective, Cardio, Orthopedics

17 2015 Outlook Pharmaceutical Medical Device Continue to promote new products Korea Daewong s URSA for Primary Biliary Cirrhosis, and Pfizer s Detrol for over reactive bladder while maintain current mature products. Collaborate with acquired businesses to further enhance network synergies. License US s Carestream Health s Dental Imaging Device Product for Dentists. License SZ ET Medical Ultrasonic Cirrhosis Detection System for the sales in Guangxi Province. Diagnostics Continue to promote Rendu s IVD Reagent products in China. Cooperate with Rendu to obtain CFDA approval for HBV/HIV/HCV products and launch to the market. 17

18 Our Vision 18

19 Appendix-2014 Results 19

20 Consolidated Income Statement FY NTD Million 2014 Q Q4 +/- % 2014 FY Net Sales % % 22% 2, % Gross Profit % % 13% 1,123 51% Operating Expense % % 5% % Operating Profit 69 11% 44 9% 57% % Non-Opt income/exp 55 9% % % Profit Before Tax % 45 9% 174% % Profit After Tax % 25 5% 303% % Minority Interest 22 3% 13 3% 65% 66 3% Net Profit 78 13% 12 2% 564% % Basic EPS (NTD) % Notes: EPS is based on weighted average shares issued per quarter/ year.

21 Consolidated Balance Sheet 2014 NTD Million Cash & Equivalent % % Accounts Receivable % % Inventory 283 6% 194 5% Long Term Investment 1,227 28% 1,149 31% Fixed Assets 200 5% 13 0% Intangible Assets % % Total Assets 4, % 3, % Short term Liability % 257 7% Long term & other liability 294 7% 161 4% Shareholder s Equity 3,514 79% 3,268 89% 21

22 Trend Chart of Quarterly Net Sales (NT$M) Q'14 2Q'14 3Q'14 4Q'14 1Q'14 2Q'14 3Q'14 4Q'14 Net Sales QoQ -1% 5% 3% 14% YoY 10% 16% 26% 22% 22 22

23 FY Product Mix 2014FY 2013FY Respiratory Drugs Biological Drugs 3% 4% Others 10% Cardiovascular Drugs 10% Immunomodulatory Drugs 2% Cancer Drugs 1% Biological Drugs 3% Others 6% Cardiovascular Drugs 9% Respiratory Drugs 3% Immunomodulatory Drugs 2% Medical Devices 17% Hepatitis Drugs 53% Medical Devices 12% Hepatitis Drugs 65% 23

24 Peer Comparison Charts Coland ROE Taiwan peer median GC peer median H Coland Dividend Yield Taiwan peer median GC peer median H Net Profit Margin Coland Taiwan peer median GC peer median H Coland Taiwan peer median GC peer median Notes: Taiwan peer median: SINPHAR(1734-TW) Y.S.H(3705-TW) TTY(4105-TW) SYNMOSA(4114-TW) MICROBIO(4128-TW) GC peer median: Sihuan Pharm(460-HK) CMS(867-HK) Lee s Pharm (950-HK) Sino Biopharm(1177-HK) United Lab (3933-HK) #The data of GC peer is based on H114 reports. P/E

25 Coland s Existing Collaborations Taiwan China MNCs Pharma Medical Devices IVD Reagents 25

26 Q & A 26

27 Thank you COLAND GROUP TEL: FAX: / ADD: 1st Floor, No. 866, Halei Rd, Zhangjiang Hightech Park, Shanghai, China Taipei Office TEL: FAX: ADD: Rm. D, 10F., No.170, Dunhua N. Rd., Songshan Dist., Taipei City 105, Taiwan WEB: 27