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1、January3,2014China:HealthcareJanuary3,2014China:HealthcareEquityResearchHospitalprimer:AnintroductiontoChinahospitalsPrimerforhospitalinvestorsInthisdocument,wehighlightbasicfacts,historicaltrends,marketdynamics,opportunitiesandchallengesintheChinahospitalsector.Hospitalrefo
2、rmtakingcenterstageTheThirdPlenumhaslaidoutamoremarket-basedhealthcarereformblueprint.Webelievedrugpricecutswerethefirstphase,andChinaisnowinthemidstofthesecondphase:hospitalreform.WeseesignificantchangesandinvestmentopportunitiesinChina’shealthcareserviceindustry,drivenbyfa
3、vorablegovernmentpolicy,demographictrend,risingdemandforhighqualityservices,andampleliquidity.Privatehospitalsstillatnascentstage,butgrowingthefastestSectorrevenueforChinahospitalsgrew20%CAGRin2005-11.Frost&Sullivanexpectstotalhealthcareexpendituretogrowat13.2%CAGRin2012-17,
4、drivenbyuniversalinsurancecoverage,increasedprivatehospitalsandsignificantprivateinvestment.Revenueforprivatehospitalsgrewat22.6%CAGRin2008-12,likelyoutpacingthatoftotalhospitals.Yetprivatehospitals’revenueandbedshoveraround10%in2012ofthetotalduetoreimbursementconstraint,sma
5、llerscale,andtheshortageofexperiencedphysicians.Weseemorerelaxedgovernmentpolicyandrisingdemandforaffordablehigh-qualityservicesfurtherboostingprivatehospitalgrowth.Fromsmall-scalespecialtyclinicstolarge-scalegeneralhospitalsChina’sprivatehospitalinvestmenthaslargelyfocusedo
6、nsmaller-scalespecialtyclinics,ledbyoncologyandob-gyn.Webelievelowerbarriers-to-entryintermsofcapitalrequirementandphysicianavailabilityisthemainreasonforthecurrentindustrystructure.Weseeincreasinginvestorinterestandopportunitiesinlarge-scalegeneralhospitals(morethan500beds)
7、intierIIandtierIIIcities,drivenbyfavorablelocalgovernmentpolicyandunmetdemandasaresultofinsurancecoverageexpansion.InvestinginChinahealthcareservicesectorWeconductabriefanalysisoncapitalrequirement,accessibility,andrisksandreturnsforinvestinginChinahospitals.Weconcludeahospi
8、talmanagementcompanyislikelytogeneratethehighestreturnintheneartomediumterm
