汇丰银行欧洲医疗保健行业助听器寻找下一个风口20189375页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCTrinkaus&BurkhardtAGViewHSBCGlobalResearchat:HearingaidsectorisenteringanewcycleNewproductplatformsandM&AactivityprovidestrongsupportforimprovedmomentumUpgradeSonovaandAmplifontoBuyfromHold,reiterateHoldratingsonGNStoreNordandWilliamDemantIdentifyingthenextproductinnovationstosustainpricesandvaluations:Thehearingaidmarkethasavoidedtheusual1-2%pricingpressureduringthelastyearbyrefreshingitsproductrangewithtechnologicalinnovations.Ourcoveragecurrentlytradesatahistoricallyhighpremiumof15%totheoverallEuropeanMedTechuniverse,whichisnottypical.UpgradeAmplifonandSonovatoBuy:Sonovahasnewproductsinthepipelinethatcouldjustifyanexpansionofthehearingaidsector’spremiumtotheMedTechuniverse.GNStoreNordandWilliamDemant,bothratedHold,mayalsoparticipate:Sonova(SOONSW,CHF179)lagsitscompetitionbuthassaiditwillannounceanewplatform.Weestimateittocombinerechargeable,binaural,iPhoneconnectivityfunctionalitiesthatshouldmakeitsproductscompetitiveagain.Weexpectthestocktoreratefromits26%peergroupdiscount.WeupgradetoBuyfromHoldwithahigherTPofCHF234fromCHF169,implying31%upside.Amplifon(AMPIM,EUR19)istheleadingglobalretailmarketleaderandastrongconsolidator.WeestimatetherecentacquisitionofSpanishmarketleaderGAESwilldriveanEPSCAGRofover22%inthenextthreeyears.WeupgradetoBuyfromHoldwithanewtargetpriceofEUR24fromEUR14,26%upside.GN(GNDC,DKK334)recentlydemonstrateditstechnologicalinnovationleadershipwithitsnewQuattroplatformthatdeliversasuperiorhearingexperienceandhasalongerrechargeablebatterylife,evenwithstreaming.However,wethinkallthisisalreadypricedin.WeremainHoldwithahighertargetpriceofDKK323fromDKK255,3%downside.WilliamDemant’s(WDHDC,DKK262)recentextensiontoitsplatformOticonOpnisunderwhelming,inourview.However,wethinkitsnewcollaborationwithPhilipscouldleadtothelaunchofanexcitingnewpremiumplatform.Intheabsenceofmoredetailsonthis,weremainHoldwithanewtargetpriceofDKK234fromDKK195,11%downside.SummaryofratingandtargetpricechangesCurrent_____TP_________Rating____Upside/MarketcapPE(x)PE(x)EPSCAGRCompanyTickerCurrencypriceOldNewOldNewdownside(USDm)FY18eFY19e2017-20eAmplifonAMPIMEUR191424HoldBuy26.4%5,01037.329.922.1%SonovaSOONSWCHF179169234HoldBuy30.5%12,06424.521.217.3%GNStoreNordGNDCDKK334255323HoldHold-3.4%7,61234.129.616.9%WilliamDemantWDHDCDKK262195234HoldHold-10.7%10,33831.628.014.0%Source:HSBCestimates.Pricedatcloseof30August20183September2018RichardLatz*Analyst,MedicalTechnology&ServicesHSBCTrinkaus&[e-mail][phone]Dr.DanielGrigat*Analyst,MedicalTechnology&ServicesHSBCTrinkaus&[e-mail][phone]*Employedbyanon-USaffiliateofHSBCSecurities(USA)Inc,andisnotregistered/qualifiedpursuanttoFINRAregulationsHearingAidsEQUITIESHEALTHCAREEQUIPMENT&SUPPLIESEuropeLookingforthenextbigthingEQUITIES●HEALTHCAREEQUIPMENT&SUPPLIES3September20182Executivesummary3Sectorsoundbites:Whathascaughtourear7Hearingaidmarket:stateofplay11Productlandscape:overwhelming24WhattoexpectatEUHA201830Amplifon34Sonova44GNStoreNord54WilliamDemantHolding62Disclosureappendix70Disclaimer74Contents3EQUITIES●HEALTHCAREEQUIPMENT&SUPPLIES3September2018StateofplayofthehearingaidmarketInourassessment,theglobalhearingaidmarketismovingintoanewcycleofproductlaunchesandinnovation.Onourestimates,themarkethasbeengrowingatahealthy5-6%intermsofvalueoverthelastyear.Thisisduetocurrentpremiumproductswithadvancedfunctionalities,especiallythenewrechargeablehearingaids,beingabletocommandhigherprices.Importantly,withitsQ2resultsAmplifon,thelargestglobalhearingaidsretailer,reportedthatASPgrowthfromrechargeableshasbeenflattening,sonewproductlauncheswillberequiredtogrowASPs.WethinkthiswillcomefromSonovainparticular,whilelaunchesfromGNinthepremiumsegmentarealsosupportive.Moreover,thepossiblelaunchofapremiumproductfromviatheWDH-Philipscollaborationcouldbesignificant.Wearemovingintoanewcycleofproductlaunches:On13AugustGNannounceditsnewQuattroplatforminthe“premium-plus”pricingsegment.Quattrowillcomplementitsexisting3Dplatform.Itisaimedatthesophisticateduserwhowantsthehighestpossiblehearingqualityavailableviathemostadvancedtechnology.GNalsoannouncedithadenteredapartnershipwithGoogletodevelopalow-energyBluetoothprotocolforAndroidconnectivity.Thiscouldgiveitasignificantfirst-moveradvantage,inourview.WilliamDemantannouncedon15AugustthatitisextendingitsOticonOpnproductplatformwithacustomisableversion.Itwillalsoprovideanewmid-tolow-pricedhigh-volumehearingaidrangewithadvancedconnectivityandrechargeability.IthasalsoenteredintoacollaborationwithPhilips.Althoughlittlehasbeenrevealedaboutthis,webelieveitmightleadtoanewpremiumbrandatWilliamDemantwithaPhilipslabel.Thiscouldprovideasignificantboost.WeexpectSonovatoannounceanewproductplatformeitheratitsCMDon16OctoberorattheEUHA(amajorinternationalhearingaidconference)inOctober2018.Weexpectthisnewplatfo