Introduction
̺̿ ౹ Ǵ ڵз ý(Automatic Tablet Dispensing& Packing System; ATDPS) Ҹǰ(, Ʈ, īƮ ) ϴ üԴϴ. ؿ ټ Ư㸦 2009 84%(ȸ ÿ¸Į 7% ), Ϲ̽ 74%, 78% е 1 ϰ ֽϴ.
౹ ڵȭ ַǽ Ը ũ Nitch 縦 Ͽ Ϻ Yuyama, Sanyo, Tosho 4簡 Ư㸦 ϰ ֽϴ. 84% ϰ , ý 輺, ǰ 鿡 ؿܽ忡 ̰ ֽϴ.
ũ ATDPS ַ Ǹſ MRO(Maintenance Repair &Operating) ϴ / ̷ ֽϴ. ⼭ MRO ATDPS ۵ ʿ Ҹ ǰ , Ʈī, īƮ մϴ. ATDPS ϸ Ҹ ǰ ϴ ̱ ATDPS ٷ MRO ̾ Ǵ ȯ ֽϴ.
̺̿ 20%̻ ͷ ̰ ִµ, 2010 ǰ ATDPS ǰ ǸŰ Ͽ ͷ ̰ ֽϴ. ұϰ 20% ͷ ϰ ǰ ÿ Ҿ ڵȭ ǸŰ þ 20% Ĺݴ ͷ ȸ Դϴ.
Investment Idea
1. 2 ǰ ÿ
1.1. 2,
2007 1 ȣ굿 2 żϿϴ. 26,284, 7950 Ը Ͽ 2008 ǥ ϴ. ǹ(111), (57), ġ(15) 183 ڵǾµ 2008 KIKO ս Ŀ鼭 ȹ Ͽ, ᱹ 2010 ͼ ϱ Ͽϴ. ȿ 2忡
Ͽ 2常 ϰ ִ ȲԴϴ. ϸ 1 ų
1.2. ߸ ǰ
ڵ ǰ ý(AccuPharm AMCS) ڵ ǰ з ý(AccuPharm AMSS) ڵȭ ý ϱ ǰ , ϰ ֽϴ.
1.2.1. ڵ ǰ ý(AccuPharm AMCS)
౹ ǰ OCS ǰ α Ǿǰ, Ǿ ǰ ڵ ν, з, , ϰ ͷ Ȯϰ , ϴ ڵ ǰ ýԴϴ. ڿ Ȯ , ڵ , ڵ Լ , ɷ Ȱ ౹ ȿ شȭ ų ֽϴ.
1.2.2 ڵ ǰ з ý(AccuPharm AMSS)
ڵ ǰ ý Ǵ ǰ ౹ OCS Ǵ ౹ ý۰ Ǿ ڵ з, й, ϰ ϴ ȯ Ȯϰ μ ó ϴ ýԴϴ. ڵ ǰ з ýۿ ַ ǰ̾ ATDPS ְ ̹ Ӱ ߵ ǰ i-Rolly, VIZEN, WIZER ֽϴ.
i-Rolly ٷ ڵ Ȥ ûϰ ս ̵ ִ 幰 Ѹ ȯ ˴ϴ.
VIZEN Ϸ ڵ ˼ мϿ ִ ý ų ִ ̿ ϸ ͷ Ȯϰ , Ǿ Ȯ ݴϴ.
WIZER ˼ Ϸ ڵ ȯں, Ⱓ Ǵ Ư ְ, մϴ. ͷ Ȯϰ , Ǿ Ȯ ݴϴ.
2008 KIKO Ǹ 2010 ο ǰ , Ǹϸ鼭 2
ٰ ִ ȲԴϴ.
1.3. ǰ, ִ°?
CAPEX ڸ ø ǰ Ͽٰ Ͽ ǰ ʴ´ٸ ̷ ڴ ǰ ֱ ǰ 캸 ſ ߿ϴٰ ֽϴ. ݺ ǰ ¿ 캸 ϰڽϴ.
1.3.1. ̱ , ǵ ϴ
ATDPS Unit-dose Packaging System ϴ ̳ ౹, Ǵ ڵȭ Դϴ. Unit-dose Packaging System̶ ȯڰ ؾ ǰ ѹ Ͽ ϴ ý Ϸ 3 ó ؾ Ͽ 3 ȯڿ ϴ մϴ. 2000 ߹ ̱ ý Ͽµ, Unit-dose Packaging System 1) Ǿ Ƿ ϴ Ƿ , 2) ÿ ϴ Ƿ , 3) ΰǺ 鿡 ֱ Դϴ.
Ǿ о ִ ̱ Bottle Packaing System Ƿ ȭ unit-dose Packaging System ϰ Ǿ, ý ȭ ATDPS 䰡 ϰ , ū 밡 Ǵ ȲԴϴ.
ַ Blister Packaging System ϰ , ڵȭ ʰ ִ ATDPS ʱ ܰ ľǵ˴ϴ. 2004 Ƿ ̱ ڵȭ ý ϸ鼭 Ȯǰ , Unit-dose Packaging System ǰϴ þ ִ Դϴ. ̺̿ ο Ǹ üϿ 忡 Ͽϴ. ATDPS ʱ ܰ ̾ Ը ϱ , κ ȸ Ǿ ־ ū Ը Ѵٰ ̸, ȭ ȭ ϱ þ Ǵܵ˴ϴ.
1.3.2 ǰ, Agent Ǹŵǰ ִ
Ϲ Ǿ ü Agent üϿϴ. ijٿ Mckesson APS ΰ , ̱ Mckesson 3 ü Ǹ ΰ ֽϴ. Ư Ϲ ִ Ǿ Mckesson 5Ⱓ ּ 522 ϴ ΰ ־ 120 ̻ ϰ ֽϴ. Mckesson Zٵ ðѾ ū , Ƿ Դϴ.
1.3.3. ǰ, Ư ȣǰ ִ
ATDPS Ϻ 3 ü 簡 ϰ ֽϴ. 4 ü Ư ϰ 絵 Ҽ ǰ ִ Դϴ. Ư Ҽ ϸ鼭 ü ټ Ư Ͽ ̷ ű ü Դϴ. ATDPS 4 ü ̱ ϴ 귯 ɼ Դϴ. ̷ Ȳ , Ϲ, Ϲ̿ 밡 Դϴ.
1.3.4. ַǰ ATDPS ִ ǰ ִ
̹ Ӱ õ ǰ ATDPS ִ ˴ϴ. ATDPS
⺻ Ͽ ǰ ڵȭ ִ i-Rolly, VIZEN, WIZER ǰ ǸŵǴ ATDPS ü ߰ ڵȭ ִٰ Դϴ.
ATDPS Һڵ Ƿڵȭ ִ ҺڵԴϴ. 縦 ϴ ATDPS 踦 , ̷ Ƿڵȭ ̾ Դϴ. Ư 簡 ַϰ ִ ̱, ΰǺ ſ ̱ Ƿڵȭ Һ þ Դϴ. 簡 ̹ ǰ ̷ Ƿڵȭ 弱 ִ ǰ ATDPS 迡 Ͽ ϴ, μǰ ϴ Դϴ. ATDPS ڵ ̹ ǰ ϴٰ Ǵܵ˴ϴ.
ᱹ ATDPS ü Ӱ ATDPS ü Һ Ӵٰ Ǵܵ˴ϴ. ǰ ̾ ̳ ATDPS Ǹ Ҿ ǸŰ Դϴ. ǰ , ǰ ȿ 2010 Ǵܵ˴ϴ.
Risk
1. ʴ KIKO
1.1. KIKO, ؾ ϸ 뷫 1000 ذ Ѵ
2008 ̺̿ KIKO Ͽ 700 Ǿϴ. ߰ ݾ ȯ ٸ ּ 200£ ִ 300 Դϴ. 翡 KIKO ؾ ϴ ˷ ʾƼ Ȯϰ , ִ 300 ٰ ȴٰ մϴ.
翡 õ KIKO õ ̾߱Ⱑ , ϸ ϴ. KIKO 700 Ͽ, ִ 300 ϸ KIKO ȴٴ Դϴ. 2011 3 KIKO Ǹ, ִ ظ Ͽ ̹ 繫ǥ ݿǾ ִ Դϴ.
˷ ̹ ̶ ϴ. KIKO ̹ Ѱٰ ֽϴ. KIKO ܷ Ƴ ̰, KIKO Ҽ ϰ ־ ¼ Ư ˴ϴ. 强 ϰ ȴٸ KIKO ū ̶ ϴ.
Valuation
Valuation DCF Ͽ, FCF η 10% ְ 38,750, ¿
37.41% Buy ǰ մϴ.
Ϻ ü پ ǰ ϴµ, κ ݿؼ jvm ؼ ؾ ??????