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1、ABGlobalResearch8October2018InitiationofCoverageEquitiesLifeSciences&DiagnosticToolsHealthcareAmericasStrongDemand,DemandingValuationsInitiatingcoverageoftheLifeSciences&DiagnosticToolssectorDemandisacceleratingacrossouruniverse,yetvaluationsareextended,leavinginvestors(a
2、ndus)grapplingwithhowtoassesstheinvestmentopportunity.Ourmessage:expectstrongfundamentalstocontinueintoYE18and2019,butwiththeimprovementingrowthmoremodestformostcompaniesandfewervaluationdisparities,selectivityiskey.Whileourstockselectionapproachisbottomup,weaddressed5piv
3、otalindustryquestionswhichhelpedinformourratings:1)CanBioPharmademandbesustainedathighsingledigitgrowth?2)IsChinaanopportunityorarisk?3)What'stheimpactfromthemacro?4)Willcontractresearchgrowthrebound?5)Data-drivenrecruitmentcapabilities:aretheyrealdifferentiators?Tools&Di
4、agnosticsandPharmaServices–KeyTakeawaysTools&Diagnostics:Endmarketsarerobust,inourview,BioPharmaisthekeydriverandtheoutlookisimproving(BuyTMO,SellBRKR).Chinatariffriskslookmanageableandshouldn'tdeterfromtheseculardemand.Endmarketsremainsfragmented,werecommendowningtheacqu
5、irers(BuyDHRandTMO).Finddifferentiatedleadersinbigmarkets(BuyEXAS).PharmaServices:Clinicaltrialdemandisaccelerating,thoughpenetrationheadroomismoremuted(BuySYNH).Data-drivenrecruitmentismorecriticalandcustomersaretakingnote(BuyIQV,SellICLR).Ourproprietarydiligenceisrobust
6、WefieldedsixUBSEvidenceLabsurveys(PharmaR&D,pharmaoutsourcing,aesthetics,sequencing,academic&coloncancerscreening),twoQuantitativeTeamprojects,10KGlassdoorreviews,GoogleTrendsanalysis,andeightTranscriptlyticsreports.Thesesupplementedanextensivenumberofexpertcallsplusincor
7、poratedinsightsfromtheEquityStrategyandEconomicsteamsonChinaTariffScenarioanalysis.LaunchingonLifeSciences&DiagnosticToolswith6Buys,8Neutrals,&2SellsOurBuy-ratedstocksareTMO,DHR,IQV,SYNH,EXAS,&NSTG.NeutralratingsareILMN,HOLX,MTD,PKI,WAT,CTLT,CRL,&PRAH.SellratingsareBRKR&I
8、CLR.Figure1:LifeSciences&DiagnosticToolsUniverseMarketPricesTickerNameSectorCap(MM)RatingCurrent
