Pacific Hospital Supply (PAHSCO) regained momentum after shaking off decelerating growth in developed markets, thanks to growing demand in China/ emerging pharma markets. We believe the recent share price rally was due to its lower valuation vs. peers, but the following catalysts are yet to be fully factored in: 1) new capacity to come online by 2H16F should ease current capacity limitations; and 2) new product launches in 2H17F should boost long-term growth. We forecast 2016/17F EPS of NT$6.4/6...
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