最近醫療生技類股全面下挫，也波及到了一些屬於防禦性的醫療企業。這家公司已經持續觀察了三年，處理醫療廢棄物的龍頭，SRCL昨天大跌20%，是我這個長周末的研究重點。
從技術面來看，這家企業從2000年以來就從未觸碰過年線，這次一舉摜破年線，不是十年一遇的機會就是產業本身出了甚麼不可逆的大問題。
他最近的重點在於整合併購進來的碎紙公司，希望能改善毛利下降的趨勢，我去年有順便研究了一下碎紙產業，最強的是Iron Mountain。
整合碎紙公司的協同效應預計會延後，毛利改善就會延後，這個影響到了估值模型，所以短期股價目標遭下修。Moat的完整度應該是不變的。
不過，醫療數據雲端化對於碎紙產業的影響應該要考慮進去。
整體來說，醫療廢棄物清理與碎紙業還是屬於防禦性質以及依賴規模經濟，不太強調成長性，這點對我不太有吸引力。
反倒是前一陣子我投資ISRG，上漲了20%出脫後，面對最近的醫療生技產業下跌，他居然相對抗跌...。這種高科技醫材+機器人產業我的興趣相對較高一些。
一般來說，這種防禦性質的公司對於財報有沒有超越預期的反應不會那麼大，這次這麼大的反應感覺比較異常，市場效率是有效還是沒效呢?
Stericycle Inc (SRCL)
While most stocks were in the red today, none from the large cap realm were as underwater as that of waste-disposal specialist Stericycle. SRCL shares were down more than 21% on Friday after posting disappointing Q1 numbers Thursday afternoon, and underscoring that bad news with lowered full-year guidance.
Last quarter, Stericycle earned $1.11 per share on revenue of $874.2 million. The top line was better than the expected $873.6 million, but the bottom line fell short of estimates for earnings of $1.15. Looking ahead, Stericycle expects to earn a profit of somewhere between $4.90 and $5.05 this year, down from previous guidance between $5.26 to $5.33 per share of SRCL.
The outlook was reeled in after the company extended a rollout schedule of an initiative that would ultimately lead to a cost savings. That bad news prompted a handful of downgrades of SRCL, fanning the bearish flames.
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晨星4/28更新的報告
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Analyst Note 04/28/2016
We reiterate our fair value estimate of $127 per share for wide-moat Stericycle following first-quarter earnings.
Revenue increased 31.8% year over year to $874.2 million, largely due to a large contribution from the Shred-It acquisition.
The regulated waste business added 5.7% of year-over-year organic growth to the quarter, as the domestic and international businesses grew 5% and 7%, respectively.
While a bit light relative to the high-single-digit range Stericycle typically reports, ongoing weakness in the industrial hazardous waste businesses negatively impacted sales; stripping out this factor reveals growth rates that are much more typical of Stericycle’s regulated waste operations.
他最近的重點在於整合併購進來的碎紙公司，希望能改善毛利下降的趨勢，我去年有順便研究了一下碎紙產業，最強的是Iron Mountain。
整合碎紙公司的協同效應預計會延後，毛利改善就會延後，這個影響到了估值模型，所以短期股價目標遭下修。Moat的完整度應該是不變的。
不過，醫療數據雲端化對於碎紙產業的影響應該要考慮進去。
整體來說，醫療廢棄物清理與碎紙業還是屬於防禦性質以及依賴規模經濟，不太強調成長性，這點對我不太有吸引力。
反倒是前一陣子我投資ISRG，上漲了20%出脫後，面對最近的醫療生技產業下跌，他居然相對抗跌...。這種高科技醫材+機器人產業我的興趣相對較高一些。
https://www.graphiq.com/wlp/gdsmnY18VtH?utm_source=email&utm_medium=viz.social&utm_campaign=viz.soc.7466
新的投資花不少錢；效益還未展現！
http://www.fool.com/investing/general/2016/04/29/heres-why-stericycle-incs-stock-is-getting-shredde.aspx
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