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1 / QAF , Analyst 02)6923-7342 Buy 19,000 . 19,000 MSO( ) PER 20% . 1) 5 QAF , , 2) , 3) . C ontents .. 04 .. 05 5 QAF .. 07 3 50 ( ) 2018 Valuation .. 09 Global MSO + & Global Peer Group 1 2 4 3 CAPE Research Division Company Analysis _ 2017/11/02 Analyst 02)6923-7342 (085660KQ | Buy | TP 19,000 ) QAF BUY , 19,000.

2 4 QAF( ) 2017 386 , 2018 458 . 1) 5 QAF , , 2) , 3) 3 .. BUY , 19,000 (19,000 ) 2018 EPS 444 MSO( ) 2018 PER . 20% 1) 4 (HMC) (QAF) , 2) ( 10 , 4 ) 4 . 3) ( ) (1,550 ) 4 , 2017 386 , 2018 458 225 4 QAF , 2017 5 QAF . 5 QAF , 4 1 780 2018 QAF 2014 1,036 10 , 4 ( 6 ).

3 4 , (2b) Stock Data (11/1) 13,200 500 668 52 / 14,250 / 11,250 1 6 12 (%) (%) (12 ) 2015A 2016A 2017E 2018E 2019E ( ) 394 449 448 468 505 ( ) 18 40 39 46 55 (%) ( ) -15 17 17 22 27 EPS ( ) -297 334 332 444 540 (%) PER ( ) PBR ( ) ROE (%) EV/EBITDA ( ) ( ) -226 -102 -150 -199 -250 (%) 0 200 400 600 800 0 2 4 6 8 10 12 14 16 16/1117/0117/0417/0717/10( pt)( ) (L)KOSDAQCAPE Company Analysis 2017/11/02 | QAF 4 CAPE Research Division CAPE , QAF 2002 11 ( ).

4 2009 2 , . 2014 5 . (9 ) 24 .. , . CMG ( KQ058820) , . , 18 . 2016 : : CMG ( ) ( ) ( ), CRO( ), ( ) + ( ), CHAH ollywood Medical Center( ), ( ) CHA Medical Servise, Japan( ) 18 : 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 20132014201520162017(E) Company Analysis 2017/11/02 | QAF CAPE Research Division 5 CAPE 5 QAF QAF QAF(Quality Assurance Fee Program) & (DHCS) Medi-Cal( ).

5 (2009 ) CHA Hollywood Presbyterian Medical Center QAF . (Welfare and Institutions Code ) . QAF 2016 260 , 1 35 . 3 5 QAF . 4 QAF 2014 5 QAF(2017 ) 4 . 4 5 QAF SB339 2017 1 2019 6 30 . QAF ( :M$,%) QAF (US M$) (US M$) AB 1383, AB 188 1 Apr 1. 2009 ~ Dec 31. 2010 21 45 SB 90 2 Jan 1. 2011 ~ Jun 30. 2011 6 18 3 SB 335 3 Jul 1. 2011 ~ Dec 31. 2013 30 120 4 SB 339 4 Jan 1. 2014 ~ Dec 31. 2016 36 232 5 Jan 1.

6 2017 ~ Jun 30. 2019 30 230 (E) (E) (E) : , (QAF ) : 0 100 200 300 400 500 600 700 800 900 (QAF )CAPE Company Analysis 2017/11/02 | QAF 6 CAPE Research Division ( 7 ) , , , , RPE( : Retinal Pigment Epithelium), RPE, , 8 .. 10 , 6 1/2a . 4 24 . , 4.

7 (2b) 2018 . ( ) 7 . 1 2 3 RPE (SMD) 2 (AMD) 1/2a RPE (AMD) IND (IC) 2 ( ) (CLI) 2 (ST) 1/2a (DD) 1/2a IND (CD) 1 IND (AD) 1/2a IND.

8 CAPE Company Analysis 2017/11/02 | QAF CAPE Research Division 7 CAPE 3 50 ( ) 3 2017 3 916 14% . QAF 83% .(2016 260 2017 35 ) CHA Hollywood Presbyterian Medical Center . ( ) 37 . CMG , 4 10% . 3 50 , 4 812 (QAF ) 510 .. ( : ,%) 2016 2017 3Q17 1Q 2Q 3Q 4Q 1Q 2Q 3QF 4QF QoQ YoY ( ) 1,076 1,093 1,065 1,258 931 914 916 1,718 647 604 595 593 635 585 598 612 21 20 35 37 27 41 37 38 98 98 99 100 102 110 111 114 115 129 129 131 132 143 135 142 195 242 207 397 35 35 35 812 ( ) 95 150 57 96 -27 -47 -50 510 95 64 10 106 -32 -38 -40 380 ( ).

9 -10%-5%0%5%10%15%20%25%30%35%(200)0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 1Q2Q3Q4Q1Q2Q3Q(E)4Q(E)20162017 OPM ( ) ( ) ( )CAPE Company Analysis 2017/11/02 | QAF 8 CAPE Research Division 2018 2018 , 2017 4,479 . QAF 917 (1041 ) . , . 386 . QAF 100.

10 2018 4,680 (YoY ) 458 (YoY ) . 4 QAF 5 4 . 30 (4 36 ) ( 30 ) , . ( : , %) 2013 2014 2015 2016 2017F 2018F ( ) 3,868 3,454 3,938 4,492 4,479 4,680 2,432 2,078 2,311 2,439 2,430 2,477 35 37 75 113 143 154 235 270 336 395 437 458 293 331 436 504 552 555 873 738 780 1,041 917 1,036 ( ) 272 117 176 398 386 458 259 29 -129 274 270 331 ( ) : : 0%2%4%6%8%10%12%0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 20132014201520162017(E)2018(E)OPM ( ) ( ) ( )CAPE Company Analysis 2017/11/02 | QAF CAPE Research Division 9 CAPE Valuation Global MSO + & QAF 2016 80% ( , ).