摩根斯坦利：美国管理式医疗行业研究报告2009年10月

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Managed Care
Q3 Preview: Living in
Interesting Times
Q3/09 earnings season kicks off with UNH on 10/20/09.
Q3/09 reporting coincides with reform debate. Q3
results look poised to coincide with the progression of
health reform activity, as the Senate moves to reconcile
draft bills from the SFC & HELP and send a final bill to
the floor for debate. Given the uncertainty surrounding
the sector, we expect management teams to maintain a
conservative stance.
A number of near-term issues. Near term, there are a
number of issues that could weigh on investor sentiment,
including cost trends (reflecting uncertainty regarding
H1N1, COBRA and hospital unit costs), sluggish
enrollment and Medicare margins. By early-mid 2010,
sentiment may start to turn as these issues dissipate.
An improving employment picture and rising investment
yields would be two positive catalysts for the group,
potentially heading into 2011. Entering 3Q, WLP
remains our sole Overweight-rated name given its
cheaper relative valuation and cash profile through
YE10.
This report includes several sections:
1. Near-term areas to watch
2. Hospital survey: Commercial trends relatively
steady
3. Broker survey suggests pricing by MCOs
remains rational
4. Initial cut: Reform-impacted “Run-rate”
earnings analysis
5. Addressing the (at present) $6.7 billion question
6. Company specific quarterly previews & models

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关键词：行业研究报告 摩根斯坦利 医疗行业 研究报告 摩根斯坦 management 摩根斯坦利 reporting maintain 研究报告

添加啊，再好也不会要这么多吧，何况还不知道，不值！

天啊，穷人根本就没法子下东西啊

很好但是买不起。。能不能发我邮箱啊 yjs1988120@126.com  谢谢。。

鸟人，鄙视之。

哈，又碰到个黑心的....

这个也太黑了吧。都以万为单位啊

只好抛弃
一路顺风