加拿大医疗行业研究报告2009年2月

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HIGHLIGHTS
A sector characterized by defensive cash flows that are highly stable and visible, persuasive
relationships between yield and payout ratio, superb financial health and attractive positioning
irrespective of income trust shackles, we initiate coverage on the Canadian high yield health care
equities with a positive bias, forecasting favourable outlooks for each of the four sector participants.
Our view is supported by the following investment attributes exhibited by CML, Futuremed, K-Bro
and Medical Facilities. These four equities:
 Screen very well in the context of the looming 2011 income trust taxation, as each
possess characteristics we consider important as trusts migrate to common equities: a) high
distributable cash quality relative to earnings; b) existing distribution sustainability post-tax; c)
incremental debt capacity available to enhance interest tax shields; and d) favourable valuation
versus North American corporate peers.
 Exhibited defensive returns relative to direct peers and broader indexes throughout
2008's market turbulence, outpacing income trusts by 12% and the S&P/TSX composite by
17% in the last 12 months. Markets could continue to trade sideways to negative for the
foreseeable future, but high yield health care offers both relative strength and enhanced and
secure returns care of the group's average 11% yield versus 77% 2009E payout ratio.
 Are positioned to benefit from favourable North American age demographics, and from
that, escalating health care expenditures. Underlying North American health care spending
continues at 8% per year, and the 65+ demographic, the foremost consumer of health care, is
expected to grow at upwards of 5x-7x the pace of the rest of the population over the next 20 years.
 Demonstrate strong earnings momentum as record results are being reported, the growth
in each instance from both organic volumes and accretive acquisitions. Year-over-year, 2008
distributable cash per unit growth, a measure of value creation, is expected to be 6% for CML,
2% for Futuremed, 12% for K-Bro, and 8% for Medical Facilities – solid considering that each
redistributes 70-90% of all free cash flow generated back to unitholders.
TABLE OF CONTENTS
COMPANY SNAPSHOTS 3
CML HealthCare Income Fund (CLC.UN-TSX, “CML”) 3
Futuremed Healthcare Income Fund (FMD.UN-TSX, “Futuremed”) 3
K-Bro Linen Income Fund (KBL.UN-TSX, “K-Bro”) 3
Medical Facilities Corporation (DR.UN-TSX, “MFC”) 3
BULLISH STANCE NOT WITHOUT ITS CHALLENGES 3
WHY WE RECOMMEND EXPOSURE TO HIGH YIELD HEALTH CARE? 4
What Merit do Quality Scores Have? 5
Summary Forecasts 10
Valuation Methodology 12
Investment Risks 14
Conclusion 14
CML HEALTHCARE INCOME FUND 15
Corporate Profile 17
Financial Forecasts 20
Financial Health 23
Valuation 24
Risks to our Investment Thesis 24
Conclusion and Recommendation 24
Management Backgrounds 25
FUTUREMED HEALTHCARE INCOME FUND 27
Corporate Profile 29
Financial Forecasts 31
Financial Health 34
Valuation 34
Risks to our Investment Thesis 35
Conclusion and Recommendation 35
Management Backgrounds 36
K-BRO LINEN INCOME FUND 37
Corporate Profile 39
Financial Forecasts 42
Financial Health 45
Valuation 45
Risks to our Investment Thesis 46
Conclusion and Recommendation 46
Management Backgrounds 46
MEDICAL FACILITIES CORPORATION 47
Corporate Profile 49
Financial Forecasts 52
Financial Health 55
Valuation 55
Risks to our Investment Thesis 56
Conclusion and Recommendation 56
Management Backgrounds 57
DISCLOSURES 58

COMPANY SNAPSHOTS
CML HealthCare Income Fund (CLC.UN-TSX, “CML”)


#
Medical Facilities Corporation (DR.UN-TSX, “MFC”)

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