費森尤斯醫療保健公司

艾里克·沃爾什Harding Loevner International Equity基金

股票代碼：(FMS)

地區：歐洲

????費森尤斯醫療保健公司（Fresenius Medical Care）運營透析中心，為腎功能衰竭患者提供不可或缺的服務。隨著人口老齡化，這一市場看來將不斷增長：研究人員預計到2020年，患有晚期腎臟疾病的美國人將達到785,000人。相比2005年增長60%。費森尤斯總部位于德國，但運營主要在美國。據艾里克·沃爾什稱，市場占有率約為30%。沃爾什是資產規模22億美元的Harding Loevner International Equity基金的聯席經理。

????費森尤斯的優勢：沃爾什表示，它能夠憑借規模效應降低成本，因此盈利能力優于規模較小的競爭對手。2007年以來，該公司已將凈利潤率提升了20%多。

????費森尤斯最近公布的業績弱于分析師預期，推低股價。但過去十年所管理基金年均回報達9.1%的沃爾什將此視為一個機會。他將（業績不佳）歸咎于一次性的經營問題。而且，分析師們預計未來五年凈利潤的年均增幅為11%。前景大好的目標市場：新興市場。沃爾什指出，亞洲透析患者數量正在以每年10%的速度增長。

????--M.K.

Fresenius Medical Care

Alec Walsh?Harding Loevner International Equity

Ticker:?(FMS)

Around the globe pick:?Europe

????Fresenius Medical Care runs dialysis centers, providing an indispensable service to patients whose kidneys are failing. With an aging population, that market is burgeoning: Researchers expect the number of Americans with end-stage renal disease to reach 785,000 in 2020. That's up 60% from 2005 levels. Fresenius, which is based in Germany but operates primarily in the U.S., commands some 30% of the market, according to Alec Walsh, co-head of the $2.2 billionHarding Loevner International Equity Fund?(HLMNX).

????Fresenius's edge: It can leverage its size to tamp costs down, he says, making it more profitable than tinier rivals. Since 2007 the company has boosted its net profit margin by more than 20%.

????Fresenius recently reported earnings that lagged analysts' projections, nicking its shares. But Walsh, whose fund has returned 9.1% a year over the past decade, sees that as an opportunity. He blames one-time operational issues. And analysts expect 11% annual earnings increases for the next five years. One promising target: emerging markets. Walsh notes that the number of dialysis patients in Asia is increasing by 10% a year.

????--M.K.