<p>在如今的市場中，尋找被低估的股票並不容易。標準普爾 500 指數中公司的平均股價已飆升至 24.8 倍的過去 12 個月收益。</p>
<p>儘管整體股市大幅上漲，但醫療保健行業中的幾家公司並沒有得到應有的關注。讓我們更仔細地看看 <strong>諾和諾德</strong>（Novo Nordisk）(NVO 0.13%) 和 <strong>Healthpeak Properties</strong>（DOC -0.61%），看看它們在未來幾年如何可能騰飛。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>1. 諾和諾德</h2>
<p>這家總部位於丹麥的公司在 2021 年推出其抗肥胖藥物 Wegovy 時低估了市場需求。更糟糕的是，幾年前，<strong>禮來</strong>（Eli Lilly）推出了一種新一代抗肥胖藥物，其減重效果比 Wegovy 更為顯著。</p>
<p>投資者注意到 semaglutide（Wegovy 和 Ozempic 中的 GLP-1 藥物）市場份額的下降，導致該股票在過去 12 個月內下跌了 68%。股票的下跌可能看起來像是業務面臨困境，但事實並非如此。實際上，管理層預計在調整匯率波動後，今年的營業利潤將增長 10% 至 16%。</p>
<p>其最近下跌的股價僅為預期前瞻性收益的 13.8 倍，這對於一家年利潤以兩位數百分比增長的公司來説似乎過低。</p>
<p>投資者可能不需要擔心禮來的 Zepbound 和仍在開發中的更強 GLP-1 藥物會使 semaglutide 失去市場地位。這是因為諾和諾德的藥物相對容易耐受。雖然達到相同程度的減重可能需要幾個月的時間，但這是許多患者及其醫生樂於接受的權衡。</p>
<p>最近，諾和諾德發佈了一些數據顯示，使用 semaglutide 的患者發生心血管事件（如心臟病發作或中風）的可能性比使用禮來的 GLP-1 藥物 tirzepatide 的患者低 57%。雖然該研究的結論需要謹慎對待，但顯然我們不應假設 semaglutide 無法保持在抗肥胖市場中的重要份額。</p>
<p>在美國，semaglutide 的專利預計最早將在 2032 年之前保持生物類似藥的競爭處於低位。與此同時，患者股東可能會收到大量的股息支付。在其被壓低的價格下，諾和諾德的股票提供 3.1% 的收益率。這對於一家自 2021 年以來年股息支付翻了一番的公司來説是一個很高的收益率。</p>
<h2>2. Healthpeak Properties</h2>
<p>在過去的幾年中，初創生物技術公司的融資有所放緩，但對藥物的需求並沒有下降。在美國，處方藥的總支出在 2023 年飆升了 11.4%，達到了 4497 億美元。</p>
<p>處方藥是我們健康系統的基石，但它們佔總醫療費用的比例不到 10%。憑藉如此出色的價值主張，機構投資者再次向生物技術行業投入資金只是時間問題。</p>
<p>Healthpeak Properties 是一家房地產投資信託（REIT），專門收購和建設世界最大製藥公司、生物技術初創企業及其間的實驗室。為了抵消因資本流向前商業藥物製造商減少而造成的損失，它在去年 3 月與 Physicians Realty Trust 合併。此次合併使 Healthpeak 的投資組合多樣化，增加了大量醫療辦公樓，但增加的股份數量迫使其削減股息支付。</p>
<p>如果有一件事情是 REIT 投資者無法容忍的，那就是股息減少。因此，您現在可以以超低價格購買 Healthpeak Properties。今年，管理層預計運營資金（用於評估 REIT 的收益的代理指標）將在其指導範圍的中點達到每股 1.84 美元。考慮到其股價約為每股 18 美元，您可以以大約 10 倍的今年調整後的 FFO 預期價格購買該股票。</p>
<p>Healthpeak Properties 的股票在最近的價格下提供了高達 6.8% 的股息收益率。將一些股票添加到多元化投資組合中，並持有數十年，對於大多數投資者來説似乎是正確的選擇。</p>

諾和諾德公司

<p>本文討論了兩隻被低估的醫療保健股票，適合長期投資：諾和諾德公司和 Healthpeak Properties。儘管諾和諾德公司的股票下跌了 68%，但預計今年的營業利潤將增長 10-16%，前瞻市盈率為 13.8，股息收益率為 3.1%。Healthpeak Properties 是一家專注於生物技術設施的房地產投資信託，提供 6.8% 的股息收益率，交易價格約為其預期運營資金的 10 倍。這兩隻股票為希望長期持有的投資者提供了有吸引力的機會</p>

<p>Finding undervalued stocks isn't easy these days. The average stock price for companies in the benchmark <strong>S&amp;P 500</strong> index has soared to 24.8 times trailing 12-month earnings.</p>
<div class="lb-trans"><p>在如今的市場中，尋找被低估的股票並不容易。標準普爾 500 指數中公司的平均股價已飆升至 24.8 倍的過去 12 個月收益。</p>
</div><p>While the overall stock market is way up, a couple of companies in the healthcare sector aren't getting the attention they deserve. Here's a closer look at <strong>Novo Nordisk</strong>(NVO 0.13%) and <strong>Healthpeak Properties</strong>(DOC -0.61%) to see how they could soar in the years ahead.</p>
<div class="lb-trans"><p>儘管整體股市大幅上漲，但醫療保健行業中的幾家公司並沒有得到應有的關注。讓我們更仔細地看看 <strong>諾和諾德</strong>（Novo Nordisk）(NVO 0.13%) 和 <strong>Healthpeak Properties</strong>（DOC -0.61%），看看它們在未來幾年如何可能騰飛。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwMTEvaW52ZXN0b3ItbG9va3Mtd29ycmllZC1hdC1jb21wdXRlci1pbi1hLWxpdmluZy1yb29tLXNldHRpbmctZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832011%2Finvestor-looks-worried-at-computer-in-a-living-room-setting-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>1. Novo Nordisk</h2>
<div class="lb-trans"><h2>1. 諾和諾德</h2>
</div><p>This Denmark-headquartered company underestimated demand for its anti-obesity treatment Wegovy when it launched in the U.S. in 2021. To make matters worse, a couple of years ago, <strong>Eli Lilly</strong> launched a next-generation anti-obesity drug that reduces weight more effectively than Wegovy.</p>
<div class="lb-trans"><p>這家總部位於丹麥的公司在 2021 年推出其抗肥胖藥物 Wegovy 時低估了市場需求。更糟糕的是，幾年前，<strong>禮來</strong>（Eli Lilly）推出了一種新一代抗肥胖藥物，其減重效果比 Wegovy 更為顯著。</p>
</div><p>Investors noticing the loss of market share for semaglutide, the GLP-1 drug in Wegovy and Ozempic, have knocked the stock down by 68% over the past 12 months. The stock decline might seem like the business is at death's door, but this isn't the case. In fact, management expects operating profits to rise by 10% to 16% this year once adjusted for fluctuating currency exchange rates.</p>
<div class="lb-trans"><p>投資者注意到 semaglutide（Wegovy 和 Ozempic 中的 GLP-1 藥物）市場份額的下降，導致該股票在過去 12 個月內下跌了 68%。股票的下跌可能看起來像是業務面臨困境，但事實並非如此。實際上，管理層預計在調整匯率波動後，今年的營業利潤將增長 10% 至 16%。</p>
</div><p>Its recently knocked-down price is only 13.8 times forward-looking earnings expectations, which seems way too low for shares of a company with profits that are growing by a double-digit annual percentage.</p>
<div class="lb-trans"><p>其最近下跌的股價僅為預期前瞻性收益的 13.8 倍，這對於一家年利潤以兩位數百分比增長的公司來説似乎過低。</p>
</div><p>Investors probably don't need to worry that Zepbound from Eli Lilly and stronger GLP-1 drugs still in development will make semaglutide irrelevant. That's because Novo Nordisk's drug is relatively easy to tolerate. It might take a few months longer to achieve the same degree of weight loss, but this is a trade-off many patients and their physicians are comfortable with.</p>
<div class="lb-trans"><p>投資者可能不需要擔心禮來的 Zepbound 和仍在開發中的更強 GLP-1 藥物會使 semaglutide 失去市場地位。這是因為諾和諾德的藥物相對容易耐受。雖然達到相同程度的減重可能需要幾個月的時間，但這是許多患者及其醫生樂於接受的權衡。</p>
</div><p>Recently, Novo Nordisk published some data that suggests patients on semaglutide are 57% less likely to experience a cardiovascular event like a heart attack or stroke than patients on tirzepatide, Eli Lilly's GLP-1 drug. While the study's conclusion needs to be taken with a grain of salt, it's clear that we shouldn't assume semaglutide can't maintain a significant share of the anti-obesity market.</p>
<div class="lb-trans"><p>最近，諾和諾德發佈了一些數據顯示，使用 semaglutide 的患者發生心血管事件（如心臟病發作或中風）的可能性比使用禮來的 GLP-1 藥物 tirzepatide 的患者低 57%。雖然該研究的結論需要謹慎對待，但顯然我們不應假設 semaglutide 無法保持在抗肥胖市場中的重要份額。</p>
</div><p>In the US, semaglutide's patents are expected to keep biosimilar competition at bay until 2032 at the earliest. In the meantime, patient shareholders could receive heaps of dividend payments. At their beaten-down price, shares of Novo Nordisk offer a 3.1% yield. That's a big yield from a company that has more than doubled annual dividend payments since 2021.</p>
<div class="lb-trans"><p>在美國，semaglutide 的專利預計最早將在 2032 年之前保持生物類似藥的競爭處於低位。與此同時，患者股東可能會收到大量的股息支付。在其被壓低的價格下，諾和諾德的股票提供 3.1% 的收益率。這對於一家自 2021 年以來年股息支付翻了一番的公司來説是一個很高的收益率。</p>
</div><h2>2. Healthpeak Properties</h2>
<div class="lb-trans"><h2>2. Healthpeak Properties</h2>
</div><p>Over the past couple of years, funding for start-up biotechnology businesses has slowed down, but demand for drugs hasn't declined. In the U.S., total spending on prescription drugs soared by 11.4% in 2023 to reach $449.7 billion.</p>
<div class="lb-trans"><p>在過去的幾年中，初創生物技術公司的融資有所放緩，但對藥物的需求並沒有下降。在美國，處方藥的總支出在 2023 年飆升了 11.4%，達到了 4497 億美元。</p>
</div><p>Prescription drugs are a cornerstone of our health system, but they soak up less than 10% of total healthcare expenses. With such a terrific value proposition, it's just a matter of time before institutional investors begin hurling capital at the biotech industry again.</p>
<div class="lb-trans"><p>處方藥是我們健康系統的基石，但它們佔總醫療費用的比例不到 10%。憑藉如此出色的價值主張，機構投資者再次向生物技術行業投入資金只是時間問題。</p>
</div><p>Healthpeak Properties is a real estate investment trust (REIT) that acquires and builds laboratories for the world's largest pharmaceutical businesses, biotech start-ups, and everything in between. To offset losses caused by less capital reaching pre-commercial drugmakers, it merged with Physicians Realty Trust last March. The merger diversified Healthpeak's portfolio with heaps of medical office buildings, but the increased share count forced it to slash dividend payments.</p>
<div class="lb-trans"><p>Healthpeak Properties 是一家房地產投資信託（REIT），專門收購和建設世界最大製藥公司、生物技術初創企業及其間的實驗室。為了抵消因資本流向前商業藥物製造商減少而造成的損失，它在去年 3 月與 Physicians Realty Trust 合併。此次合併使 Healthpeak 的投資組合多樣化，增加了大量醫療辦公樓，但增加的股份數量迫使其削減股息支付。</p>
</div><p>If there's one thing REIT investors won't tolerate, it's a dividend reduction. As a result, you can buy Healthpeak Properties at bargain bin prices right now. This year, management expects funds from operations, a proxy for earnings used to evaluate REITs, to reach $1.84 per share at the midpoint of its guided range. With its stock price down around $18 per share, you can scoop up the stock for roughly 10 times this year's adjusted FFO expectation.</p>
<div class="lb-trans"><p>如果有一件事情是 REIT 投資者無法容忍的，那就是股息減少。因此，您現在可以以超低價格購買 Healthpeak Properties。今年，管理層預計運營資金（用於評估 REIT 的收益的代理指標）將在其指導範圍的中點達到每股 1.84 美元。考慮到其股價約為每股 18 美元，您可以以大約 10 倍的今年調整後的 FFO 預期價格購買該股票。</p>
</div><p>Shares of Healthpeak Properties offer a huge 6.8% dividend yield at recent prices. Adding some shares to a diversified portfolio, and holding on for decades, looks like the right move for most investors.</p>
<div class="lb-trans"><p>Healthpeak Properties 的股票在最近的價格下提供了高達 6.8% 的股息收益率。將一些股票添加到多元化投資組合中，並持有數十年，對於大多數投資者來説似乎是正確的選擇。</p>
</div>

2025 年值得購買並長期持有的兩隻被低估的醫療保健股票