Hyphen Pharma International - On The Lookout For Growth
- We initiate coverage on Hyphens Pharma (SGX:1J5) with an ADD rating and a DCF-derived target price of S$0.36 (WACC: 9.4%) post its acquisition of Novem.
- We like Hyphens Pharma for its resilient business model and growing product portfolio as well as sales and distribution channels that will drive future earnings growth.
- Re-rating catalysts: accretive portfolio acquisitions and positive Ceradan patent applications.
- Key risks: movement restrictions in medical channels.
- We believe that Hyphens Pharma's share price has yet to reflect the value of its business acquisition of Novem, the first since its listing. Hyphens Pharma currently trades at 11.1x FY22F P/E, close to 1 standard deviation below its historical mean.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2022-01-06 2022-01-06
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