Hyphen Pharma - Phillip Securities 2023-05-18: Disruption In Specialty Pharma Supply

Hyphen Pharma - Disruption In Specialty Pharma Supply

Hyphens Pharma (SGX:1J5) | SGinvestors.ioHyphens Pharma (SGX:1J5)
  • Hyphens Pharma (SGX:1J5)'s 1Q23 results were below expectations. Revenue and PATMI were 19%/10% of our forecasts. Revenue suffered from the cessation of Biosensors and delay shipments in Vietnam.
  • - Read this at SGinvestors.io -
  • We cut our FY23e earnings forecast for Hyphens Pharma by 31% to S$9.1mil and the DCF-based target price for Hyphens Pharma is lowered to S$0.39 (previously S$0.445). Our BUY recommendation is maintained.
  • We expect the supply constraints to spill over into 2Q23. Proprietary brands have performed well with 16% growth. It will be a multi-year journey for proprietary brands to reach scale and compete even more effectively in the region.
  • - Read this at SGinvestors.io -

The Positive

Healthy growth in proprietary brands.

  • Proprietary brands revenue increased by 16% in 1Q23 supported by higher demand for Ceradan® dermatological products. Ceradan® and Ocean Health® have a pipeline of new products to be launched this year.
  • Hyphens Pharma launched Ceradan® Advanced Emollient Wash in Singapore and Malaysia during 1Q2023.

The Negatives

Supply disruption in specialty products.

  • Read more at SGinvestors.io.

Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.

Paul Chew Phillip Securities Research | https://www.stocksbnb.com/ 2023-05-18

Read also Phillip's most recent report:
2023-08-22 Hyphens Pharma International - Year Of Investment & Challenges.

Price targets by 2 other brokers at Hyphens Pharma Target Prices.

Listing of research reports at Hyphens Pharma Analyst Reports.

Relevant links:
Hyphens Pharma Share Price History,
Hyphens Pharma Announcements,
Hyphens Pharma Dividends & Corporate Actions,
Hyphens Pharma News Articles


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