- 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:
2024-03-14 Hyphens Pharma International - More Visible Growth Drivers.
Previous report by Phillip:
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
