Hyphens Pharma International - CGS-CIMB Research 2023-11-27: Dented Margins In 3Q23

• Hyphens Pharma International (SGX:1J5)’s revenue grew 0.1% y-o-y in 3Q23 to bring 9M23 revenue to S$117.5m, in line at 74.2% of our FY23F estimate.

Revenue at a record level…

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… but profitability dented by inflationary pressure

• Hyphens cited “inflationary cost pressures” for the 4.8% pt y-o-y decline in gross profit margin to 35.4% in 3Q23. We think the discontinuation of Hyphens’s distributorship of Biosensors products in Vietnam, which led to a gross profit margin compression of 1.4% pt in 1H23, had a similar impact on 3Q23 gross profit margin, given that the distributorship only ceased in 4Q22.
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Revenue momentum should improve, margins could remain compressed

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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/.

Previous report by CGS-CIMB:
2023-10-20 Hyphens Pharma International - Displaying Appetite For Growth.

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Listing of research reports at Hyphens Pharma Analyst Reports.

Relevant links:
Hyphens Pharma Share Price History,
Hyphens Pharma Announcements,
Hyphens Pharma Dividend Payout Dates & Corporate Actions,
Hyphens Pharma News