- Hyphens Pharma (SGX:1J5)'s 2023 results beat expectations. Both revenue and PATMI were 106% of our forecast. Other markets, such as Indonesia and the Philippines, grew faster than expected due to the maiden contribution from Laboratoires Gilbert S.A.S exports.
- - Read this at SGinvestors.io -
- We expect earnings to recover as the supply chain for specialty products from Europe normalises. Other growth drivers for Hyphens Pharma include aggressively expanding the number of principals for its specialty products, exporting to new markets, and SKU extensions of its proprietary brands. Additional costs by DocMed are also at a more gradual pace.
- Our BUY recommendation and DCF target price of S$0.35 for Hyphens Pharma is maintained.
The Positive
Rebound in specialty pharma revenue.
- - Read this at SGinvestors.io -
- The addition of new specialty products, namely Laboratoires Gilbert S.A.S, drove growth in the export sector.
- Revenue from other countries (Indonesia, Phillippines) tripled in 2H23 to S$13.7mil.
The Negative
Weaker gross margins & higher opex.
- 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/ 2024-03-14
Read also Phillip's most recent report:
2024-08-21 Hyphens Pharma International - New Products & Wider Distribution.
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
