IMP - Continue to maintain impressive growth rate
- In May 2023, net revenue and PBT were VND 142 billion (+48% YoY) and VND 33 billion (+81% YoY), respectively.
- Accumulated 5M2023, net revenue and PBT were VND 774 billion (+50% YoY) and VND 165 billion (+61% YoY), respectively completing 44% and 47% of the plan for 2023 and 37% and 38% of our forecast.
- For 2023F, net revenue and NPATMI were VND 2,110 billion (+28% YoY) and VND 346 billion (+48% YoY), of which the ETC and OTC channels revenue reached VND 975 billion (+70% YoY) and VND 1,064 billion (+8% YoY). EPS for 2023 is 4,413 VND.
- We raise the target price from 65,800 VND/share to 68,500 VND/share because the drug bidding on the ETC channel is more exciting than expected and is expected to continue to be maintained in 2024. We maintain an ACCUMULATE rating.
Imexpharm Corporation is a Vietnam-based company engaged in the pharmaceutical industry. The Company manufactures, imports, exports and trades pharmaceutical products, antiseptics, traditional medicine, medical equipment and supplies, cosmetics, supplemental food and drinks. It is also involved in the provision of packaging services and warehousing services for pharmaceutical storage purposes. In addition, the Company is involved in medicinal herb cultivation.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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