IMP - Results will rise substantially by the convergence of positive factors in 2023
- In Q1/2023, IMP's net revenue and PBT were VND 479 billion (+53% YoY) and VND 99 billion (+50% YoY), completing 27.4% and 28.3% of the 2023 target. In which, The ETC and OTC channel revenue were VND 178 billion (+241% YoY) and VND 297 billion (+15% YoY), respectively. Q1/2023 revenue and PBT are both completing 23% of our latest 2023 forecast.
- IMP has set a plan for net revenue and PBT of VND 1,750 billion and VND 350 billion respectively, increasing by 7% and 20% compared to 2022. IMP's growth driver in 2023 could come from the contributions of two factories IMP2 and IMP4.
- We adjust up our forecast for net revenue and NPAT at VND 2,110 billion (+28% YoY) and VND 346 billion (+48% YoY), respectively, of which ETC and OTC revenue are VND 964 billion (+58% YoY) and VND 1,075 billion (+14% YoY), EPS for 2023 is VND 4,413 (+43% YoY). We increase our target price to VND 65,800/share, equivalent to a forward P/E valuation of 12.75x that is lower than the 5-year average P/E of 17x. We maintain our ACCUMULATE recommendation on IMP.
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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