IMP - Valuation is moving towards an attractive range for long-term investment strategies
- In Q3-FY23, revenue and NPAT were VND 467 billion (+12% YoY) and VND 70 billion (+25% YoY), respectively. In which, revenue from self-produced pharmaceuticals accounted for 95% of total net revenue. The two main sales channels, ETC and OTC, reported revenues of VND 192 billion (+15% YoY) and VND 252 billion (+5% YoY), respectively.
- Forecast for 2023F, revenue and NPAT will be VND 1,980 billion (+20% YoY) and VND 317 billion (+36% YoY), with an EPS of 3,847 VND. For 2024F, revenue and NPAT are forecasted to reach VND 2,229 billion (+13% YoY) and VND 367 billion (+15% YoY), EPS is 4,458 VND.
- We recommend a BUY for IMP with a target price of 74,000 VND per share, which represents a total return of 35%. This implies a P/E ratio for 2024F at the target price of 16.6x
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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