Primaresearch - Aspen Pharmacare Holdings Limited (109J) APN - Bull In a China Shop

Report

Primaresearch

Tumi Makoah

EUR 169.30 For Business Accounts Only

APN - Bull In a China Shop

We believe Aspen Pharmacare (APN) will continue to face pricing pressure both in Europe and increasingly in China.

China is the next frontier along Aspen’s expansion trajectory. Aspen has recently established operations in China through the acquisition of the anaesthetic and thrombosis portfolios from AstraZeneca and GSK. Although the Chinese pharmaceutical market is the second largest globally, we believe poor sales performance by multinationals in China is an indicator of tough operating conditions within the populous country.

We are however pleased by Aspen’s expansion of the nutritionals portfolio through establishing a presence in China. Aspen has formed a joint venture with a Hong Kong based partner and we show evidence that the JV has already started wooing Chinese consumers.

We believe an opportunity exists for Aspen to be a player within the Non-Vitamin K Oral Anticoagulants (NOACs) space.

23/10/2017 8 EN

Underlying

Aspen Pharmacare Holdings Limited

Aspen is a holding company supplying and manufacturing branded and generic pharmaceutical products as well as infant nutritionals and consumer healthcare products in selected territories. Co. supplies branded and generic pharmaceuticals to approximately 150 countries worldwide. Co. manufactures a range of product-types including oral solid dose, liquids, semi-solids, steriles, biologicals, active pharmaceuticals ingredients (API) and nutritionals Co.'s business unit include International, South Africa, Asia Pacific, and sub-Saharan Africa.

See profile

ZAE000066692 Johannesburg Stock Exchange South Africa

Provider

Primaresearch

Primaresearch is an independent, sell-side, equity research firm based in Cape Town, South Africa. We focus our research on consumer-facing companies as we have credible experience in this space. The name “primaresearch” invokes both high quality (prime) as well as “primary” research – being novel and offering value-add investment insights for our clients.

Our Vision

Our vision is to be the leading independent sell-side research firm in Africa. While we start with South Africa, we are looking into providing our clients with comprehensive, Africa-wide consumer-facing company and market research. Africa is poised to emerge as a significant consumer market, for which investors in South Africa and abroad will require thorough research and insights on. We aim to be the “go-to” research firm for these investors.

Our Culture

See profile

Analysts

Tumi Makoah

Other Reports on these Companies

TheScreener

ASPEN PHARMACARE sees its risk increased and a downgrade to Neutral

ASPEN PHARMACARE (ZA), a company active in the Health Care Providers industry, increases its market risk and lowers its general evaluation. The independent financial analyst theScreener just requalified the stock market behaviour as moderately risky. On the other hand, theScreener awards a fundamental star to the title, but the new risk assessment downgrades the general evaluation to Neutral. As of the analysis date March 8, 2022, the closing price was ZAR 175.48 and its expected value was estimated at ZAR 206.58.

Free Trial

March 9, 2022 March 9, 2022 1 EN

Independent Investment Research

Monthly LMI Update Independent Investment Research

Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked. This compares to the total dividends of 5 cents per share in FY20. The Board has confirmed that, in...

August 6, 2021 August 6, 2021 10 EN

Fundamental Research

Feasibility Study Results in December to be a Catalyst for this Junior

EUR 18.36

November 25, 2019 November 25, 2019 14 EN

Blue Label Telecoms (BLU) â€“ Building an ecosystem

Summary We initiate coverage on Blue Label Telecoms with a BUY recommendation The SA Distribution segment remains the core of the business. We believe that regulatory developments in India and a resurgence in cash usage have negatively impacted on the growth potential of the Oxigen business. Despite the significant potential of Mexico’s airtime market, stubbornly high market concentration threatens to persist and smother growth. The Mexican business is subscale, in our view. On its own, the growth prospects for Cell C seem weak. However together with 3G Mobile, Reware, BLU’s existing ecosys...

EUR 1739.58

February 13, 2018 February 13, 2018 41 EN

Anton Solomons

Anton Solomons

Novus Holdings - Overvalued

We view Novus Holdings as overvalued at current levels. The print industry appears to be in a consolidation phase and for Novus, the impact on volumes, prices and operations has already contributed to margin pressure and some mothballing. We expect these trends to continue over the forecast period. We see the use of the internet to consume media as a threat to print media consumption.

EUR 86.16

February 12, 2018 February 12, 2018 11 EN

Jasmine Lin

Jasmine Lin

Steinhoff (SNH) ; Price Discovery - How we value Steinhoff

Summary In the wake of the developments at Steinhoff (SNH), shareholders have found it difficult to assess the fair value of SNH. The FY17 financials are still outstanding, and prior year financials are also under review. Without reliable financial information and increasing risk of litigation, investors have found it challenging to assign a value to the share with some degree of comfort. The consequence of this breakdown in the market price discovery mechanism is share price movements that are highly volatile, with swings of more than 10% on some days. We performed a detailed analysis of t...

EUR 1740.46

January 15, 2018 January 15, 2018 13 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN