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

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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.

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ZAE000066692 Johannesburg Stock Exchange South Africa

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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.

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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.

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Analysts

Tumi Makoah

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