DBD – A cautious business plan despite impressive growth in 2M2023
- In 2M2023, net revenue and PBT were VND 238 billion (+13% YoY) and VND 42 billion (+25% YoY) respectively, completing 13% and 12% of our forecast.
- The plan for 2023, revenue and PBT are VND 1,800 billion VND and VND 300 billion respectively, an increase of 11% and 0% compared to the results in 2022.
- After completing the Nhon Hoi anti-cancer drug factory, DBD continues to invest in two new factories, namely sterile drugs and OSD – Non – Betalactam with a total investment of VND 840 billion VND and VND 822 billion, respectively. Funding for the project comes from a separate issuance to strategic shareholders and loans.
- We adjusted the projection for 2023 to net revenue and NPAT of VND 1,725 billion (+12% YoY) and VND 292 billion (+20% YoY), of which ETC and OTC channel revenue are VND 947 billion (+11% YoY) and VND 649 billion (+12% YoY) respectively. EPS for 2023 is 3,894 VND (+20% YoY). We maintain a buy recommendation on DBD shares with a target price of 52,600 VND/share, which is equivalent to a forward P/E valuation of 13.5x.
Binh Dinh Pharmaceutical and Medical Equipment Joint Stock Company (Bidiphar) is a Vietnam-based company primarily engaged in pharmaceuticals sector. The Company's leading business activities are the production and wholesale of medicines, including antibiotics, antipyretics, pain relievers, cardiovascular drugs, antifungal and antiviral drugs, respiratory drugs, vitamins and functional food, among others. Bidiphar is also involved in the manufacture and distribution of medical equipment, supplies and packaging.
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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