DBD – Results in Q1-FY23 impressive while maintaining double-digit growth rate
- Results in Q1-FY23, revenue and PBT of DBD were VND 382 billion (+7% YoY and -18% QoQ) and VND 84 billion (+33% YoY and -9% QoQ), respectively, completing 21% and 28% of the plan for 2023, comleting 22% and 24% of our forecast for 2023. Revenue of ETC and OTC channels were VND 209 billion (+35% YoY and -28% QoQ) and VNd 156 billion (+0% YoY and +2% QoQ) respectively.
- For 2023F, we maintain the forecast that revenue and NPAT are VND 1,725 billion (+12% YoY) and VND 292 billion (+20% YoY) respectively, of which ETC and OTC channel revenue are VND 947 billion (+11% YoY) and VND 649 billion (+12% YoY) respectively, EPS for 2023 is VND 3,894 (+20% YoY). We changed the BUY recommendation to ACCUMULATE DBD with a target price of VND 52,600/share due to the current upside level being narrowed after the previous bull run. The P/E forward valuation is 11.5x lower than the average P/E of 5Y by 28%.
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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