DBD – Results of Q3-FY23 and plan to issue a private placement to strategic shareholders
- Expected results in Q3-FY23:net revenue and PBT are VND 410 billion VND (-1% QoQ, +4% YoY) and VND 79 billion (-11% QoQ, 10% YoY), respectively. Accumulated 9M2023, net revenue and PBT are VND 1,206 billion (+11% YoY) and VND 207 billion (+22% YoY), respectively completing 67% and 84% of the annual plan and 69%, 68% of our forecast.
- DBD is negotiating with eights foreign strategic partners and has not yet decided on an official investor. The company is currently expected the price to be referenced with historical deals such as Taisho with DHG, SK with IMP, Stada with PME, and Abbott with DMC,... According to DBD, the mean valuation of EV/EBITDA, P/E, P/S deals in history are 19.6x, 26.5x and 3.5x, respectively.
- For 2023F, we maintain our revenue and NPAT forecasts at VND 1,753 billion (+13% YoY) and VND 298 billion (+22% YoY) respectively. EPS for 2023 is VND 3,980. For 2024F, net revenue and NPATMI are VND 1,973 billion (+13% YoY) and VND 333 billion (+12% YoY), respectively, EPS is VND 4.441.
- Forecast CAGR 4Y of NPATMI from 2023F – 2027F of 15%, a forward PEG ratio
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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