DBD – Revenue and profit cannot jump in 2023
- In Q4/2022, DBD recorded net revenue and NPAT of VND 465 billion (+15% YoY, +18% QoQ) and VND 79 billion (+62% YoY, +47% QoQ), respectively. In 2022, net revenue and NPAT reached VND 1,555 billion (+0% YoY) and VND 244 billion (+32% YoY), completing 103% and 115% of our forecast thanks to the main products on the ETC channel, which are cancer drugs, kidney solutions and antibiotics.
- Nhon Hoi anti-cancer drug factory was delayed in meeting EU – GMP standards because the company needed time to install the EU – GMP drug laboratory at the new factory. The expected time to achieve EU – GMP standards for injection and tablet lines is Q3/2024 and Q2/2025, respectively.
- We are evaluating more fully the forecast for 2023. Currently, because Nhon Hoi anti-cancer drug factory has not been able to meet EU-GMP standards in 2023, we adjusted the target P/E for 2023 from 20x to 16x, corresponding to a target price of 49,000 VND/share.
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.
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