DBD – Sustained double-digit growth
- In Q2-FY23, net revenue and PBT were VND 414 billion (+8% QoQ/+23% YoY) and VND 84 billion (+6% QoQ/+23% YoY), respectively. Accumulated 1H2023, net revenue and PBT were VND 796 billion (+14% YoY) and VND 173 billion (+28% YoY), completing 45% and 58% of the 2023 plan, respectively achieving 45% and 48% of our forecast.
- In a favorable policy environment in 1H2023, the total bid-winning value was VND 394 billion (+37% YoY), which is a positive indicator to ensure growth for 2H2023. For the second half of the year, forecasted ETC channel revenue is VND 521 billion (+8% YoY). For 2024F, ETC channel revenue forecast is VND 1,116 billion (+14% YoY).
- For 2H2023, forecast OTC channel revenue is VND 329 billion (+2% YoY). For 2024F, forecasted OTC channel revenue is VND 685 billion (+7% YoY). OTC channel revenue will decrease compared to the period 2020 – 2022. The CAGR of 7% is equivalent to the growth of the industry as the number of new pharmacies opened slows down.
- We maintain our forecast that revenue and NPAT will be VND 1,753 billion (+13% YoY) and VND 298 billion (+22% YoY) respectively. EPS for 2023 will be VND 3,980. We recommend to BUY at the target price of VND 65,800 per share because (1) reducing WACC in the FCFF method due to the risk-free rate and ERP decreasing and (2) raising the target P/E valuation to 17x expecting that the appearance of foreign strategic investors with premium valuation will be a positive catalyst for the stock.
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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