IMP - Expectations for the ETC channel to be a driving force for sustaining growth in 2024
- In Q4-FY23, revenue and NPAT were VND 608 billion (+9% YoY) and VND 72 billion (-8% YoY), respectively. In which, revenue from self-produced pharmaceuticals accounted for 92% of total net revenue. The two main sales channels, ETC and OTC, reported revenues of VND 300 billion (+28% YoY) and VND 257 billion (-2% YoY), respectively.
- Forecast for 2024F, revenue and NPAT will be VND 2,229 billion (+13% YoY) and VND 367 billion (+36% YoY), EPS is 4,458 VND. In which, revenue from ETC and OTC will be VND 1,016 billion (+20% YoY) and VND 1,116 billion (+7% YoY).
- We maintain a target price of 74,000 VND/share, implying a P/E valuation for 2024F at the target price of 16.6x. We are changing our recommendation from BUY to ACCUMULATE due to the market price having increased by 16% since the previous recommendation.
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.
RongViet Research reports are diversified and abundant, along with in-depth analysis and performed by experienced, highly-qualified and knowledgeable teams. With the objectives of transparency, accurate and timely manner, RongViet believes that our products would always be important sources of information for customers/investors’ investment decisions.”
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.