A director at Integrated Diagnostics Holdings bought 1,058,730 shares at 0.489USD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the la...
HEALTHY REVENUES ON VOLUMES AND PRICES GROWTH CLHO reported 1Q23 revenues of EGP777 million (+22.0% YoY, +9.1% QoQ), in line with our estimates of EGP781 million. Growth in revenues came despite a strong base in 1Q22, that included covid revenues. Annual and sequential revenue growth is driven by volumes and price increases. Number of cases served during the quarter grew by 5% YoY, along with a healthy double digit revenue growth across different services offered. Sequential growth was capped...
ISPH TOPS EGYPT’S PHARMA DISTRIBUTERS ON MARKET SHARE GAINS; ASP SOLELY DRIVES PHARMA MARKET GROWTH ISPH topped pharma distributers in 1Q23 with a market share of 23.9% (+2.6pps YoY), up from 21.3% in 1Q22 despite a challenging market dynamics. Pharma market has been significantly challenged since 2020 (covid outbreak), before starting to gradually show signs of recovery in 1Q22. However, the Russian Invasion of Ukraine along with the rounds of EGP depreciation have capped growth and slowed d...
ASP SOLELY DRIVES PHARMA MARKET GROWTH The pharma market has been significantly challenged since 2020 (covid outbreak), before starting to gradually show signs of recovery in 1Q22. However, the Russian Invasion of Ukraine along with the rounds of EGP depreciation have capped growth and slowed down the recovery. The Egyptian pharma market has always been price-driven, where price increases used to drive two-thirds of the growth. However, given the current challenging macro dynamics (including...
WEAK VOLUMES CAP PHARMA MARKET GROWTH The pharma market has been significantly challenged since 2020 (covid outbreak), before starting to gradually show signs of recovery in 1Q22. However, the Russian Invasion of Ukraine along with the rounds of EGP depreciation have capped growth and slowed down the recovery. The Egyptian pharma market has always been price-driven, where price increases used to drive two thirds of the growth. However, given the current challenging macro dynamics (including E...
FLAT REVENUES ON AN UNFAVORABLE BASE EFFECT CLHO reported flat 1Q22 revenues of EGP637 million (+0.6% YoY, -1.8% QoQ), in line with our estimates of EGP640 million. Revenue performance is driven by an unfavorable solid base effect in 4Q21 and 1Q22, that were partially fueled by solid covid revenues business. Revenues were driven by a healthy 16% YoY growth in non-covid business, offsetting a 50% YoY decline in covid-related revenues. CLHO served 0.26 million cases (+10% YoY), driven by higher...
ISPH BREAKS INTO HOSPITAL BUSINESS IN AN OPPORTUNISTIC MOVE ISPH signed a contract to acquire El Shorouk Hospital (105 beds), a brownfield hospital located at Shorouk city. The acquisition was concluded at a total consideration of EGP430 mn (this includes settlement of receivables due to ISPH of EGP230 mn), with the remaining amount of EGP200 mn paid in cash. The acquisition value includes the hospital’s real estate and operational assets. Management expects the hospital to be operational by ...
WEAK QUARTERLY REVENUE GROWTH, DUE TO PCR PRICE DECLINES SPMD recorded revenues of EGP69 million in 4Q21 (+13.2% YoY, -43% QoQ), mainly driven by a significant drop in lab revenues (-44% QoQ) on the back of lower covid revenues (drop in prices and volumes) along with weak seasonality. Lab revenues recorded EGP65 million (+10.8% YoY, -44.0% QoQ, 93.8% of total revenues). Polyclinics recorded revenues of EGP4.3 million (67.4% YoY, -21.4% QoQ). On an annual basis, revenues recorded EGP365 millio...
SOLID PERFORMANCE IN 2021, CLOSE TO MANAGEMENT EXPECTATIONS ISPH achieved solid performance in 4Q21, very close to management’s expectations; implying a clear reflection of the optimization strategy the company implemented since 2020 after the covid impact on the market. Management is looking for double-digit growth in revenues along with lower opex and other expenses which implies recovery in EBITDA margins, operating profits, and bottom-line growth. Given the slowdown in the market, ISPH r...
CLEOPATRA HOSPITAL (EG), a company active in the Health Care Providers industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date January 14, 2022, the closing price was EGP 5.14 and its expected value was estim...
Egypt is the MEA region’s largest producer and second largest consumer of pharmaceuticals, growing at a CAGR of 17% over 2013a-2020a, surpassing the region’s CAGR of 8%. Despite pressure during the past couple of years because of the pandemic, we forecast total pharma market to grow at a 6-year CAGR of 13.2% between 2021e -26f. During 2022f, we expect the retail pharma market to record sales of EGP95.2 billion (+10.1% YoY), while non-retail pharma sales record EGP48.0 billion (+13.4% YoY), br...
ROBUST REVENUE GROWTH ACROSS ALL SEGMENTS, CAPPED BY A RELATIVELY WEAKER JULY CLHO reported solid 3Q21 revenues of EGP624 million, broadly in line with our estimates of EGP600 million, compared to EGP536 million in 3Q20 and EGP644 million in 2Q21, showing an increase of 16.4% YoY and a slight decline of 3.1% QoQ. Solid annual performance came on the back of an increase of 11.0% YoY and 6.4% QoQ in number of cases served, along with an optimized case mix, improving utilization rates, and ramp ...
ANNUAL TOP-LINE SURGES ON THE BACK OF LABS’ STRONG PERFORMANCE SPMD reported 9M21 results. Top-line surged by 162% YoY, registering EGP296 million. Labs retained the lion’s share with respect to revenue contribution, generating EGP283 million (95.4% of top-line) in 9M21, a jump of 170% YoY, out of which EGP51 million (18%) are Covid-related revenues. Polyclinic revenues recorded EGP13.6 million in 9M21, climbing by 86.9% YoY and contributing 4.6% to SPMD’s top-line. On a quarterly basis, top...
MODEST GROWTH IN RETAIL PHARMA MARKET Retail pharma market continued to sequentially recover during 9M21, which confirms the sustainability of the gradual sequential recovery expected in 4Q21. According to IQVIA, retail pharma sales recorded EGP62.0 billion during 9M21, showing a modest of 6% YoY, according to the latest available data. Such YoY growth is higher than 2020 retail pharma market growth (+4% YoY growth) but is still below 2019 double-digit growth levels of c.17% YoY. Retail pharm...
We update our valuation for SPMD with a FV of EGP2.27/Share, down from EGP3.50/Share, and maintain our Overweight recommendation, on an upside of 25.3%. The main updates to our valuation are: • Incorporating 2026 in our DCF valuation. • Factoring in Libya’s contracts (the EGP965 million contract in addition to MEDAF’s EGP336 million contract) in our 2022 and 2023 estimates. • Consolidating the expected revenues of Covid-19 Drive-Throughs (formerly managed by Prime Speed) in SPMD’s financial s...
REVENUES SURGE ANNUALLY ON THE BACK OF LAB EXPANSIONS AND A WEAK BASE EFFECT SPMD reported 1H21 results. Top-line surged by 196% YoY to register EGP175 million. Labs retained the lion’s share with respect to revenue contribution, generating EGP167 million (95.4% of top-line) in 1H21, a jump of 211% YoY, out of which EGP29 million are Covid-related revenues. Polyclinic revenues recorded EGP8.1 million in 1H21, growing by 83.6% YoY and contributing 4.6% to SPMD’s top-line. On a quarterly basis,...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Raise TP by c8% to EGP2.50/share. We widen 2021-26e EBITDA by 12%, on: i) an increased number of tests, on two new government-level contracts, ii) a 75-bed expansion at Obour Hospital to 140 beds, and iii) lower earnings from Nile Scan, on slower-than-anticipated progress. SPMD currently trades on P/Es of 15x for 2022e and 11x for 2023e (Egypt peers at 14x and 12x, respectively), warranting our Neutral call, ahead of the imminent Prime Speed acquisition, which we see as 28% dilutive. Key downsi...
SOLID REVENUE GROWTH DRIVEN BY FAVORABLE PRICING DESPITE A STRONG COMPARABLE QUARTER CLHO reported solid 1Q21 revenues of EGP633 million, compared to EGP503 million in 1Q20, and compared to EGP611 million in 4Q20; showing an increase of 25.9% YoY and 3.7% QoQ. Solid annual performance came despite a strong comparable quarter that included only minor impacts to patient volumes and operations related to covid-19 pandemic. Revenue growth continues to be driven by optimized case mix, favorable pr...
RETAIL SEGMENT GROWS ON ASP; ISPH OUTPERFORMS MARKET According to IQVIA data, retail pharma sales recorded EGP19.6 billion in 1Q21, an increase of 5.6% YoY, compared to EGP18.6 billion in 1Q20. Pharma sales growth, as usual, was driven by higher ASP, given that volumes declined by 4.0% YoY to stand at 551.6 million units sold in 1Q21. ISPH retail sales grew by 6.6% YoY in 1Q21, outperforming retail pharma market growth by 0.90pps. The company supplied 21.9% of the retail pharma market in 1Q21...
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