reports
- Rayhan Ahmed
Equity Note on The IBN SINA Pharmaceutical Industry PLC (IBNSINA)
The IBN SINA Pharmaceutical Industry PLC (IBNSINA) is a manufacturer and seller of generic drugs in both domestic and international markets. The company produces over 450 generic drugs in various types of dosage forms including tablets, capsules, ampoules, vials, syrup, solutions, suspensions etc. The company exports its generic drugs to 17 countries, including highly regulated markets like the USA.
- Humayra Afroz
- Tanay Roy
IBN SINA Pharmaceutical: NPAT rose c8% yoy driven by c8% revenue growt...
* Earnings rose c8% yoy in Q3 FY23. Earnings stood at BDT 93 mn (BDT 2.99) in Q3 FY23 against BDT 87 mn (BDT 2.77) in Q3 FY22. Rise in earnings was driven by c8% revenue growth and 56 bps decline in opex to sales during the quarter. In 9M FY23, earnings stood at BDT 422 mn (BDT 13.52) against BDT 414 mn (BDT 13.26) in 9M FY22, implying c2% yoy growth. * Revenue c8% yoy in Q3 FY23. Revenue stood at BDT 2,023 mn in Q3 FY23 against BDT 1,879 mn in Q3 FY22. Revenue growth was driven by a...
- Tanay Roy
IBN SINA Pharmaceutical: Flat NPAT driven by flat sales; GM rise and l...
* Flat earnings observed in Q2 FY23. IBNSINA posted a c1% yoy earnings decline in Q2 FY23. It underperformed our expectation by c15%. Flat earnings were driven by flat sales while gross margin rise and lower effective taxes were offset by higher Opex/Sales ratio. * Flat revenue growth observed in Q2 FY23. Flat revenue in Q2 FY23 was a result of base effect and the erosion of consumers’ purchasing power from high inflation. In the prior year, in Q2 FY22, IBNSINA registered a significan...
- Tanay Roy
IDLC-SL Pharma Sector Update: For the quarter ended Q1 FY23
* Sector revenue rose c4% yoy in Q1 FY23. Single digit industry revenue growth in Q1 FY23 can be attributed to the base effect of Q1 FY22. In Q1 FY22, as the economy resumed and doctors returned to their practices, the sales of prescription drugs rose which led to c. 20% revenue growth that quarter. In Q1 FY23, ACME, Navana, Renata, Square significantly outperformed the industry. ACI Pharma and Beacon significantly underperformed the industry as their yoy growth rates fell by c19% and c11% r...
- Tanay Roy
IBN SINA Pharmaceutical: IBNSINA Q1 FY23: C2% yoy earnings growth driv...
* EPS grew 1.9% yoy in Q1 FY23. EPS in Q1 FY23 stood at BDT 4.63 against BDT 4.54 reported in Q1 FY22. NPAT in Q1 FY23 stood at BDT 145 mn against BDT 142 mn in Q1 FY22. Challenging macroeconomic conditions, and a higher revenue base in Q1 FY22 led to single digit revenue growth and thereby low earnings growth in Q1 FY23. * Revenue grew 3.8% yoy in Q1 FY23. Revenue registered a slight increase from BDT 2,365 mn in Q1 FY22 to BDT 2,455 mn in Q1 FY23. As the economy began to recover and ...
- Tanay Roy
IBN SINA Pharmaceutical: 24% YoY growth in annual earnings, 31% rise i...
* Annual EPS of BDT 19.4 meets our expectations, growing by c24% YoY. IBN SINA generated BDT 6.1 EPS in Q4 FY22 against BDT 4.7 in Q4 FY21, implying c31% YoY rise in earnings. In FY22, the government lowered corporate taxes from 22.5% to 22.0%. We think that this decline in tax rate may have had an impact on the accelerated earnings growth in Q4 FY22 on YoY basis. * c31% dividend payment similar to our expected pay-out level of c30%. IBN SINA increased its dividend pay-out level and dec...
The Ibn Sina: 1 director
A director at The Ibn Sina bought 50,000 shares at 0.000BDT and the significance rating of the trade was 65/100. 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 last two years clearly s...
- Shopnil Paul
- Tanay Roy
Ibn Sina Pharmaceutical Industry Ltd: Q2 FY 22 – Earnings increased by...
IBNSINA reported BDT 6.0 EPS (NPAT BDT 186mn) in Q2 FY22, implying c20% growth over BDT 4.9 EPS (NPAT BDT 154mn) in Q2 FY21. The c20% growth in earnings is mainly driven by c15% sales growth, some margin improvement and increase in other income. In H1 FY22, the bottom-line of the company logged in BDT 328mn (EPS BDT 10.5). It denotes c28% growth over the NPAT of BDT 256mn (EPS BDT 8.2) recorded in the same period of previous year (H1 FY21). Revenue reached BDT 2,163mn in Q2 FY22, marking c15%...
- Shopnil Paul
- Tanay Roy
Ibn Sina Pharmaceutical Industry Ltd: Q1 FY22 – Earnings increased by ...
IBNSINA reported BDT 4.5 EPS (NPAT BDT 142mn) in Q1 FY22, implying c40% growth over BDT 3.3 EPS (NPAT BDT 102mn) in Q1 FY21. The c40% growth in earnings is driven by c37% growth in top-line revenue and 31 bps improvement in opex to sales ratio. Revenue reached BDT 2,365mn in Q1 FY22, implying c37% YoY growth. We think the growth in sales is driven primarily by two factors. Firstly, the sales of medicine to treat the COVID-19 symptoms increased when the number of cases spiked in mid Q1 FY22. I...
- Tanay Roy
Ibn Sina Pharmaceutical Industry Ltd: Annual FY21: Earnings surpassed ...
EPS of the company stood at BDT 15.7 (NPAT BDT489mn) in FY21, implying c24% growth over BDT 12.6 (NPAT BDT393mn) in FY20. Annual earnings of the company surpassed our expectation by c8% yoy. Q4 FY21 EPS stood at BDT 4.7 against BDT 2.9 in Q4 FY20, thus implying c59% earnings growth yoy. Earnings in Q4 FY21 surpassed our expectation by c33%. IBNSIN declared BDT 4.70/share cash dividend (c30% pay-out) in FY21 against BDT 3.85/share cash dividend (c31% pay-out) in FY20. The dividend declaration ...
- Tanay Roy
Ibn Sina Pharmaceutical Industry Ltd: Q2 FY21: c12% yoy NPAT growth dr...
Q2 FY21 earnings growth stood at c12% yoy. EPS of the company stood at BDT 4.9 (NPAT BDT 154mn) in Q2 FY21 against BDT 4.4 (NPAT BDT 138mn) in Q2 FY20, implying c12% yoy earnings growth. Please note that, on a standalone basis, IBNSIN reported c15% yoy growth in Q2 FY21. The earnings declined on a consolidated basis because of a negative contribution from the subsidiaries, which are yet to contribute to the top line. During 6M FY21, EPS stood at BDT 8.2 (NPAT BDT 256mn) against BDT 7.3 (NPAT ...
- Tanay Roy
Ibn Sina Pharmaceutical Industry Ltd: Small but growing fast; initiate...
A company with c2% market share grew at c18% CAGR during FY15-20. Ibn Sina (IBNSIN), a company by the Ibn Sina Trust and its associates (referred as the Trust, 44.4% ownership), inaugurated pharmaceuticals business in 1986 and became a listed company in 1990. The company currently focuses on two broad categories of medicine products: Pharmaceuticals (allopathic) medicine (c88% of sales) and natural (herbal) medicine (c12% of sales). Despite its humble beginning, IBNSIN is one of the fastest-g...
- Khaled Sadek
Story intact, but valuation is rich; Reap your gains
Downgrade to Neutral. ISP’s share price rally (+26% vs. -7% for EGX30 since our last update, on 2 April), backed by its solid growth outlook and products’ defensive nature, left valuation demanding relative to peers, even on a growth adjusted basis, with the stock trading on a 2019e P/E of 19.0x vs. peers’ 13.5x. That said, we cut our rating to Neutral from Overweight, while maintaining our forecasts and valuation at EGP13.2/share, on limited upside (c11%) and worry of an unforeseen negative out...
- Hany Farahat
Egypt | Global externalities a setback; Favour defensive plays and val...
Global pressures pose risk to short-term outlook. Higher oil prices and global financial pressures encourage a conservative shift in fiscal and monetary policies. Our base case assumes an average 55% fuel subsidy cut in July, along with a 1% hike in policy rates in 3Q18. Based on the government’s budget for an oil price of USD67/bbl (vs. USD76 spot), and the USD:EGP rate of 17.25 for FY18/19, we calculate a combined EGP5bn increase in costs for each USD1 increase in Brent and 1% depreciation in ...
AMOC ALEXANDRIA MINERAL OILS
EKHO EGYPT KUWAIT HOLDING CO
PHAR EGYPTIAN INTERNATIONAL PHARMACEUTICAL IND
EMFD EMAAR MISR FOR DEVELOPMENT SAE
TMGH TALAAT MOUSTAFA GROUP HOLDING
ORHD ORASCOM DEVELOPMENT EGYPT SAE
QNBA QATAR NATIONAL BANK ALAHLY
IBNSINA THE IBN SINA PHARMACEUTICAL INDUSTRY LIMITED
OLFI OBOUR LAND FOR FOOD INDUSTRIES
RACC RAYA CONTACT CENTER CO
MFPC MISR FERTILIZERS PRODUCTION CO SAE
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