Hyphens Pharma: specialty pharma with its own brands

hyph farma is Singapore's leading specialty pharmaceutical and consumer Healthcare Group 2023 has been a fulfilling year for hyphens despite the slow start in his first half we are very happy about our full year results for 2023 especially for the second half of 2023 for our Top Line grow 28% which is driven by all the business segments across the board and for the net profit after tax we also achieved a a very good 46% growth over the first half of 23 several factors that drove the performance in second half 23 were the easing of Supply chains addition of more products to the portfolio and further penetration into markets moving forward we feel the momentum will continue in 24 with several initiatives rolled out such as Acquisitions as well as its Partnerships to expand its distribution Network number one is the acquisition of ens which which is a Mal stone for our medical aesthetic business which is a new areas that a new area that we are venturing into and we are hopeful that we can grow the brand of ens outside Malaysia into the region number two is the collaboration with 7-Eleven stores 112 of them islandwide to sell our ocean Health Health supplements so this is a new channel and we are hopeful that this will broaden the Point of Sales we believe the Strategic collaboration with 7-Eleven is set to bolster the Brand's reach and deliver long-term growth for the company as for its Flagship seraden range of products hyphens continues to expand its footprint into key markets hyphen seredin range of products is set to enter five major middle markets in collaboration with Koopa Pharma with Koopa pharma's partnership hyphens aims to alleviate skin ailments across Asia and other key markets with this strong momentum carrying into fy2 24 management anticipates sustained growth and confidence in its ability to further capitalize on the opportunities in its key segments we are really hopeful that we can write on the momentum into 2024 by looking at the beginning of this year we do see that there's still continuation of the momentum from last year and during the second half of last year we have new additions to the portfolio which was only impacting half of last year and we are hoping that this will bear fruits for the full year in 2024 with that we expect profitability to improve in the coming years and maintain our buy call we have a Target price of 38 Singapore sents based on the blend of DCF and pure comparison valuation this represents a 36% upside on current levels that is why hyphens deserves a deeper look