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(06-03-2023, 10:37 PM)dreamybear Wrote: Hyphens Pharma reports two times surge in 2HFY2022 earnings of $5.2 mil
https://www.theedgesingapore.com/capital...ngs-52-mil
FY2022 Results Briefing
https://links.sgx.com/FileOpen/Hyphens_R...eID=749029
FY2022 Results (prospects)
https://www.hyphensgroup.com/wp-content/...esults.pdf
" ....As part of its continuing efforts to expand and strengthen its Proprietary Brand business, the Group has launched Meradan® cream in Indonesia. Meradan® is a steroid cream formulation developed in collaboration with Singapore’s Agency for Science, Technology and Research (A*STAR). The Group plans to introduce Meradan® progressively in the countries it operates in.
Adding to the product pipeline, the Group has entered into exclusive licence and supply agreements to develop and commercialise Winlevi® cream, the only topical cream to treat hormonal acne directly in the skin, in 10 countries across Southeast Asia. Winlevi® will be the Group’s first innovative therapeutics, deepening its dermatology pipeline.
.... The Group has entered into an exclusive agreement to handle distribution and sales of Nabota®, a premium high-purity botulinum toxin (commonly referred to as botox). Nabota® has been successfully registered in Singapore in January 2023... "
Great results, especially in a year when many firms are suffering a cyclical downturn.
- Inventories were generally running ~13mil on average for FY18/19/20, but at end FY21, it increased by >50% to end at ~21.5mil (25mil - 3.5mil from Novem) and that would have been predictive of FY22's good performance. Looking at the inventory level at end FY22, it is running at 21mil (~20% reduction from end FY22). With Vietnamese distribution rights for Biosensor's coronary stents ending 31st Dec2022 (3% of revenue in 2022), the logical thing would be for its local distributors to order more. Would FY22's inventory levels be reasonably predictive for FY23's sales performance, especially for a distribution business?
- There are 3 main shareholders - Chairman Lim (39%), Righthand man Tan (12%) and Passive Partner Tan (25%). All 3 of them did not sell any shares when Hyphens Pharma IPO-ed in 2018 (although they did declare themselves a 7mil dividend before IPO-ing). Based on the 2 executive directors' salaries (Lim and Tan) as revealed in AR21, it is interesting to note (1) they take home more from dividends than from salaries. (2) Their top earning staff are in the same salary bracket as themselves......Would Passive Partner Tan, who owns 25%, help to keep the 2 EDs aligned to himself (and therefore, all OPMIs)?
- After obtaining a 6mil investment from Metro in mid2022, I assume the hypermart/wholesale/digital business is firing all cylinders to burn money to create scale and stickyness. 2H22 PBIT for this business segment has already turned negative. So it is granted that there will be a drag on the P/L in the coming year.