Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Thomson Medical Group Limited / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/thomson-medical-group-limited" target="_blank" data-smartkarma-citation="entities:8495:1" rel="noopener">Thomson Medical Group Limited (TMG SP)</a> is a dual play on the re-opening of both Singapore and Malaysia. The company has a 70% stake in <a href="https://www.smartkarma.com/entities/tmc-life-sciences-bhd" target="_blank" data-smartkarma-citation="entities:12066:1" rel="noopener">Tmc Life Sciences (TMCL MK). </a>
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<li>The company is seeing strong recovery across all its business segments and is cautiously optimistic of its business prospects in the current financial year.</li>
<li>The recent pullback in the shares provides a good entry point for long-term investors.  </li>
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Thomson Medical Group Limited (TMG SP) is a dual play on the re-opening of both Singapore and Malaysia. The company has a 70% stake in Tmc Life Sciences (TMCL MK). 

The company is seeing strong recovery across all its business segments and is cautiously optimistic of its business prospects in the current financial year.
The recent pullback in the shares provides a good entry point for long-term investors.  


Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong Recovery; Scale Expansion to Aid Growth

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.</li><li>Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.</li></ul>

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions.Ng also maintained a 68.7 per cent deemed interest in Huationg Global by virtue of his 25 per cent shareholding interest in Dandelion Capital, which is the immediate and ultimate holding company of Huationg.

Huationg Global CEO increases interest to 7.75%

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Pharmaessentia Corp / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.</li>
<li>The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
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Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. The issuance will be a large one to digest, representing 17.6 days of three month ADV.
The proceeds will be used to accelerate the commercialization, further global clinical trials of BesREMi and conduct R&amp;D in the US for the expansion of the company's product portfolio. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Hyphens Pharma International / Equity Bottom-Up

<p>For our next Corporate Webinar, we are glad to welcome <a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034" rel="noopener">Hyphens Pharma International (HYP SP)</a> Chairman and CEO, Mr. Lim See Wah.</p>
<p>In the upcoming webinar, Mr Lim will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst <a href="https://www.smartkarma.com/profiles/tina-banerjee/about" target="_blank" rel="noopener">Tina Banerjee</a>. A live Q&amp;A session will follow.</p>
<h3>The Corporate Webinar will be hosted on Tuesday, 7 June 2022, 17:00 SGT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=84194436958" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Hyphens Pharma International Limited and its subsidiaries (the "Group") is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprint in ASEAN countries. The Group has a direct presence in Singapore, Vietnam, Malaysia, Indonesia, and the Philippines, and is supplemented by a marketing and distribution network covering 10 other markets – Bangladesh, Brunei, Cambodia, China, Hong Kong S.A.R., Macau S.A.R., Myanmar, Oman, South Korea, and Sri Lanka.</p>
<p>Singapore is the Group’s regional headquarters, where its strategic planning, finance, regulatory affairs, research and development, legal, business development, and logistics operations are based. The Group’s core business comprises the following segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart &amp; Digital. Besides marketing and selling a range of specialty pharmaceutical products in selected ASEAN countries through exclusive distributorship or licensing and supply agreements with brand principals mainly from Europe and the United States, the Group also develops, markets, and sells its own proprietary range of dermatological products and health supplement products. In addition, the Group operates a medical hypermart for healthcare professionals, healthcare institutions and retail pharmacies, to supply pharmaceutical products and medical supplies and an online e-pharmacy for doctors to prescribe and have medications delivered to their patients’ homes.</p>
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<p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Corporate Webinar, we are glad to welcome Hyphens Pharma International (HYP SP) Chairman and CEO, Mr. Lim See Wah.
In the upcoming webinar, Mr Lim will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Analyst Tina Banerjee. A live Q&amp;A session will follow.
The Corporate Webinar will be hosted on Tuesday, 7 June 2022, 17:00 SGT.


Register for the Webinar here

Hyphens Pharma International Limited and its subsidiaries (the "Group") is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprint in ASEAN countries. The Group has a direct presence in Singapore, Vietnam, Malaysia, Indonesia, and the Philippines, and is supplemented by a marketing and distribution network covering 10 other markets – Bangladesh, Brunei, Cambodia, China, Hong Kong S.A.R., Macau S.A.R., Myanmar, Oman, South Korea, and Sri Lanka.
Singapore is the Group’s regional headquarters, where its strategic planning, finance, regulatory affairs, research and development, legal, business development, and logistics operations are based. The Group’s core business comprises the following segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart &amp; Digital. Besides marketing and selling a range of specialty pharmaceutical products in selected ASEAN countries through exclusive distributorship or licensing and supply agreements with brand principals mainly from Europe and the United States, the Group also develops, markets, and sells its own proprietary range of dermatological products and health supplement products. In addition, the Group operates a medical hypermart for healthcare professionals, healthcare institutions and retail pharmacies, to supply pharmaceutical products and medical supplies and an online e-pharmacy for doctors to prescribe and have medications delivered to their patients’ homes.

Corporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Hyphens Pharma: Deepening Presence in ASEAN

<div><em><strong>Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;</strong>SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.</em></div>
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<h2>Hyphens Pharma International</h2>
<h3>Building up the HYPe</h3>
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<li>1Q22netprofitofS$3.2m(+122%qoq;+50%yoy)beat our/consensus expectations at 39.3%/40.2% of FY22F.</li>
<li>Revenue grew across all three business segments, driven by improved macroeconomic conditions as well as contribution from Novem’s acquisition.</li>
<li>Reiterate Add with an unchanged DCF (WACC: 9.1%) TP of S$0.36. Increased supply/freight costs are possible headwinds.</li>
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<h3>Robust growth across all business segments</h3>
<p>1Q22 revenue of S$39.2m (+24.9% qoq; +18.5% yoy) was in line with our/consensus expectations at 27.0%/27.5% of FY22F. The newly acquired portfolio from Novem contributed S$3.5m in revenue for the quarter, which implies that HYP would still have observed robust 8% revenue growth otherwise. All three segments reported revenue growth, with the higher margin segments, i.e. specialty pharma principals (+24.4% yoy) and proprietary brands (+12.8% yoy), outpacing the medical hypermart and digital segments (+10.8% yoy). The improved sales mix also led to a 1.7% pt improvement in both GP and net margins yoy. Consequently, 1Q22 net profit of S$3.2m represents 49.7% growth compared to the same period a year ago.</p>
<h3>Return of patients to public healthcare benefited Novem’s portfolio</h3>
<p>1Q22 saw a full contribution from Novem’s portfolio since its acquisition in Dec 2021. We believe that the higher-than-expected revenue contribution from Novem compared to its flattish S$10m-11m sales p.a. over FY19-21 was due to the return of patients as the public healthcare sector in Singapore shifted its focus back to the backlog of deferred treatments for non-Covid-19 patients over the past two years. From our previous communication with management, the public healthcare sector typically contributed c.60-70% of Novem’s sales historically.</p>
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Non- SGX Report: These equity research reports are not written by the SGX.&nbsp;SGX supports the distribution of the research reports by external contributors. Please refer to the Disclaimer in the attached report.






Hyphens Pharma International
Building up the HYPe





1Q22netprofitofS$3.2m(+122%qoq;+50%yoy)beat our/consensus expectations at 39.3%/40.2% of FY22F.
Revenue grew across all three business segments, driven by improved macroeconomic conditions as well as contribution from Novem’s acquisition.
Reiterate Add with an unchanged DCF (WACC: 9.1%) TP of S$0.36. Increased supply/freight costs are possible headwinds.





Robust growth across all business segments
1Q22 revenue of S$39.2m (+24.9% qoq; +18.5% yoy) was in line with our/consensus expectations at 27.0%/27.5% of FY22F. The newly acquired portfolio from Novem contributed S$3.5m in revenue for the quarter, which implies that HYP would still have observed robust 8% revenue growth otherwise. All three segments reported revenue growth, with the higher margin segments, i.e. specialty pharma principals (+24.4% yoy) and proprietary brands (+12.8% yoy), outpacing the medical hypermart and digital segments (+10.8% yoy). The improved sales mix also led to a 1.7% pt improvement in both GP and net margins yoy. Consequently, 1Q22 net profit of S$3.2m represents 49.7% growth compared to the same period a year ago.
Return of patients to public healthcare benefited Novem’s portfolio
1Q22 saw a full contribution from Novem’s portfolio since its acquisition in Dec 2021. We believe that the higher-than-expected revenue contribution from Novem compared to its flattish S$10m-11m sales p.a. over FY19-21 was due to the return of patients as the public healthcare sector in Singapore shifted its focus back to the backlog of deferred treatments for non-Covid-19 patients over the past two years. From our previous communication with management, the public healthcare sector typically contributed c.60-70% of Novem’s sales historically.














(Non-SGX Report) Hyphens Pharma International - Building up the HYPe

Singapore

Hyphens Pharma International Limited is Singapore’s leading specialty pharmaceutical and consumer healthcare group. 

It develops and owns several dermatological products and supplements, such as Ceradan, TDF and Ocean Health. 

The Group also markets and sells specialty pharmaceutical products through exclusive agreements, as well as operates an online B2B platform for healthcare professionals. 

Please visit us at https://www.hyphensgroup.com for more information.

Hyphens Pharma International (HYP SP)

Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong Recovery; Scale Expansion to Aid Growth

Thomson Medical, with predominant focus on gynecology and pediatrics, is well-positioned to benefit from Singapore and Malaysia re-opening. Recent...

Tina Banerjee

Huationg Global CEO increases interest to 7.75%

Huationg Global CEO increases interest to 7.75% Olam Group bought back a total of three million shares at S$1.13 apiece over the four sessions. Ng...

Singapore Exchange Ltd (SGX)

PharmaEssentia GDS Issuance - Strong Revenue Growth and Narrowing Losses

Pharmaessentia Corp (6446 TT) aims to raise around US$412m (TWD12.6bn) via a GDS issuance. In this note, we will talk about the deal dynamics and...

Ethan Aw

Smartkarma Corporate Webinar | Hyphens Pharma: Deepening Presence in ASEAN

On 7 June, 5pm SGT, join our Corporate Webinar featuring Hyphens Pharma Chairman & CEO Mr. Lim See Wah, speaking to Analyst Tina Banerjee and...

Smartkarma Research

(Non-SGX Report) Hyphens Pharma International - Building up the HYPe

Non- SGX Report: These equity research reports are not written by the SGX. SGX supports the distribution of the research reports by external...

Singapore Exchange Ltd (SGX)