Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Hyphens Pharma International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%. </li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Pharmaceutical and Medical Aesthetics, Proprietary Brands and Digital Platform and E-Pharmacy.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%. 


Hyphens Pharma - 1H25 Earnings Update - Near Term Performance Likely Subdued Before Modest Recovery

Offering Senior Secured Loans, Kilde

Kilde

Offering Senior Secured Loans

Kilde connects family offices, funds, and accredited investors to investment-ready private credit deals in developed and emerging markets. We offer senior secured loans from last-mile lending companies with strong capitalization, a healthy balance sheet, and a capable management team.

<ul><li>Hyphens Pharma is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries.</li><li>The core business is in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and Digital. </li><li>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 US, Hyphens also develops, markets, and sells its own proprietary range of dermatological products and health supplement products. </li></ul>

Hyphens Pharma is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries.The core business is in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and 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 US, Hyphens also develops, markets, and sells its own proprietary range of dermatological products and health supplement products. 

Hyphens Pharma (SGX: 1J5): Sustainable Growth Momentum and Attractive Outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyphens-pharma-international" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma International (HYP SP)</a> is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.</li>
<li>It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.</li>
<li>We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.</li>
</ul>



Hyphens Pharma International (HYP SP) is a specialty pharmaceutical and consumer healthcare group. It has three key operating segments: Specialty Pharma Principals, Proprietary Brands and Medical Hypermart and Digital.
It has a direct presence in five ASEAN countries, including Singapore, Indonesia, Malaysia, the Philippines and Vietnam.
We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.


Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

<ul>
<li>Hyphens Pharma (HYP SP EQUITY) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries. Its core business lies in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and Digital.</li>
<li>Based on its scalable business model, direct access to the five countries in the southeast Asia region enabling it to capture health expenditure growth in ASEAN countries, sustainable growth from both in-house product innovation and in-licensing cooperation, as well as realization of DocMed’s potential when rolling out the digital platform to other ASEAN markets, Hyphens Pharma will demonstrate sustainable growth momentum and optimistic investment value in the future.</li>
<li>Revenue in 2024 full year is expected to show a strong rebound compared to 2023.</li>
</ul>


Hyphens Pharma (HYP SP EQUITY) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN countries. Its core business lies in three segments: Specialty Pharma Principals, Proprietary Brands, and Medical Hypermart and Digital.
Based on its scalable business model, direct access to the five countries in the southeast Asia region enabling it to capture health expenditure growth in ASEAN countries, sustainable growth from both in-house product innovation and in-licensing cooperation, as well as realization of DocMed’s potential when rolling out the digital platform to other ASEAN markets, Hyphens Pharma will demonstrate sustainable growth momentum and optimistic investment value in the future.
Revenue in 2024 full year is expected to show a strong rebound compared to 2023.


Hyphens Pharma (HYP SP): ASEAN’S Leading Specialty Pharma Company

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>Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.</li><li>Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.</li><li>DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.</li></ul>

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025.Singapore Telecommunications led 2Q25 net institutional inflows with S$1.6 billion, increasing its Straits Times Index weight.DBS Group Holdings, United Overseas Bank, and Oversea-Chinese Banking Corporation led share buybacks totaling S$58.9 million.

SunMoon Food’s Zhang Ye Boosts Interests

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hyphens Pharma International (HYP SP)

Hyphens Pharma - 1H25 Earnings Update - Near Term Performance Likely Subdued Before Modest Recovery

We remain NEUTRAL on Hyphens with a TP of S$0.375, pegged to 10x FY26E P/E, representing an upside of approximately 10.3%.

Evolve Capital Advisory Pte Ltd

Hyphens Pharma (SGX: 1J5): Sustainable Growth Momentum and Attractive Outlook

Hyphens Pharma is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints in ASEAN...

Kilde

Hyphens Pharma Initiation - Decent Fundamentals, Weak Valuations

We initiate rated coverage on Hyphens with a TP of S$0.365, pegged to 9.5x FY25E P/E, representing an upside of approximately 28.1%.

Evolve Capital Advisory Pte Ltd

Hyphens Pharma (HYP SP): ASEAN’S Leading Specialty Pharma Company

Hyphens Pharma (HYP SP EQUITY) is Singapore’s leading specialty pharmaceutical and consumer healthcare group, leveraging on its diverse footprints...

Kilde

SunMoon Food’s Zhang Ye Boosts Interests

Institutions recorded a net outflow of S$42 million from Singapore stocks from June 13 to June 18, 2025. Singapore Telecommunications led 2Q25 net...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)