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

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<a href="https://www.smartkarma.com/entities/hyphens-pharma-international-ltd" target="_blank" data-smartkarma-citation="entities:28034:1" rel="noopener">Hyphens Pharma (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 maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.</li>
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Hyphens Pharma (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 maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.


Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

<ul><li>We maintain our BUY rating on Hyphens Pharma International Limited ("Hyphens" or "the Group") and revise our 12-month target price to S$0.40 (from S$0.45 at initiation), reflecting a reset in near- term earnings expectations while affirming the Group's intact strategic transformation.</li><li>Our revised target implies 23.1% upside from the last close of S$0.325 and is supported by a blended valuation of 40% DCF, 40% P/E, and 20% EV/EBITDA.</li><li>FY2025 delivered a tale of two narratives.</li></ul>

We maintain our BUY rating on Hyphens Pharma International Limited ("Hyphens" or "the Group") and revise our 12-month target price to S$0.40 (from S$0.45 at initiation), reflecting a reset in near- term earnings expectations while affirming the Group's intact strategic transformation.Our revised target implies 23.1% upside from the last close of S$0.325 and is supported by a blended valuation of 40% DCF, 40% P/E, and 20% EV/EBITDA.FY2025 delivered a tale of two narratives.

Hyphens Pharma International Update : Margin Reborn: Quality Over Quantity

<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 as we think the stock currently trades at fair value. </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 as we think the stock currently trades at fair value. 


Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

<ul><li>We see three core themes underpinning our bullish view on Hyphens Pharma: 1.</li><li>Structural Margin Expansion Through Portfolio Transformation Hyphens is executing a deliberate strategic shift from low-margin distribution toward higher-value proprietary and specialty products.</li><li>This transformation is yielding tangible results, with gross margin reaching a record 39.4% in 1H2025 (up from 34.9% in 1H2024) despite a 10.1% revenue decline.</li></ul>

We see three core themes underpinning our bullish view on Hyphens Pharma: 1.Structural Margin Expansion Through Portfolio Transformation Hyphens is executing a deliberate strategic shift from low-margin distribution toward higher-value proprietary and specialty products.This transformation is yielding tangible results, with gross margin reaching a record 39.4% in 1H2025 (up from 34.9% in 1H2024) despite a 10.1% revenue decline.

Hyphens Pharma International Initiation : Prescription for High-Margin Growth

<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

Singapore

Hyphens Pharma International Ltd. is a leading specialty pharmaceutical and consumer healthcare group in Southeast Asia. It markets and distributes specialty pharmaceutical products, develops proprietary dermatological and health supplement brands, and operates a medical hypermart and digital pharmacy platform. The company is headquartered in Singapore and was founded in 1988.

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Hyphens Pharma (HYP SP)

Hyphens Pharma - 1H26 Earnings Update - Record Margins but Catalysts Still Key for Rerating

We maintain NEUTRAL on Hyphens with a revised target price of S$0.40/share, based on 10.5x FY26E P/E and at a slight discount to the peer average.

Evolve Capital Advisory Pte Ltd

Hyphens Pharma International Update : Margin Reborn: Quality Over Quantity

We maintain our BUY rating on Hyphens Pharma International Limited ("Hyphens" or "the Group") and revise our 12-month target price to S$0.40 (from...

Tickrs

Hyphens Pharma - FY25 Earnings Update - No Clear Catalysts, FY26 Recovery a Low-Bar Normalisation

We remain NEUTRAL on Hyphens Pharma as we think the stock currently trades at fair value, with Vietnam being the primary drag.

Evolve Capital Advisory Pte Ltd

Hyphens Pharma International Initiation : Prescription for High-Margin Growth

We see three core themes underpinning our bullish view on Hyphens Pharma: 1. Structural Margin Expansion Through Portfolio Transformation Hyphens...

Tickrs

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

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