External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

Dhg Pharmaceutical Jsc / Equity Bottom-Up

<ul><li>Based on data from the Ministry of Health (MoH), IQVIA, and IMS research house, we project the market size of domestic pharmaceuticals in 2022 at US$6.25bn (-1% YoY), with a market size of over-the-counter (OTC) and hospital channel (ETC) of US$1.8bn (+5.7% YoY) and US$4.4bn (-3.3% YoY), respectively.</li><li>In contrast to other companies that are heavily dependent on the ETC channel, which are affected by the new drug auction policy (Circular 14/2021/TT-BYT &amp; Circular 15/2019/TT-BYT) and the pressure of raw material costs causing profit margin to decline, DHG saw continued growth in profit for a third consecutive year, thanks to the OTC segment.</li><li>Notably, during the Covid-19 pandemic, DHG benefited from the widespread use of antipyretic and analgesic strains, such as Hapacol, as well as antibiotics, such as Haginat and Klamentin.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Based on data from the Ministry of Health (MoH), IQVIA, and IMS research house, we project the market size of domestic pharmaceuticals in 2022 at US$6.25bn (-1% YoY), with a market size of over-the-counter (OTC) and hospital channel (ETC) of US$1.8bn (+5.7% YoY) and US$4.4bn (-3.3% YoY), respectively.In contrast to other companies that are heavily dependent on the ETC channel, which are affected by the new drug auction policy (Circular 14/2021/TT-BYT &amp; Circular 15/2019/TT-BYT) and the pressure of raw material costs causing profit margin to decline, DHG saw continued growth in profit for a third consecutive year, thanks to the OTC segment.Notably, during the Covid-19 pandemic, DHG benefited from the widespread use of antipyretic and analgesic strains, such as Hapacol, as well as antibiotics, such as Haginat and Klamentin.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DHG Pharmaceutical JSC  - Turning Point for Long-Term Growth