Professional Documents
Culture Documents
JUNE 2009
CONTENT
HIGHLIGHTS OF VIETNAM PHARMACEUTICAL INDUSTRY
Page 2
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Governmental policies
Page 8
Page 9
Page 11
Page 13
Page 15
Page 17
Page 18
Email: info@bvsc.com.vn.
Website: http://www.bvsc.com.vn.
SOME JARGONS:
Generic drugs:A generic drug (generic drugs, short: generics) is a drug which is
produced and distributed without patent protection. The generic drug may still have
a patent on the formulation but not on the active ingredient. (source Wikipedia)
PHARMACEUTICAL INDUSTRY
1.600
1.400
1.200
1.000
800
600
400
200
Imported
Domestic
18
16
14
12
10
8
6
4
2
0
1993
1996
1999
2002
2005
2008
In recent years, Vietnamese consumers are spending more money on medical services,
especially drugs. While spending on pharmaceuticals in 1998 was USD 5.5/person, that in
2008 was USD 16.45/person, a threefold increase compared to 1998. Based on the
additional income proportion only, it can be seen that people are spending more on drugs.
At present, for each additional dollar in income (about VND 17,000), Vietnamese people
set aside 1 cent (about 170 dongs) for drugs (or about 1% of the additional income
proportion).
Production growth: With increasing demand for pharmaceutical products, companies in
the industry are expanding their production (output of 2007 rose 26% compared to 2006).
Drug consumption and production growth
Total consumption
1.600.000
1.400.000
Domestic production
1.200.000
1.000.000
800.000
600.000
400.000
200.000
0
2001
2002
2003
2004
2005
2006
2007
2008
PHARMACEUTICAL INDUSTRY
western drugs registered and licensed in the market each year while there were only about
700 types of drugs registered in 2003.
At present, there are about 171 pharmaceutical manufacturing companies, including 93
companies which manufacture western drugs and those which manufacture oriental drugs.
There are also 6 companies which manufacture vaccine and healthcare products. Recently,
most of pharmaceutical companies have accumulated relatively significant amount of
capital from the increase in consumption output and issues of shares. Thus, domestic
companies are able to continue to invest in production capacity enhancement.
Increase of standardized companies. At present, standards in the pharmaceutical sector in
Vietnam are categorized into GMP (Good Manufacturing Practice), GLP (Good Laboratory
Practice) and GSP (Good Storage Practice).
Under WTO commitments, by the end of 210, Vietnamese pharmaceutical companies are
subjected to meet WTO production standards (GMP-WHO standards). Otherwise, they will
be obliged to cease production. By 2008, 52% of pharmaceutical companies (including
those manufacturing new and oriental pharmaceuticals) met the standards of GMP-WHO;
in which 51% and 63% of companies met the GLP and GSP standards. In fact, Vietnamese
companies only started to pay attention to these standards in the past few years and are
making their best efforts to enhance their competitiveness to survive and develop.
Number of companies reaching GMP WHO standards
100
89
75
80
66
57
60
41
40
20
18
25
45
31
0
96 - '00
2001
2002
2003
2004
2005
2006
2007
2008
PHARMACEUTICAL INDUSTRY
5%
5%
11%
China
India
Singapore
Holland
Spain
Others
Italy
Austria
25%
11%
21%
12%
12%
5%
Antibiotics
5%
Vitamins
13%
58%
24%
Others
With too much dependence on imported materials, the Vietnam pharmaceutical industry
incurs a lot of risks, particularly risks from exchange rate difference, price swings, material
quality and trading.
Risks from material price swings. In 2008, the prices of main imported
pharmaceutical materials increased, for example the price of antibiotics went up 2%
on average (particularly Cephalexin Bp had an increase up to 11.7% in imported
price), that of vitamins increased by 34% and that of materials for the production of
pain-relief and antipyretic drugs increased by 80%. Such increases were the reasons
for significant adjustments in drug prices in the market last year.
Price swings of materials in 2008 compared with 2007
Antipyretic,
pain-relief,
antipasmodic
Vitamins
Antibiotics
80%
34%
2%
Source : Trade Review Magazine
On the basis of usage instructions, drugs are categorized into OTC drugs (without
dosage, mainly sold at retail drugstores) and prescription drugs (drugs with
PHARMACEUTICAL INDUSTRY
prescription delivered into hospitals and medical centers). However in Vietnam, there
are little differences between OTC drugs and prescription drugs as prescription drugs
are being sold widely in the market. Thus, we temporarily divide drugs into two
categorizes: drugs distributed to hospitals and drugs distributed to the market. In 2008,
spending on drugs in hospitals was VND 12.322 billion (corresponding to USD 760
million), accounting for about 50% of the total value of drugs in the market.
2007
Hospitals
903
956
80%
847
829
60%
51
51
40%
10,672
10,851
20%
710
710
49
41
13,232
13,438
100%
Domestic Imported
Year
Other units
0%
Value
Quantity
Total
PHARMACEUTICAL INDUSTRY
In fact, domestic drugs account for 61% of the selling quantity; however, it only takes 15%
of the consumption value in the treatment distribution network. It shows that the domestic
pharmaceutical structure mainly contains common goods with low value. As such, in order
to maintain the quantity proportion and heighten the value proportion of pharmaceuticals
sold through hospitals, Vietnamese pharmaceutical companies will have to make great
effort to compete with foreign companies.
Commercial distribution network. The commercial network includes branches, agents,
distributors and drugstores. At present, domestic pharmaceutical companies are trying their
best to promote the commercial distribution channel in order to reduce the dependence on
the treatment distribution network which is facing intense competition. This distribution
network mainly consists of domestic distributors meanwhile there are only three foreign
distributors in the market, including Zeullig Pharma, Diethelm and Megaproduct.
Distribution structure in the commercial network of 2008
Domestic
Year
Imported
100%
Commercial companies
80%
2005
2006
2007
680
800
800
79
89
90
60%
40%
Production companies
174
178
180
20%
Foreign suppliers
270
320
370
29,541
39,319
39,016
0%
Value
Quantity
Retail units
With the commercial distribution channel, working capital is turned over faster thanks to
shorter debtor days. Besides, product brand name can be easily recognized particularly in
the context that domestic companies are mainly producing generic drugs.
However, pharmaceutical companies are also facing with challenges when they wish to
develop strongly this distribution channel.
Vietnam at present has a small number of drugstores and agents reaching GPP
standards. From 2011 on, those which fail to meet the standards will not be permitted
to sell prescription drugs.
PHARMACEUTICAL INDUSTRY
domestic market of prescription drugs as well as expanded the market share of generic
drugs.
Most of foreign pharmaceutical corporations operate in Vietnam in the form of
representative offices and authorized representatives being domestic pharmaceutical
companies. These units will on behalf of these corporations import drugs and have foreign
distributors distribute to retail drugstores.
10 biggest drug exporters to VN
Australia
23
United Kingdom
25
Hongkong
27
Thailand
Singapore
Germany
Switzerland
Domesco
9.302
16.243
DHG Pharma
34
Novartis Group
37
17.214
Pfizer Group
41
18.930
Servier Group
50
82
South Korea
21.176
GSK Group
35.333
105
India
143
France
40.384
Sanor-Aventiscor
Foreign imported products are high in value and various in categories, ranging from
common drugs to specialty drugs, meanwhile domestic drugs are mainly common.
Kinds of imported drugs
18%
Antibiotics
Nutritional transform
38%
Cadiovascular
10%
5%
11
%
9%
8%
PHARMACEUTICAL INDUSTRY
Financial issues. Production cost of a new active element is rather high, about more
than 100 billion dongs. Meanwhile, the budget of the State and other companies for
research is rather limited.
Legal issues. At present, the legal framework for research and experiments of drugs on
human beings in Vietnam is incomplete, causing entanglements to the experimental
operations.
Thus, we think that the above target set by the Government is unlikely to be achieved
according to the projected schedule.
Development of new products of domestic pharmaceutical companies is R&C only
At present, Vietnam pharmaceutical industry is at level 2.5 out of the total 5 levels of
technological advance. At this stage, almost all of drugs produced are generic types (those
whose technological patents have expired). In this context, we temporarily call the research
and production of new drug products of Vietnam R&C (research and copy).
Statistics on expenses of a number of leading companies below have reflected the fact that
there are lots of limits in R&D activities of the pharmaceutical industry.
Company
DHG
IMP
DCL
% research expense/revenue
1%
5%
2%
33
25
25
Governmental policies
Price control: Drugs are a sensitive type of goods with remarkable impacts on the society.
Thus, they are put in the list of goods under price control by the Government of Vietnam.
According to regulations of the Drug Administration of Vietnam, companies are subjected
to register the selling prices of drugs at the Drug Administration on the basis of their annual
production costs. If there are strong price swings of input materials, drug manufacturing
companies are entitled to apply to the local healthcare department for adjustments of the
prices. However, foreign imported drugs are not regulated by this price control policy.
In 2008, with strong price volatility of pharmaceutical materials, some domestic companies
were forced to increase the prices of drugs above the registered figures. In many cases,
functional authorities have made slow responses to market developments and partly
affected the operating results in 2008 of domestic pharmaceutical companies.
Policies on pharmaceutical industry development. The Government has issued the
scheme Developing the pharmaceutical industry and building the model of drug supply
network of Vietnam in the period of 2007 2015 and vision to 2020 in order to enhance
the capacity of the domestic pharmaceutical industry. However, the content of the project
mainly focuses on the targets and tasks but has not brought about specific support policies
PHARMACEUTICAL INDUSTRY
for pharmaceutical companies. Thus, in the near future, in our opinion, it will be difficult
for pharmaceutical companies to have breakthroughs especially in researching
pharmaceutical materials and developing new products.
Targets
2004
2005
2006
2007
2008
2009E
1,949
2,140
2,357
2,589
2,774
2,858
10%
10%
10%
7%
3%
9.9
11.2
13.4
16.5
17.8
15%
14%
19%
23%
8%
820
948
1,147
1,428
1,565
16.2%
15.6%
21.0%
24.5%
9.6%
Growth rate
Spending on drugs/person (USD)
8.6
Growth rate
Total spending on drugs (tr USD)
705
Growth rate
Progress
Expected time of
completion
Hau Giang
Pharmaceutical
252
QII/2011
Imexpharm
110
QIV/2009
Cuu Long
Pharmaceutical
150
July 2009
Vidiphar
120
End of 2010
PHARMACEUTICAL INDUSTRY
Company
50 (branch)
25
50 (branch)
15
62 (3 new warehouses)
Domesco
IMP
PHARMACEUTICAL INDUSTRY
SHARE INFORMATION
Highlights.
Ticker:
DHG
Trading bourse:
HOSE
52-week low:
94.5
52-week high:
155.0
Number of
distributing agents
Representative
office
DHG
22
20
IMP
DMC
75
2,319.19
Number of outstanding
shares:
19,993,070
27,050
25%
OWNERSHIP INFORMATION
State-owned
44.28%
Foreign owned
43.60%
Other
12.12%
PRICE PERFORMANCE
DHG
150
Large and modern production scale. At present, DHG is still leading in terms
of production scale in the pharmaceutical industry.
150
140
140
130
130
120
120
110
110
100
100
150000
150000
100000
100000
50000
50000
(VND billion)
DHG
IMP
DMC
MKP
DCL
2008 production
revenue
1.431
534
481
500
242
Source: Companies
A S O
N D
2009
A M J
Performance in 2008.
2009 prospect.
It is expected that revenue in 2009 would be about 1600 billion dongs and
profit before tax margin proportion would be 10%.
The plant in Tra Noc will be completed at the end of 2010 and can be brought
into operation in 2011 with a capacity of 3 billion tablets/year. The total
expected investment expense is about 200 250 billion dongs.
11
PHARMACEUTICAL INDUSTRY
Valuation.
We assume that revenue growth rate of the current plant is 6%/year. The new plant
will come into operation in 2011 and reach 80% of the capacity in 2013.
With the WACC as of 15.5%, from 2009 to 2013 and 13% from 2014, according to
our calculation, the intrinsic value of DHG shares is 100,445 dongs.
BASIC FINANCIAL INDEXES
Unit: VND billion
2006
2007
2006
2007
2008
56,7%
46,2%
19,2%
717,698
57,2%
82,5%
7,8%
127,093
137,001
54%
51%
53%
482,847
942,209
1,133,478
8,0%
10,0%
9,1%
Current asset
291,128
289,818
361,434
ROA (%)
14,4%
13,5%
12,1%
Non-current asset
153,297
268,421
294,838
ROE (%)
41%
20%
18%
Owners equity
603,534
580,449
738,033
EPS
8,706
6,355
6,860
Liabilities
170,441
651,577
753,295
Book value
21,305
32,579
37,720
Revenue
868,192
1,269,280
1,513,172
402,747
627,628
69,648
Total asset
Index
12
PHARMACEUTICAL INDUSTRY
Highlights
Ticker:
IPM
Trading bourse:
52-week low:
48,7
52-week high:
124,0
29.531
20%
State-owned
26,04%
Foreign owned
41,42%
Other
32,35%
PRICE PERFORMANCE
IMP
120
110
100
90
80
70
60
50
100000
100000
50000
50000
A S O N D
2009
A M J
OWNERSHIP INFORMATION
11.602.620
707.76
120
110
100
90
80
70
60
50
HOSE
Performance in 2008
2009 prospect
It is estimated that revenue will increase 10 12% mainly thanks to
output increase.
From 2010, the new plant is expected to contribute VND 200 billion to the
companys revenue and in 2012, revenue can go up 2 times.
Valuation.
We forecast that revenue growth rate for 2009 and 2010 of the current
plant is 12%/year. This figure has taken into account the expected revenue
of 200 billion dongs in 2010 from the new plant. (50% of the capacity is
used).
According to our calculations, WACC from 2009 to 2013 is 15% and that
from 2014 is 12%. Given these figures, the intrinsic value of IMP shares
13
PHARMACEUTICAL INDUSTRY
is 87,885 dongs/share.
BASIC FINANCIAL INDEXES
2006
2007
2008
Revenue
525,406
451,602
561,844
367,260
258,572
42,276
Total asset
Current asset
2006
2007
2008
55.8%
-14.0%
24.4%
319,809
59.6%
29.0%
14.2%
54,518
62,235
30%
43%
43%
304,671
568,426
597,082
8.0%
12.1%
11.1%
260,420
469,910
398,684
ROA (%)
13.9%
9.6%
10.4%
Non-current asset
44,250
98,516
198,398
ROE (%)
18%
11%
12%
Owners equity
70,495
70,874
77,283
5,033
4,676
5,342
234,176
497,552
519,799
27,878
42,672
44,616
Liabilities
Index
EPS
Book value
14
PHARMACEUTICAL INDUSTRY
SHARE INFORMATION
Ticker:
DCL
Trading bourse:
HOSE
52-week low:
24,6
DCL and Suheung are two big producers of hard capsules in Vietnam. In 2008,
DCL won 30% of the overall domestic market share while Suhung just entered
52-week high:
64,0
Vietnam market.
505.22
Number of outstanding
shares:
9,715,848
16,566
20%
DCL has two hollow capsule manufacturing plants with a current capacity of about
2 billion units/year and a designed capacity of 2.5 billion units/year. With the
operation of the new Capsule II factory, DCL is expected to gain 50% - 60% of the
domestic market share.
At present, DCL (with the trademark of Vikimco) and Vinahankook are two big
OWNERSHIP INFORMATON
State-owned
37.07%
Foreign owned
18.68%
Other
44.25%
PRICE PERFORMANCE
DCL
55
50
45
40
35
30
25
55
50
45
40
35
30
25
300000
250000
200000
150000
100000
50000
300000
250000
200000
150000
100000
50000
2008
2009
Suheung is taking the initiative in expanding their market share in Vietnam with
the increase of their production output to the corresponding figure of DCL.
In the years to come, supply surplus can happen if both DCL and Suheung produce
at their maximum capacity.
Performance in 2008.
DCL had significant changes in 2008. Revenue had a growth rate of 34%
thanks to a 50% growth in new drug production in 2008 compared to
2007. Revenue from capsules also had an increase of 20% compared to
2007, which was partly owing to the launch of the new product range of
silver capsules.
In 2008, the Company did not record the interest of loan paid to banks
because it was capitalized into the plants value.
2009 prospect.
In 2009, revenue of the Company is estimated at 650 billion dongs, including 300
billion dongs from drugs, 145 billion dongs from capsules, 55 billion dongs from
medical equipments and the rest from commercial goods.
Valuation.
On the basis of the WACC of 13% for the period of 2009- 2012 and 11% from
15
PHARMACEUTICAL INDUSTRY
2013, our valuation result for the intrinsic value of DCL shares is 66,336 dongs.
2006
2007
2008
346.497
355.490
474.667
294.127
267.770
350.154
10.470
41.337
51.151
266.073
127.651
399.541
257.908
Index
544.037
314.809
ROA (%)
ROE (%)
138.422
141.634
229.228
196.904
159.536
265.636
69.169
240.005
278.401
EPS
Book value
2006
2007
2008
110%
3%
34%
22%
295%
24%
15%
25%
26%
3%
12%
11%
4%
10%
9%
15%
17%
18%
1,870
5,103
5,276
12,352
29,630
28,716
16
PHARMACEUTICAL INDUSTRY
Highlights.
Trading bourse:
52-week low:
52-week high:
Capitalization value (VND
billion):
Strengths.
Number of outstanding
shares:
OWNERSHIP INFORMATION
State-owned
Weaknesses.
Foreign owned
Other
PRICE PERFORMANCE
Future projections.
In February 2009, MPK opened the research center for application and
supply of stem cells.
In the projection for the next 5 years, MPK will establish the research
center for cancer treatment named Meko CTL.
2006
2007
2008
Revenue
346,497
355,490
474,667
294,127
267,770
350,154
10,470
41,337
51,151
Total asset
266,073
399,541
Current asset
127,651
Non-current asset
Owners equity
Liabilities
Index
2006
2007
2008
109.5%
2.6%
33.5%
22.1%
294.8%
23.7%
15%
25%
26%
544,037
3.0%
11.6%
10.8%
257,908
314,809
ROA (%)
3.9%
10.3%
9.4%
138,422
141,634
229,228
ROE (%)
15%
17%
18%
196,904
159,536
265,636
EPS
1,870
5,103
5,276
69,169
240,005
278,401
Book value
12,352
29,630
28,716
17
PHARMACEUTICAL INDUSTRY
Highlights.
Trading bourse:
Vidipha mainly produces antibiotics which bring 40% of total revenue and
vitamins which are focal products of the Company.
52-week low:
52-week high:
Capitalization value (VND
billion):
The Company has a number of factories meeting the standards of GMPASEAN, particularly: Non-Betalactam tablet production workshop,
Betalactam tablet production workshop, and workshop for production of
Number of outstanding
shares:
10-day average trading
volume:
Strengths
OWNERSHIP INFORMATION
State-owned
Foreign owned
Other
PRICE PERFORMANCE
Weaknesses.
Due attention has not been paid to research and development of new
products.
Future projections
In 2009, it is projected that revenue will be 230 billion dongs and profit
will be 31 billion dongs. Revenue in 2010 and that in 2011 are forecasted
to reach 280 billion dongs and 320 billion dongs respectively.
2006
2007
2008
Revenue
170.458
191.443
206.952
135.572
148.668
163.049
19.439
25.529
28.188
Total asset
162.748
176.614
Current asset
126.051
Non-current asset
Owners equity
Liabilities
Index
2006
2007
2008
n/a
12%
8%
n/a
10%
10%
20%
22%
21%
190.909
11%
13%
14%
142.847
151.920
ROA (%)
12%
15%
15%
36.697
33.767
38.989
ROE (%)
14%
16%
17%
21.998
15.184
21.162
EPS
3.888
4.255
4.698
140.750
161.431
169.747
28.150
26.905
28.291
Book value
18
PHARMACEUTICAL INDUSTRY
PEG
EV/EBITDA
(T12M)
P/B
ROE
(T12M)
5,83
2,31
Market
capitalization
(USD)
3.015.734.528
2.264.991.488
48,75
31,02
1,1
1,15
29,95
20,33
10,34
4,84
23,29
16,73
600664.SS
600196.SS
2,29
1,94
886.020.992
2.402.329.856
22,60
26,02
N.A.
N.A.
21
60
4,82
4,24
12,45
18,09
600062.SS
600216.SS
3,49
2,74
1.663.948.544
1.230.931.072
24,07
143,85
1,32
N.A.
20,68
36,01
4,79
9,68
21,73
6,77
Beijing Sl Pharmaceutical -A
Zhejiang Hisun Pharmaceutica
North China Pharm Co-A
Guangdong Kangmei Pharm-A
Harbin Pharmaceutical Grou-A
Livzon Pharmaceutical Inc-B
Zhejiang Huahai Pharmaceut-A
Tonghua Dongbao Pharmaceut-A
Shenzhen Accord Pharmaceut-B
Northeast Pharmaceutical-A
002038.SZ
600267.SS
600812.SS
600518.SS
600829.SS
200513.SZ
600521.SS
600867.SS
200028.SZ
000597.SZ
5
2,4
1,45
1,86
2,29
1,34
2,08
2,34
1,07
3,03
1.242.508.544
1.078.976.512
1.486.332.032
1.423.216.000
886.020.992
703.396.992
621.455.104
860.892.288
683.285.440
1.012.580.992
63,02
37,75
167,86
33,06
22,60
5,52
28,40
76,05
16,88
132,59
0,81
1,25
2,13
N.A.
N.A.
N.A.
0,99
N.A.
N.A.
N.A.
77,82
17,81
18,53
32,15
21
11,62
17,58
58,64
26,44
27,7
15,41
4,87
8,15
4,2
4,82
1,44
3,9
3,95
4,36
7,1
27,57
13,58
4,94
8,41
23,82
30,44
14,65
5,46
28,57
5,15
000522.SZ
002019.SZ
1,05
1,39
491.884.832
264.966.352
23,27
43,09
N.A.
N.A.
18,31
18,38
4,25
3,17
20,46
7,37
600422.SS
1093 HK
3933 HK
858 HK
1177 HK
8058 HK
1889 HK
TCM US
0,91
0,4
0,32
0,25
0,15
0,28
0,07
3,69
284.899.648
611.822.080
386.981.920
581.930.496
341.684.768
168.278.320
125.713.696
124.860.096
67,01
5,96
4,72
N.A.
9,74
6,28
3,22
18,95
N.A.
0,02
0,39
N.A.
0,26
0,21
N.A.
0,79
26,95
3,62
5,04
464,23
N.A.
N.A.
N.A.
N.A.
3,39
1,19
1,12
14,98
1,27
2,34
0,61
0,69
5,19
23,56
27,06
-4,46
13,67
45,03
20,52
3,7
CCM DUOPHARMA
APEX HEALTHCARE
CCMD MK Equity
APEX MK Equity
0,56
0,34
78,78M
25,25M
10,54
6,29
1,29
N.A.
6,04
5,07
2,22
0,65
22,39
10,7
YSP SOUTHEAST AS
YSP MK Equity
0,24
16,59M
4,87
N.A.
N.A.
0,49
10,36
MERK IJ Equity
KLBF IJ Equity
DVLA IJ Equity
TSPC IJ Equity
PYFA IJ Equity
SQBB IJ Equity
MERK IJ Equity
2,67
0,05
0,12
0,04
0,01
N.A.
2,67
59.845.544
542.671.552
65.456.064
167.188.480
2.680.426
N.A.
59.845.544
7,27
10,68
9,71
6,85
6,11
N.A.
7,27
N.A.
0,55
N.A.
0,69
N.A.
N.A.
N.A.
3,98
5,42
5,49
2,88
N.A.
N.A.
3,98
2,19
1,78
1,56
0,95
0,45
N.A.
2,19
32,47
17,71
16,97
13,84
N.A.
46,18
32,47
DHG VN Equity
DMC VN Equity
6,01
2,25
120.070.808
30.579.908
13,81
8,08
N.A.
N.A.
2,89
1,14
20,36
14,41
IMP VN Equity
DCL VN Equity
3
1,04
35.011.472
19.838.470
9,84
6,78
5,77
6,23
1,18
1,25
12,25
19,77
Traphaco JSC
Ha Tay Pharmaceutical JSC
TRA VN Equity
DHT VN Equity
2,29
1,12
18.302.448
4.597.961
6,95
6,98
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
5,12
N.A.
1,24
0,97
N.A.
N.A.
Code
(Bloomberg)
Price
600276.SS
000999.SZ
Company name
MALAYSIA
INDONESIA
MERCK TBK PT
KALBE FARMA
DARYA VARIA LABO
TEMPO SCAN PACIF
PYRIDAM FARMA
BRISTOL-MYERS
MERCK TBK PT
VIETNAM
19
PHARMACEUTICAL INDUSTRY
DHG
IMP
DCL
DMC
Vidipha
Mekophar
Average
99,2
62,0
99,7
60,9
4,0
2,2
10,2
5,6
(*)
(*)
(*)
(*)
53,3
32,7
0,0
0,0
0,0
0,0
0,3
0,7
0,1
0,1
0,0
0,0
0,0
0,0
0,1
0,1
6,7
9,5
2,3
6,5
7,0
2,2
3,3
7,9
2,8
6,5
10,4
4,4
4,9
12,5
5,0
9,4
23,3
2,4
5,6
9,4
3,3
9%
18%
12%
10%
11%
12%
10%
13%
11%
18%
9%
12%
7%
14%
11%
9%
14%
17%
15%
12%
10%
18%
15%
13%
10%
16%
12%
12%
6.803
37.720
17,2
3,1
5.342
44.616
10,3
1,2
5.276
28.716
8,6
1,6
5.296
37.551
8,1
1,1
4.698
28.291
(*)
(*)
8.385
45.571
(*)
(*)
5.967
37.078
11,1
1,8
20
PHARMACEUTICAL INDUSTRY
2006 A
868,192
402,747
465,445
54%
10,705
311,953
55,881
86,906
5
149
87,060
17,412
69,648
8%
2007 A
1,269,280
627,628
641,652
51%
14,839
442,839
60,319
123,656
3,247
190
127,093
0
127,093
10%
2006 A
2007 A
35.002
154.257
121.353
18.937
329.550
143.167
4.975
1.609
3.546
482.847
167.870
18.478
104.780
291.128
260
21.018
312.406
80.000
16.913
73.528
170.441
482.847
129.951
51.955
235.439
230.279
26.163
673.787
216.567
12.214
38.225
1.415
942.209
43.430
55.642
190.746
289.818
767
47
290.631
200.000
378.761
1.219
71.597
651.577
942.209
2008 A
1,513,172
717,698
795,474
53%
5,216
528,457
100,943
160,859
(10,494)
2,655
153,019
16,018
137,001
9%
2009 E
1,600,000
758,881
841,119
53%
5,515
558,780
106,735
170,089
2010 F
1,691,810
802,426
889,384
53%
5,832
590,844
112,860
179,849
170,089
17,009
153,080
10%
179,849
17,985
161,864
10%
2008 A
2009 E
2010 F
211.742
2.337
225.957
308.202
90.402
838.640
224.355
2.003
66.697
1.784
1.133.478
8.455
75.870
277.108
361.434
15.165
376.599
200.000
378.761
(293)
137.088
37.738
753.295
3.584
1.133.478
188.979
2.337
238.923
325.887
90.402
846.527
315.519
2.003
66.697
1.784
1.232.529
8.455
80.224
277.108
365.788
15.165
380.953
200.000
378.761
(293)
198.300
78.545
855.314
4.718
1.240.985
185.345
2.337
252.632
344.587
90.402
875.303
403.284
2.003
66.697
1.784
1.349.070
8.455
84.827
277.108
370.391
BALANCE SHEET
Index
Cash
Short-term investment
Commercial receivables
Inventories
Other current assets
Total current assets
Net fixed assets
Construction in progress
Long-term investment
Other long-term investment
Total asset
Short-term borrowings
Trade creditors
Other short-term borrowings
Total short-term borrowings
Long-term debts and loans
Other
Total non-current liabilities
Chartered capital
Issuing surplus
Treasury shares
Retained earnings
Funds
Total owners equity
Minority shareholders interest
Total Liabilities and Owners Equity
15.165
385.556
200.000
378.761
(293)
264.782
122.867
966.117
5.852
1.357.525
21
PHARMACEUTICAL INDUSTRY
IMEXPHARM
INCOME STATEMENT
Index
2006 A
2007 A
2008 A
2009 E
2010 F
Net sales
Cost of goods sold
Gross profit
Gross profit margin
Interest payable
Selling expense
General administration expense
Net operating profit
Income from financial activities
Other income
Profit before tax
Tax
Net profit
Net profit margin
525.406
367.260
158.146
30%
2.383
98.699
12.813
44.251
55
2.808
47.114
4.838
42.276
8%
451.602
258.572
193.030
43%
750
113.380
21.930
56.970
5.376
884
63.231
8.712
54.518
12%
561.844
319.809
242.036
43%
533
145.012
25.325
71.165
3.608
(4.355)
70.417
8.183
62.235
11%
629.266
358.186
271.080
43%
7.350
162.414
30.557
70.759
904.777
515.011
389.767
43%
7.563
233.523
43.936
104.744
70.759
7.076
63.683
10%
104.744
20.949
83.795
9%
Index
2006 A
2007 A
2008 A
2009 E
2010 F
Cash
Short-term investment
Commercial receivables
Inventories
Other current assets
Total current assets
Net fixed assets
Construction in progress
Long-term investment
Other long-term investment
Total asset
Short-term borrowings
Trade creditors
Other short-term borrowings
Total short-term borrowings
Long-term debts and loans
Other
Total non-current liabilities
Chartered capital
Issuing surplus
Treasury shares
Retained earnings
Funds
Total owners equity
Total Liabilities and Owners Equity
65.607
49.833
129.765
15.215
260.420
31.069
3.999
1.575
7.608
304.671
4.052
30.920
35.037
70.009
486
486
84.000
80.931
39.065
30.179
234.176
304.671
49.244
155.295
50.057
137.818
77.496
469.910
41.201
3.161
23.069
31.085
568.426
4.000
38.219
27.953
70.172
701
701
116.598
278.108
50.371
52.475
497.552
568.426
39.418
97.169
85.830
148.255
28.012
398.684
117.357
14.620
39.176
27.245
597.082
4.000
45.800
25.195
74.995
2.288
2.288
116.598
278.108
(94)
48.075
77.111
519.799
597.082
32.575
97.169
96.130
166.045
28.012
419.931
207.988
14.620
39.176
27.245
708.960
20.000
51.296
25.195
96.491
50.000
2.288
148.779
116.598
278.108
(94)
61.203
104.365
560.181
708.960
18.866
97.169
138.218
238.745
28.012
521.010
188.619
14.620
39.176
27.245
790.670
28.757
73.755
25.195
127.707
40.000
2.288
169.995
116.598
278.108
(94)
93.430
132.632
620.675
790.670
BALANCE SHEET
22
PHARMACEUTICAL INDUSTRY
2006 A
2007 A
2008 A
2009 E
2010 F
Net sales
Cost of goods sold
Gross profit
Gross profit margin
Interest payable
Selling expense
General administration expense
Net operating profit
Income from financial activities
Other income
Profit before tax
Tax
Net profit
Net profit margin
346.497
294.127
52.370
15%
12.715
14.913
11.837
12.904
(690)
(1.745)
10.470
0
10.470
3%
355.490
267.770
87.720
25%
9.099
19.197
13.611
45.812
808
(690)
45.930
4.593
41.337
12%
474.667
350.154
124.514
26%
13.311
36.692
15.699
58.812
(2.097)
120
56.835
5.683
51.151
11%
625.321
463.037
162.285
706.463
527.542
178.922
25.439
54.403
18.823
63.620
22.161
61.462
21.266
74.033
63.620
6.362
57.258
9%
74.033
7.403
66.629
9%
Index
2006 A
2007 A
2008 A
2009 E
2010 F
Cash
Short-term investment
Commercial receivables
Inventories
Other current assets
Total current assets
Net fixed assets
Construction in progress
Long-term investment
Other long-term investment
Total asset
Short-term borrowings
Trade creditors
Other short-term borrowings
Total short-term borrowings
Long-term debts and loans
Other
Total non-current liabilities
Chartered capital
Issuing surplus
Treasury shares
Retained earnings
Funds
Total owners equity
Total Liabilities and Owners Equity
9.564
45.314
59.848
12.926
127.651
136.825
589
1.008
266.073
72.798
70.139
34.657
177.593
19.222
88
19.311
56.000
415
1.156
11.598
69.169
266.073
6.308
133.214
91.327
27.058
257.908
135.758
4.868
1.008
399.541
4.330
60.918
58.271
123.518
35.836
182
36.017
81.000
110.557
36.435
12.013
240.005
399.541
13.346
142.353
123.727
35.383
314.809
217.116
11.105
1.008
544.037
79.691
44.115
33.784
157.590
107.742
304
108.046
97.193
110.557
(242)
45.863
25.030
278.401
544.037
8.092
7.891
187.534
163.614
35.383
394.623
229.118
3.000
1.008
627.749
135.000
58.336
33.784
227.121
84.056
304
311.481
97.193
110.557
(242)
72.370
36.391
316.268
627.749
211.869
186.407
35.383
441.549
219.921
3.000
1.008
665.478
142.000
66.463
33.784
242.247
60.837
304
303.388
97.193
110.557
(242)
104.445
50.137
362.090
665.478
BALANCE SHEET
23
PHARMACEUTICAL INDUSTRY
VIDIPHA
INCOME STATEMENT
Index
2006 A
2007 A
2008 A
Net sales
Cost of goods sold
Gross profit
Gross profit margin
Interest payable
Selling expense
General administration expense
Net operating profit
Income from financial activities
Other income
Profit before tax
Tax
Net profit
Net profit margin
170.458
135.572
34.886
20%
1.584
3.843
8.682
20.777
389
433
21.599
2.160
19.439
11%
191.443
148.668
42.775
22%
6.501
10.662
25.612
3.227
(227)
28.612
3.083
25.529
13%
206.953
163.049
43.904
21%
7.060
11.328
25.516
5.419
218
31.153
2.965
28.188
14%
BALANCE SHEET
Index
2006 A
2007 A
2008 A
Cash
Short-term investment
Commercial receivables
Inventories
Other current assets
Total current assets
Net fixed assets
Construction in progress
Long-term investment
Other long-term investment
Total asset
Short-term borrowings
Trade creditors
Other short-term borrowings
Total short-term borrowings
Long-term debts and loans
Other
Total non-current liabilities
Chartered capital
Issuing surplus
Treasury shares
Retained earnings
Funds
Total owners equity
Total Liabilities and Owners Equity
47.415
0
41.694
32.550
4.393
126.051
34.405
0
2.292
0
162.748
0
8.568
13.274
21.841
157
0
157
50.000
61.803
0
28.947
0
140.750
162.748
59.208
0
49.584
33.242
814
142.847
29.442
0
4.325
0
176.614
0
8.884
6.063
14.947
236
0
236
60.000
61.803
0
37.976
1.652
161.431
176.614
73.119
0
44.019
32.727
2.055
151.920
35.040
240
3.709
0
190.909
0
13.056
7.814
20.869
292
0
292
60.000
52.464
0
56.966
317
169.747
190.909
24
PHARMACEUTICAL INDUSTRY
MEKOPHAR
INCOME STATEMENT
Index
2006 A
2007 A
2008 A
Net sales
Cost of goods sold
Gross profit
Gross profit margin
Interest payable
Selling expense
General administration expense
Net operating profit
Income from financial activities
Other income
Profit before tax
Tax
Net profit
Net profit margin
467.179
348.306
118.873
25%
3.041
21.069
34.065
60.697
(858)
3.425
63.264
6.971
56.293
12%
545.487
376.687
168.800
31%
90
33.524
52.836
82.350
1.057
1.932
85.339
22.555
62.784
12%
596.028
437.185
158.843
27%
276
38.711
41.425
78.431
(203)
1.956
80.183
18.520
61.663
10%
Index
2006 A
2007 A
2008 A
Cash
Short-term investment
Commercial receivables
Inventories
Other current assets
Total current assets
Net fixed assets
Construction in progress
Long-term investment
Other long-term investment
Total asset
Short-term borrowings
Trade creditors
Other short-term borrowings
Total short-term borrowings
Long-term debts and loans
Other
Total non-current liabilities
Chartered capital
Issuing surplus
Treasury shares
Retained earnings
Funds
Total owners equity
Total Liabilities and Owners Equity
40.931
3.800
75.267
151.695
9.170
280.863
33.656
0
8.490
0
323.009
0
7.426
45.487
52.913
45.200
8.646
96.717
161.737
6.250
318.551
48.612
0
18.590
0
385.753
0
9.786
40.410
50.196
13.609
9.156
80.330
182.544
11.573
297.212
89.175
0
15.090
0
401.476
0
18.735
34.099
52.835
BALANCE SHEET
5.257
5.257
84.000
106.639
-20.945
79.375
15.769
264.839
323.009
20.427
20.427
84.000
107.702
-13.500
112.328
24.600
315.130
385.753
13.495
13.495
92.100
107.702
-18.556
126.351
27.549
335.147
401.476
25
PHARMACEUTICAL INDUSTRY
DISCLAIMER
All information in this report has been verified carefully; however Bao Viet Securities Joint-stock Company (BVSC) will
take no responsibilities with regard to the accuracy of the information. Viewpoints, comments and judgments in this
report are of personal stance of analysts and do not represent the stance of BVSC.
This report is for the purpose of providing information and does not intend to advise the readers to buy, sell or hold any
securities. Readers should only use this analysis report as a source of reference.
BVSC can have business cooperation activities with the subjects mentioned in this report. Readers should be noticed that
BVSC can have conflicts of interest with investors when they implement this analysis report.
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V Th Thanh Quyn
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26