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Company Report, August 2009

Horizon Securities

  • August 2009
  • 21 pages

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  • Segment Coverage

    Pharmaceutical  

    Drug And Medicatio...  

  • Geographic Coverage

    Vietnam  

    Asia  

  • Type of data

    Company Financials  

    Forecast  

    Market Shares  

  • Horizon Securities 1
  • DHG - Hau Giang Pharmaceutical 1
  • Ahead of the Pack but Fully Valued 1
  • Please refer to the important disclosures at the end of this document 1
  • Valuation and Recommendation 2
  • Source: Horizon Securities Corp. 3
  • Catalysts to our valuation 4
  • Key Investment Risks 4
  • DHG's Critical Success Factors 6
  • Source: HRS 9
  • Source: Company Reports 9
  • The Company 11
  • Source: Company Report 13
  • Industry 14
  • Source: BMI, HRS 14
  • Source: Drug Administration of Vietnam, BVSC 15
  • Source: Jaccar 15
  • Financial Highlights 16
  • Appendix 1: Market Survey Research 18
  • Horizon Securities' Rating System 19
  • Disclaimer 20
  • Figure 1: Valuation Matrix 2
  • Figure 2: Discounted Cash Flow 3
  • Figure 3: Sensitivity Analysis WACC/Terminal Growth 3
  • Figure 4: Relative Valuation 3
  • Figure 5: Earning's Sensitivity to change in API price 5
  • Figure 6: Distribution network of top Vietnamese pharmaceutical companies in
  • 2008 6
  • Figure 7: DHG's distribution network as of March 31, 2009 7
  • Figure 8: Population by region 7
  • Figure 9: Drug expenditure by region 7
  • Figure 10: Yearly income per capita and % of yearly consumption expenditure for
  • health care per capita 8
  • Figure 14: Fixed cost per unit 9
  • Figure 11: Revenue by region of top local pharmaceutical companies in 2008 9
  • Figure 12: Normal Cost Structure per Unit 9
  • Figure 13: Capacity of top 3 Vietnamese pharma 9
  • Figure 16: Top 8 brand names of DHG in 2008 10
  • Figure 17: Number of new products of top 3 Vietnamese Pharmaceutical Companies 10
  • Figure 18: DHG's Corporate Structure as of March 2009 11
  • Figure 19: DHG's Revenue Structure by 12 categories Figure 20: Volume Structure
  • by 12 categories 12
  • Figure 21: DHG's Revenue Structure in 2008 12
  • Antibiotic 12
  • Respiratory 12
  • Figure 22: Gross margin per category 13
  • & compared with other peers 13
  • Figure 23: Profitability ratio of DHG from 2006-2008 13
  • & DHG's cash flow analysis 14
  • Figure 25 : Vietnam Pharmaceutical Market 14
  • Drug Expenditure Per capita 14
  • Cash conversion cycle Solvency Ratios 14
  • Figure 24: Ratio Analysis 14
  • Figure 26: Market share of top 10 in 2007 15
  • Volume & value of imported in hospital distribution 15
  • Figure 27: Type of drugs imported in 2008 15
  • Our Analyst's Methodology 19

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