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Buy Beximco Pharmaceuticals (BXP) says VectorVest. Underlying momentum and milestones achieved indicates there is plenty more to come.

Founded in 1976 and based in Dhaka, Bangladesh, Beximco Pharmaceuticals (BXP.L) manufactures and sells generic pharmaceutical formulation products and active pharmaceutical ingredients. The Company also undertakes contract manufacturing for multinational and leading global generic pharmaceutical companies. The Company operates from a 23 acre site in Dhaka and has manufacturing facilities for producing various drugs in different delivery systems such as tablets, capsules, liquids, semi-solids, intravenous fluids, metered dose inhalers, dry powder inhalers, sterile ophthalmic drops, prefilled syringes, injectables, nebuliser solutions and oral soluble films etc. Ensuring access to quality medicines is the powerful aspiration that motivates 3,500 employees of the Company.

On January 27 2017, BXP announced half-year results for the period ended 31 Dec 2016. BXP said net sales increased by 13.6% to BDT 7,630.6m or £79.7m, while profit after tax increased by 17.8% to BDT 1,112.9m or £11.6m in the first half. During the period, the company launched a total of eight new products in the domestic market – three of which were launched for the first time in Bangladesh; Voglibose, Cholecalciferol and Dienogest. It also commenced US export of Carvedilol, a prescription drug for treating hypertension, in August, making it the first Bangladeshi pharmaceutical company to export pharmaceutical products to the US. “With the formal launch of Carvedilol in August, Beximco Pharma became the first Bangladeshi pharmaceutical company to export a prescription drug to US,” explained Beximco managing director Nazmul Hassan. “In addition, we received approval for two more products from US FDA during the period.” Hassan said the company continued to perform well in the domestic market, posting a sales growth of 14.4% over the corresponding period in 2015. “We are confident that we will be able to maintain our growth momentum by achieving our operational and financial targets for the full year.”

The growth in BXP sales in both domestic and export markets, resulted in a series of flags across VectorVest metrics during mid 2016 onwards. The GRT (Earnings Growth Rate) metric, which reflects a company’s 1-3 year forecasted earnings growth rate, flagged at 25.00%, which VectorVest considers to be excellent. In addition the VST (VST-Vector and the master indicator for ranking every stock in the VectorVest database) rates BXP at 1.26, which is very good on a scale of 0.00 to 2.00. With the growth momentum clearly established, BXP logs a current Value of 84.5p per share, meaning it is undervalued compared to its current price of 69.50p per share.

bxp

The chart of BXP.L is shown above over a period of two years. The price is in candlestick format with the upward trend being clear. The share is undervalued as shown by the price trading below the green line study which is the VectorVest valuation of the stock. In the window below price earnings per share (EPS) is charted via the blue line study and this shows EPS doubling over the period. The share is breaking above a 52 week high and is on a Buy recommendation at VectorVest.

Summary: BXP is currently in a major growth phase, and has passed a number of major milestones over the past year, not least of which is the company’s achievement of becoming the first Bangladeshi pharma company to be approved by the US FDA. The underlying momentum highlighted across VectorVest metrics indicates there is plenty more to come, the share is in a strong upward trend and the probabilities favour a further move upwards to close the valuation gap toward 84.5p.

Dr David Paul

May 3 2017

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