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Equity Research on Square Pharmaceutical Limited.pdf

Equity Research on Square Pharmaceutical Limited.pdf

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Published by Nur Md Al Hossain
Equity Report on Square Pharmaceutical Limited
Equity Report on Square Pharmaceutical Limited

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Categories:Types, Research
Published by: Nur Md Al Hossain on Feb 15, 2013
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02/15/2013

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10.8.9%4.9%6.0%5.5%5.6%4.6%4.4%5.1%5.2%5% 10%
re
Public
 
etics,
 
NSAIDs
 
able,
 
&
 
liquid.
 
ler
 
&
 
aerosol.
 
d
 
the
 
largest
 
egory,
 
which
 
s
 
are
 
focusinories,
 
like
 
va7%,
 
based
 
ot
 
leader.
 
re
 
with
 
the
 
caSamson
 
Chowdhury,
 
Chairman
 
Square
 
Grouleading
 
company.
 
group
 
has
 
operation
 
pharmacetoiletries,
 
t,
 
real
 
estate,
 
ognized
 
and
 
ln
 
an
 
icon
 
odecades.
 
He
 
.,
 
Founder
 
Truangladesh
 
Cher
 
of 
 
Comd
 
Shilpa
 
SamiPerson
 
(CIP)
 
for
 
being
 
one
 
introduced
 
an
 
founder,
 
Mr.
 
r
 
governmennt
 
of 
 
Metropnd
 
member
 
ers
 
Associatio
19.19.2%15% 20%
1998N/A
arket
 
akes
 
only
 
cines,
 
net
 
pacity
 
H.
 
the
 
of 
 
p,
 
is
 
the
 
The
 
its
 
into
 
utical,
 
extile,
 
bank,
 
ading
 
 
the
 
is
 
the
 
tee
 
&
 
apter,
 
erce,
 
y.
 
He
 
y
 
the
 
of 
 
the
 
d
 
also
 
apan
 
t
 
of 
 
olitan
 
 
the
 
,
 
and
 
 
84%7%25%
 
 
Recent
 
Performance
 
 
A
 
rise
 
of 
 
16.06%
 
in
 
the
 
standalone
 
net
 
sales
 
for
 
the
 
3
rd
 
quarter
 
ended
 
December
 
2010
 
on
 
a
 
Year
over
Year
 
basis.
 
Net
 
sales
 
are
 
increased
 
to
 
Tk.
 
9.97
 
billion
 
from
 
Tk.
 
8.59
 
billion
 
in
 
the
 
same
 
period
 
of 
 
previous
 
year.
 
During
 
the
 
period,
 
the
 
company
 
disclosed
 
a
 
standalone
 
profit
 
of 
 
Tk.
 
2.18
 
billion
 
as
 
against
 
profit
 
of 
 
Tk.
 
1.75
 
billion
 
for
 
the
 
3
rd
 
quarter
 
ended
 
December
 
31.
 
In
 
the
 
same
 
period,
 
standalone
 
total
 
operating
 
income
 
of 
 
the
 
company
 
was
 
at
 
Tk.
 
2.59
 
billion,
 
a
 
rise
 
of 
 
15.94%
 
over
 
the
 
prior
 
year
 
period.
 
 
The
 
stand
 
alone
 
3
rd
 
quarter
 
ending
 
EPS,
 
Tk.
 
111.26
 
compared
 
to
 
Tk.
 
89.19,
 
were
 
the
 
better
 
earning
 
position
 
on
 
a
 
Year
over
Year
 
basis
 
(grew
 
at
 
24.74%).
 
The
 
positive
 
growth
 
is
 
attributed
 
to
 
the
 
increased
 
turnover,
 
decreased
 
cost
 
of 
 
raw
 
materials
 
and
 
boost
 
from
 
other
 
income
 
despite
 
higher
 
administrative
 
and
 
selling
 
expenses.
 
However,
 
EPS
 
growth
 
on
 
quarter
over
quarter
 
basis
 
was
 
sliding
 
at
 
11.95%
 
due
 
to
 
the
 
leverage
 
effect
 
of 
 
slight
 
decline
 
in
 
sales
 
(
2.99%).
 
Moreover,
 
the
 
same
 
pattern
 
of 
 
negative
 
growth
 
rate
 
in
 
top
 
line
 
and
 
bottom
 
line
 
was
 
observed
 
on
 
o
 
basis
 
in
 
previous
 
year.
 
The
 
EPS
 
is
 
expected
 
to
 
be
 
Tk.
 
136.57
 
for
 
March
 
2011,
 
resulting
 
a
 
growth
 
rate
 
of 
 
28.32%.
 
 
Though
 
year
end
 
reported
 
stand
 
alone
 
top
 
line
 
experienced
 
a
 
healthy
 
growth
 
of 
 
16.72%,
 
the
 
net
 
earnings
 
growth
 
declined
 
in
 
2010,
 
(10.47%
 
compared
 
to
 
previous
 
year’s
 
36.78%).
 
Though
 
the
 
cost
 
of 
 
raw
 
materials
 
reduced
 
slightly,
 
operating
 
profit
 
had
 
increased
 
only
 
by
 
13.56%
 
compared
 
previous
 
year’s
 
38.56%,
 
reflection
 
of 
 
significant
 
increase
 
in
 
selling
 
and
 
distribution
 
expenses.
 
 
Square
 
Cephalosporins
 
Ltd.,
 
subsidiary
 
of 
 
the
 
company
 
making
 
its
 
way
 
to
 
fully
 
operational.
 
Recently,
 
coupled
 
with
 
revenue
 
growth
 
and
 
decreasing
 
cost
 
of 
 
materials
 
(
6.30%)
 
it
 
has
 
added
 
significant
 
cost
 
reduction
 
to
 
consolidated
 
cost
 
of 
 
goods
 
sold
 
of 
 
SPL.
 
 
The
 
consolidated
 
scenario
 
is
 
quite
 
remarkable
 
according
 
to
 
the
 
recent
 
quarterly
 
report.
 
The
 
top
line
 
achieved
 
augmentation
 
of 
 
24.31%
 
mainly
 
attributed
 
by
 
the
 
Cephalosporins
 
unit
 
and
 
the
 
new
 
unit
 
serving
 
all
 
dosages
 
and
 
the
 
new
 
insulin
 
drug.
 
However,
 
the
 
higher
 
COGS
 
resulting
 
from
 
higher
 
exchange
 
rate
 
and
 
new
 
product
 
development
 
costs
 
reduced
 
the
 
gross
 
margin.
 
Moreover,
 
the
 
higher
 
operating
 
costs
 
deteriorated
 
some
 
of 
 
the
 
operating
 
profit.
 
On
 
the
 
other
 
hand,
 
amplification
 
in
 
bottom
line
 
is
 
credited
 
by
 
reduced
 
financial
 
expense
 
and
 
the
 
immense
 
growth
 
in
 
associates’
 
income.
 
The
 
net
 
profit
 
margin
 
reached
 
to
 
22.28%
 
at
 
the
 
end
 
of 
 
the
 
3
rd
 
quarter,
 
2010.
 
 
Though
 
the
 
o
 
growth
 
in
 
consolidated
 
EPS
 
was
 
slightly
 
downward
 
(
5.87%),
 
the
 
Y
o
Y
 
growth
 
registered
 
growth
 
rate
 
of 
 
33.33%.
 
The
 
consolidated
 
EPS
 
is
 
estimated
 
to
 
Tk.
 
176.44
 
(Y
o
Y
 
growth
 
rate
 
of 
 
38.61%).
 
INDUSTRY
 
OVERVIEW
 
Industry
 
Trend
 
The
 
following
 
points
 
highlight
 
the
 
health
 
care
 
position
 
and
 
industry
 
performance:
 
 
Healthcare
 
expenditure
 
in
 
Bangladesh,
 
relative
 
to
 
other
 
South
 
Asian
 
countries,
 
is
 
coming
 
from
 
a
 
low
 
base.
 
Until
 
2005,
 
per
 
capita
 
health
 
expenditure
 
of 
 
Bangladesh
 
(US$
 
12)
 
was
 
the
 
second
 
lowest
 
after
 
Nepal
 
(US$
 
11)
 
in
 
the
 
South
 
Asia.
 
 
Due
 
to
 
widespread
 
vaccination
 
schemes,
 
successful
 
eradication
 
of 
 
leprosy
 
and
 
widespread
 
use
 
of 
 
oral
 
rehydration
 
for
 
diarrhoea,
 
many
 
of 
 
the
 
traditional
 
health
 
problems
 
are
 
minimized
 
and
 
life
 
expectancy
 
has
 
risen
 
to
 
over
 
60
 
years
 
 –
 
comparable
 
to
 
India
 
and
 
Pakistan
 
rather
 
than
 
to
 
African
 
LDCs
 
who
 
mostly
 
have
 
life
 
expectancies
 
mostly
 
well
 
below
 
50.
 
Cause
 
of 
 
Death,
 
2006
 
Percentage
 
Asthma,
 
Respiratory
 
Disease
 
16.10
 
Blood
 
pressure,
 
Heart
 
disease,
 
Stroke
 
13.53
 
Fever:
 
Malaria,
 
Typhoid,
 
Influenza,
 
Dengue,
 
Other
 
Fever
 
7.76
 
Tumor,
 
Cancer
 
6.08
 
Jaundice,
 
Liver
 
disease
 
3.09
 
Cholera,
 
Diarrhea
 
1.94
 
Malnutrition
 
1.84
 
Rheumatism,
 
Rheumatic
 
fever
 
1.36
 
Diabetes,
 
Venereal
 
diseases
 
1.27
 
Total
 
52.97
 
 
The
 
most
 
important
 
health
 
issues
 
in
 
Bangladesh
 
today
 
are
 
related
 
to
 
maternal
 
health
 
and
 
malnutrition,
 
vitamin
 
and
 
iron
 
deficiency.
 
AIDS,
 
Malaria
 
and
 
Tuberculosis
 
are
 
potential
 
health
 
threats.
 
Other
 
more
 
important
 
causes
 
of 
 
death
 
are
 
Jaundice,
 
liver
 
diseases,
 
asthma,
 
respiratory
 
diseases
 
cardiovascular
 
diseases,
 
diabetes,
 
and
 
cancer.
 
Mental
 
disorders
 
are
 
an
 
important
 
reason
 
for
 
disability.
 
 
The
 
pharmaceutical
 
industry
 
in
 
Bangladesh
 
includes
 
more
 
than
 
230
 
small,
 
medium,
 
large
 
and
 
multinational
 
companies
 
operating
 
in
 
the
 
country
 
producing
 
around
 
97%
 
of 
 
the
 
total
 
demand.
 
 
Local
 
large
 
incumbents
 
like
 
Square,
 
Incepta,
 
Beximco,
 
Acme
 
Laboratories,
 
Opsonin,
 
Eskayef,
 
Reneta,
 
ACI,
 
Aristophrma,
 
Drug
 
International
 
etc.,
 
and
 
MNCs
 
like
 
GlaxoSmithKline
 
(GSK),
 
Sanofi
Aventis,
 
Sandoz,
 
Pfizer,
 
Novartis
 
and
 
Astra
 
Zeneca,
 
etc.
 
capture
 
the
 
major
 
market
 
share.
 
These
 
top
 
ten
 
local
 
companies
 
enjoy
 
a
 
total
 
market
 
share
 
of 
 
75%.
 
 
In
 
2009,
 
the
 
Bangladeshi
 
pharmaceutical
 
market
 
represented
 
demand
 
of 
 
around
 
Tk.
 
79.74
 
Billion.
 
However,
 
the
 
value
 
of 
 
local
 
sales
 
(including
 
the
 
multinational
 
companies)
 
stood
 
Tk.
 
57.81
 
Billion.
 
 
The
 
CAGR
 
of 
 
last
 
8
 
years
 
was
 
9.56%
,
 
which
 
shows
 
that
 
the
 
local
 
production
 
achieved
 
a
 
healthy
 
amount
 
of 
 
drug
 
generation
 
level
 
during
 
the
 
period.
 
 
The
 
most
 
important
 
therapeutic
 
Group
 
in
 
the
 
Bangladeshi
 
market
 
is
 
antibiotics.
 
They
 
account
 
for
 
almost
 
30%
 
of 
 
the
 
market.
 
 
Chronic
 
diseases
 
such
 
as
 
diabetes,
 
hypertension,
 
heart
 
disease
 
and
 
stroke
 
are
 
a
 
large
 
and
 
growing
 
burden
 
on
 
the
 
health
 
of 
 
30,501
 
32,384
 
32,858
 
45,950
 
50,300
 
51,493
 
54,940
 
57,810
 
10,000
 
20,000
 
30,000
 
40,000
 
50,000
 
60,000
 
70,000
 
2002 2003 2004 2005 2006 2007 2008 2009
    T     k
Year
Value
 
of 
 
local
 
sales
 
(Tk.
 
In
 
million)

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