Broker: Tickrs Financial Singapore Pte Ltd
Date of Report: 20 April 2026
Excerpt from Tickrs Financial Singapore report.
Report Summary
- Stock: Hyphens Pharma International Limited (SGX: 1J5)
- Call to Action: BUY (Unchanged)
- Target Price: S\$0.40 (Revised from S\$0.45)
- Current Price (as of report): S\$0.325
- Upside: +23.1%
- Dividend Yield: 4.6%
- Main Thesis: Despite a 43.6% YoY decline in FY2025 profit after tax due to S\$7.6 million in non-recurring losses (mainly FX, inventory, and receivables provisions), the company delivered a record gross margin of 40.7% and strong operating cash flow of S\$18.7 million. The strategic focus has shifted to higher-margin proprietary brands, which grew 33.1% and now drive profitability improvement. The balance sheet is robust with S\$17.4 million net cash, and the dividend has been maintained, signaling management’s confidence.
- Key Catalysts: Proprietary brands scaling, Cerapro® MED out-licensing to Europe, Winlevi® ASEAN rollout, and possible recovery in Vietnam and new platform monetisation options.
- Risks: FX volatility, Vietnam market headwinds, inventory risks, and small-cap valuation discount persistence.
- Investor Implication: The report strongly recommends accumulating Hyphens Pharma at current levels for both yield and capital appreciation, as the business transformation is structurally sound and the market undervalues the improved quality of earnings and margins.
above is an excerpt from a report by Tickrs Financial Singapore. Clients of Tickrs Financial Singapore can be the first to access the full report from the Tickrs Financial Singapore website : https://www.tickrs.com.sg/
