SSI Research Traphaco's 2023 revenue can reach VND 2,600 billion
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- Enterprise
- 20:16 05/03/2023
DNHN - Despite Traphaco's strong product portfolio and growth potential, SSI Research predicts that the company's revenue will increase at a single-digit rate in 2023.
SSI Research, the research division of SSI Securities Joint Stock Company, has published a report analyzing the operations of Traphaco Joint Stock Company (TRA/HoSE). Accordingly, Traphaco's key products continued to expand during the fourth quarter of 2022, but total revenue decreased slightly.
Traphaco's revenue for the entire year of 2022 was VND 2,400 billion and its profit after tax was VND 293 billion, both increases of 11% compared to 2021. This is the third consecutive year that Traphaco has experienced double-digit revenue growth, following the period of low growth from 2016 to 2019.

According to SSI experts, Traphaco's traditional medicine segment recorded VND 1.5 trillion, an increase of 13%, while other non-traditional medicines contributed VND 900 billion, an increase of 20%, during the same period.
Due to high sales in the same period, SSI Research believes that Traphaco's revenue in the first quarter of 2023 may not match that of the same period in the prior year. Experts anticipate this quarter's revenue to reach 600 billion VND, a decrease of 4.5% compared to the first quarter of 2022.
In 2023, SSI Research predicts that Traphaco's revenue will increase by a single-digit percentage. Despite Traphaco's robust product portfolio and growth potential, SSI experts are concerned that the weakening economy will hurt revenue.
Due to concerns about weakening demand, SSI Research revised its revenue forecast for 2023 to VND2,600 billion (up 8% y/y) through numerous analyses. Profit after tax of the parent company is anticipated to reach VND 306 billion (an increase of 14% year-over-year), assuming a slight increase in COGS and strict control of selling and administrative expenses (SG&A) to ensure the highest profit margin. profit.
In 2024, SSI Research predicts that Traphaco's revenue will reach VND 2,800 trillion and the parent company's profit after tax will reach VND 324 billion, an increase of 9% and 6%, respectively, compared to 2023 (+6% yoy); the growth is due to the portfolio of modern drugs transferred from Daewoong Pharmaceutical.
PV (t/h)
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