PhillipCapital analyst Tay Wee Kuang has maintained his “accumulate” call on Hyphens Pharma with a reduced target price of 36.5 cents from 49.5 cents previously.

The pharmaceutical distributor, on Nov 11, posted profit after tax (PAT) of $0.8 million (down 53.0% y-o-y) for the 3QFY2020 and $5.1 million (up 5.4% y-o-y) for the 9MFY2020 ended Sept 30.

Hyphens’ 9MFY2020 earnings came 17% below Tay’s estimates due to other losses arising from inventory obsolescence.

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