PhillipCapital analyst Tay Wee Kuang has maintained his “accumulate” call on catalist-listed pharmaceutical distributor Hyphens Pharma with an increased target price of 49.5 cents from 43.5 cents previously following the company’s 2Q20/1H20 results.

On August 13, Hyphens Pharma posted a 32% y-o-y surge in earnings of $2.2 million for 2Q20 ended June, and $4.3 million for the 1H20, which represented a 39.8% growth.

Revenue for 2Q20 and 1H20 rose 4.1% and 10.1% y-o-y to $30.2 million and $56.0 million respectively due to increased contribution from all three of the company’s business segments.

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