ACME Laboratories Limited

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1 City Bank Capital - IPO Notes ACME Laboratories Limited ACME Laboratories Limited Cut-off Price IPO Book Building: BDT 85.2 and Offer Price IPO Subscription: BDT 77.0 per share [with BDT 75.2 and BDT 66.0 premium, respectively] Sector: Pharma Key Data Summary Authorized Number of Shares, mn Authorized Capital, BDT mn 5,000.0 Pre IPO Number of Shares, mn Pre IPO Paid Up Capital, BDT mn 1,616.0 Post IPO Number of Shares, mn Post-IPO Paid Up Capital, BDT mn 2,116.0 Face Value (BDT) 10.0 New shares Issued through IPO, mn 50.0 IPO Size including Premium, BDT mn 4,096.0 Cut-off Price IPO Book Building, BDT (incl BDT 75.2 premium) 85.2 Offer Price IPO Subscription, BDT (incl BDT 67.0 premium) 77.0 Directors Holding (post IPO basis), % 30.7% Pre IPO General Holding (post IPO basis), % 45.7% Free Float (post IPO basis, IPO portion), % 23.6% Financial Year End June Trailing Twelve Month PAT, BDT mn Trailing Twelve Month EPS, BDT (pre IPO) 6.13 Trailing Twelve Month EPS, BDT (post IPO) M Forward EPS, BDT (post IPO), for FY ACME Laboratories Limited The IPO short note is initiated on ACME Laboratories Limited (DSE Ticker: ACMELAB) with no assigned rating. The company will be listed with the bourses on 7 th June 2016 under N category. ACMELAB raised BDT 4.1 billion through IPO Book Building; and the fund will be utilized for Project Implementation (98.4%), and IPO expenses (1.6%). On trailing 12M basis, the company is going to be listed with ROE of 7.5%, ROA of 3.8%. Post-IPO basis, ACMELAB will be trading at a forward PE of 15.3x, PBV of 1.1x, and tangible PBV of 1.7x (at offer price of BDT 77.0). The expected EPS (post-ipo basis) for FY is BDT 5.02, with growth in PAT of 15.2% YoY. The company has a sound track record of dividend payment; its dividend payout ratio in last three year was 62.8%. No pending dividend is there as of today. 50% allotted shares to EII & MF shall be tradable on debut trade on 07 June 2016, it means 35.0 million shares (70.0% shares of total IPO portion) is lock-free on 1st day of trade. A section is pertained to this report for detail calculation of lock-free shares (date wise). Issue date of the prospectus was on 16 March 2016; so the sponsor cum seed investor portion of lock-in share (of million) will be free on/after 17 March 2019 (approx.). The company disclosed its nine-month-end numbers for the period from July 15 to Mrach 16 of FY For the nine-month of FY , the PAT was BDT million (10.4% YoY growth). So the pre-ipo and post-ipo basis 9M FY EPS was BDT 4.48 and BDT 3.42, respectively. Pre-IPO basis, Book Value per share (BVPS) was BDT (and tangible BVPS was BDT 49.22) as of 31 st March Whereas, post-ipo basis BVPS stood at BDT ( and tangible BVPS was BDT 44.87). In nine month of FY , the revenue grew 11.0% YoY and was BDT 9.1 billion. Issue Manager: ICB Capital Management Ltd. Registrar to the Issue: Prime Finance Capital Management Limited Auditor: Pinaki & Company Use of IPO Proceeds Particulars BDT Million % of Proceed Steroid & Hormone 1, % Oncology 1, % Ayurvedic, Modern Herbal and Nutraceuticals 1, % IPO Expenses % Total 4, % Price Multiple based on theoretical price (post IPO basis) Theoretical Market Price and Trailing EPS of BDT 4.68 Market Price T PE (post IPO) Valuation based on 12M forward earnings and book value Multiples Used Valuation per share PE of peer companies, X Tangible PBV of peer companies, X Weighted Average * % weight is given for earnings multiple based valuation ; and rest 20% weight is given for BV multiple based valuation. Expected EPS for FY is BDT 5.02 Estimated tangible BVPS end of FY was BDT On completion of the expansion projects (likely by June/December 2018), we expect both the revenue and bottom-line of the company will register a reasonable jump. For F , additional revenue from expansion project is projected to be BDT billion, which is % of the total revenue of that fiscal year expected. Meanwhile, additional profit after tax from expansion project for FY is estimated to be BDT million; it means post-ipo basis additional EPS will be approx. BDT for FY Company Overview The ACME Laboratories Limited (ACMELAB) is the flagship company of ACME Group holding a relatively good market position in the pharmaceutical industry of Bangladesh. The company has been in operation since its inception in As per IMS report on 31st May 2015, the company holds 9th position among 258 market players with a market share of 3.9%. ACMELAB has a vision of serving people by ensuring healthiness and happiness for all. The company currently exports more than 200 pharmaceutical products to different countries in Southeast Asia, Africa and Central America. In addition to human pharmaceuticals, the company is exporting animal-health products to Myanmar, Sri Lanka etc. and exploring the opportunities of Herbal & Ayurvedic products in South Asia and Africa. ACMELAB has further market exploration plan in USA, Europe and Latin America. The export earnings contributed 3.3% of the Source : IPO Prospectus, DSE and CBC Research, June 2016 * Disclosures: A section at the end of the report is furnished for important required disclosures, including potential conflict of interests.

2 total revenue of the company in At present, the company is producing over 600 products, with 65 new products in the pipeline for the upcoming time. ACMELAB currently has no associate or subsidiary company. However, the company has several sister concerns under common directorship. Table: Bangladesh Pharma Market Growth YoY The ACME Specialized Pharmaceuticals Limited (present Solid Dosage Unit, merged with ACMELAB in 2013) is engaged in manufacturing of non penicillin & non cephalosporin solid dosage generic pharmaceuticals formulation products including dosage form like tablet, capsule and dry syrup. The unit is enjoying tax holiday period till September Use of IPO Proceeds The company has planned to expand its existing factory site by developing three new projects using IPO proceeds. These projects are expected to be completed by Steroid & Hormone Project Source: IMS Report, 2014 Table: Market Share of Top-10 Pharmaceutical Companies ACME has plan to invest BDT 1,358.0 million of IPO proceeds to implement steroid & hormone project. According to IMS, the total hormone & steroid market size is BDT 2,800.0 million. Moreover, NGOs and Govt. imports BDT 1,200.0 million worth of products from overseas. Currently, only 3 to 4 companies are playing in this market. Oncology Project The anti-cancer drug market of the country is growing at 20.0% a year due to an alarming rise in cancer patients. Substantial portion of the country s oncology products market is import based. AC- ME will spend BDT 1,141.0 million to implement the project. Ayurvedic & Nutraceuticals Projects Source: IMS Report, 2014 Unani, Ayurvedic and Herbal drug market of the country is growing at 13.0% a year. The market size of these drugs are BDT 18,000.0 million. Considering the potential marketability, utilization of indigenous materials, cost effectiveness and acceptability in the country, the project will be economically prospective and financially viable. Key investment positives ACME is the 9th largest pharmaceutical company in Bangladesh. The company has been maintaining a stable market share over the years. According to IMS, ACME s market share in 2015 was 3.89%. Rural penetration is the main reason for ACME s strong position in the industry. Bangladesh pharmaceutical industry has been growing rapidly over the last few years. The industry grew at 13.0% annually over the last five years. Despite this significant growth, Bangladesh pharmaceutical industry is still less penetrated as the healthcare expenditure consists only 3.7% of GDP, where-as world average is 10.0%. Per capita Health care expenditure in Bangladesh is USD 95.0 whereas in India, it is USD

3 Table: Recent Disclosure PAT, BDT mn FY FY YoY GR EPS, EPS, M % Q % H % Revenue, BDT FY FY YoY GR 9M 8, , % 3Q 2, , % 1H 5, , % Source : Interim reports & CBC Research, June 2016 Shareholding Structures of ACMELAB (post IPO basis) Bangladesh's BDT billion (USD 1.5 billion) drug market is dominated by local manufacturers and many of them export their products, using the LDC (least developing country) privilege. The LDCs are exempted from protection of TRIPs (Trade Related Aspects on Intellectual Property) agreement; i.e. pharmaceutical industries operating in least developing countries are free to copy and reengineer patented drugs for production and sale in local market. Such exemption was set in place to promote the pharmaceutical and healthcare sector of LDCs. The agreement was to expire in January 2016 but has been extended for another 17 years, as the conditions of the local industries in most of the LDCs have not changed significantly. The extended period of exemption will benefit countries such as Bangladesh to make expensive brands available in their markets at cheaper prices based on the advantage enjoyed being an LDC. ACME s topline recorded 5-year CAGR of 15.6% from FY10-FY15. We expect the revenue to continue to be on the growth trajectory; especially a healthy jump on completion of expansion projects. The export earnings contributed 3.3% of the total revenue of the company in At present, the company is producing over 600 products, with 65 new products in the pipeline for the upcoming time. Tablets produced by ACMELAB do contribute to a significant 42.0% of its yearly revenue, alongside of liquid products (13.0%), capsule (12.44%) and injection (10.6%). It is expected that the additional products to be produced from expansion projects of the company will contribute to % to total revenue in FY2019 and onward. If we adjust the asset revaluation surplus to gross equity then the ROE numbers looks very impressive and well above the cost of equity of the company. Hence, the average adjusted ROE based on that calculation for FY2013 to FY2015 was 14.1%. As per the listing rule of DSE, ACMELAB will get a 10.0% tax rebate on its profit in the listing year (FY , as the company is getting listed by June 2016). The generic pharmaceuticals formulation production unit of ACMELAB is currently a recipient of the Tax Holiday benefit. Such benefits will also positively impact the profit margin of ACMELAB until the tax holiday expiry date of 28 Sep ACME s gross, EBIT and net margin improved significantly during the last five years due to economies of scale. During , the company s EBIT margin increased by 525 bps due to slowdown in growth of SG & A and increase of gross margin. Currently ACME s selling & distribution expenses are 13.5% of revenue which is equal to Square Pharma. Key risk and challenges for the company Source : IPO Prospectus and CBC Research, June 2016 ACMELAB holds only 3.9% of the market share; its key competitors are a few market giants which include Square Pharma, Incepta, Beximco Pharam, Reneta, ACI, Ekshef etc. Competitive pricing of any of these producers can easily influence ACMELAB s pricing strategy and thus its top line and bottom-line figures 3

4 Table: Shareholding pattern post IPO basis ( million shares) Shareholders Position % Held No of shares, million Mr. Afzalur Rahman Sinha Chairman 8.1% Mr. Mizanur Rahman Sinha Managing Director 9.7% Dr. Jabilur Rahman Sinha Deputy Managing Director 2.3% 4.86 Mrs. Jahanara Mizan Sinha Director 5.0% Mrs. Nagina Afzal Sinha Director 5.6% Sponsor/Directors 30.7% Mr. Nasir-Ur-Rahman Sinha 2.9% 6.16 Mrs. Parvin Akhter Nasir 2.6% 5.40 Mrs. Hasina Jabil Sinha 2.3% 4.86 Others 37.9% Other Seed Investors 45.7% Institutions (IPO Bidding) 14.2% General Shareholders (IPO subscription) 9.5% IPO Shareholders 23.6% Total 100.0% Source: ACMELAB Prospectus, CBC Research; June 2016 The Solid Dosages Unit of ACMELAB is enjoying a 50.0% tax holiday period from 29 September 2011 to 28 September On the expiry of such exemption, ACMELAB will be liable to pay high taxes effective from October 2016 and onward. Highly leveraged Balance Sheet: The outstanding short-term & long-term interest bearing loan was BDT 10.1 billion (USD million) as of end-march 2016; at interest rate of 11.0%. Lock-in Provision Expiry of lock-in provision will create room for share sale by both directors and general public (who is now under lock-in provision). So, all issued shares of the issuer at the time of according this consent shall be subject to a lock-in period of 3-years from the date of issuance of prospectus or commercial operation, whichever comes later. Provided that the persons (other than directors and those who hold 5% or more shares in the company), who have subscribed to the shares of the company within immediately preceding two years of according consent shall be subject to a lock-in period of 1-year from the date of issuance of prospectus or commercial operation, whichever comes later. Board and management Post-IPO basis, the number of shares outstanding of ACMELAB will be million and the sponsor directors will be holding 30.7% of the company. Other seed/core investors who used to hold almost 60.0% share of the company before the IPO, will be retaining 45.7% post IPO. Newly issued number of share is 50 million which contributes to 23.6% of the total shares of the company and this is held by institution & MF participated in IPO price discovery and the general public via IPO subscription. The board of ACME laboratories consists of 8 directors (including the Chairman, Managing Director and one nominee Director from Investment Corporation of Bangladesh and 2 Independent Directors). Mr. Afzalur Rahman Sinha, the Chairman of the board of directors of the company, graduated from the University of Dhaka and proceeded to complete his post-graduation from USA. He worked as an analytical chemist in the University of Missouri and after returning to Bangladesh in 1982, he joined ACME as its Deputy Managing Director. Mr. Sinha is the managing director of Sinha Printers Limited and the ACME Agrovet & Beverage Limited. He is also working as a director of ACMUNICO International, Sinha Fabrics, Sinha Knit Industries Limited and ACME IT Limited. Presently, he is the Director of Bangladesh Cricket Board (BCB) and the chairman of the Finance Committee of BCB as well. Mr. Mizanur Rahman Sinha, a devoted social worker and philanthropist, acts as the Managing Director and looks after overall operations of ACMELAB including sales, marketing, production and supply chain management. He is also the Managing Director of Kalyar Packaging Limited, Kalyar Replica Limited and Sinha Oversea Treading Limited. He was an elected parliament member for two terms and has served as the state minister of Health and Family Welfare Ministry for the period ( ). He also founded Sinha Wools Wears and Sinha Fabrics and is currently holding the chair position of Sinha Knit industries. 4

5 ACME Laboratories Limited (ACMELAB) lock-free share calculation New shares on Issue stands at 50.0 million (of which EII & MF Bidding was for 30.0 million shares; and of which rest was under IPO subscription for 20.0 million). Issue Date of Prospectus was on Wednesday, 16 March Debut Trading Date is on. 50% allotted shares to EII & MF shall be tradable on debut trade on, it means 35.0 million shares (70.0% shares of total IPO shares of 50.0 million) is lock-free on 1 st day of trade. 25% allotted shares to EII & MF shall be under lock-in for 3 months from issue date of prospectus; it means 7.5 million additional shares will be lock-free on/after Tuesday, 14 th June 2016 (so total lock-free shares on/after 14 th June 2016 stands at 42.5 million, 85% of the total shares). Rest 25% allotted shares to EII including MF shall be under lock-in for 6 months from issue date of prospectus; it means 7.5 million additional shares will be lock-free on/after Monday, 12 th September 2016 (so total lock-free shares on/after 12 th September 2016 stands at 50.0 million, 100% of the total shares). So lock-free schedule as per date for 50.0 million shares: On 1st day of trade: 35.0 million shares (70.0% of the total 50.0 million). On/after 14th June 2016: additional 7.5 million shares (total 42.5 million i.e. 85.0% of total 50.0 million). On/after 12th September 2016: remaining 7.5 million shares (total 50.0 million i.e % of total 50.0 million). Table: lock-free schedule as per date for 50.0 million shares New shares on Issue, in Million 50.0 of which EII & MF Bidding (in million) 30.0 of which IPO Subscription (in million) 20.0 lock free shares cumulative % cumulative (million) Issue Date of Prospectus: Wednesday, March 16, 2016 Debut Trading Date 50% shares allotted to EII & MF shall be tradable on debut trade % 25% shares allotted to EII & MF shall be under locked in for 3 months Tuesday, June 14, % Rest 25% shares allotted to EII & MF shall be under locked in for 6 months Monday, September 12, % Source: As per ACMELAB Prospects, (Public Issue Rules (amended) 2015) So any institution holding 256,560 shares (through IPO Bidding) gets lock-free as per following date: On 1 st day of trade: 128,280 shares (50.0% of the total 250,000 shares). On/after 14 th June 2016: additional 64,140 shares (total 192,420 shares i.e. 75.0% of total 256,560 shares). On/after 12 th September 2016: remaining 64,140 shares (total 256,560 shares i.e % of total 256,560 shares). 5

6 Financials of ACME Laboratories Limited (Year-end: June) Source : IPO Prospectus, DSE and CBC Research, June

7 Analyst Certification All of the views expressed in this document accurately reflect the personal views of the responsible analyst(s) about any and all of the subject securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the responsible analyst(s) in this report. Disclaimer This Document/Report has been prepared and issued by City Bank Capital Resources Limited (CBC) on the basis of the public information available in the market, internally developed data and other sources believed to be reliable. Whilst all reasonable care has been taken to ensure that the facts and information stated in the Documents are accurate as on the date mentioned herein. Neither CBC nor any of its director, shareholder, member of the management or employee in the research team or employee represents or warrants expressly or impliedly that the information or data of the sources used in the document are genuine, accurate, complete, authentic, and correct. Moreover, none of the director, shareholder, member of the management or employee in the research team or employee represents in any way be responsible about the completeness, authenticity and correctness of the sources that are publicly available to prepare the Document. It does not solicit any action based on the materials contained herein and should not be construed as an offer or solicitation to BUY or SELL or SUBSCRIBE to any security. If any person takes any action relying on this Document, shall be responsible solely by himself/herself/themselves for the consequences thereof any claim or demand for such consequences shall be rejected outright by CBC or by any court of law. Analyst Mehedee Hasan Head of Research Moinul Amin Analyst Nahid Hasan Research Associates Contact City Bank Capital Resources Limited (subsidiary of The City Bank Limited) 10, Dilkusha, Jibon Bima Tower (1st Floor), Motijheel, Dhaka -1000, Bangladesh Land Line: + (880) Fax: + (880) Web: 7

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