+ Healthy balance sheet and special dividend. The company announced a 3.6 cents special interim dividend for the 5th anniversary of its IPO. The payout of S$11mn is well supported by its net cash of S$33mn as of Jun23.
– Weakness in specialty pharma. Specialty revenue was down 13% YoY in 1H23 to S$41mn. The drop was from the discontinuation of distributing Biosensors products (Dec22), the absence of one-off hospital tenders and supply disruptions of several specialty pharma products. Vietnam bore the brunt of the supply disruption with revenue contracting 27% in 1H23.