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ABN AMRO Morgans - Sailing a difficult course - 28 August 2008.
APH's FY08 result was in line with expectations; a 0.5cps dividend was the surprise. In the face of a challenging macro environment and with the integration of the Strides Asian businesses upon it, APH has a challenging year ahead.
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ABN AMRO Morgans - Transaction gets a tick - 20th June 2008.
GAA shareholders have approved the acquisition of the business of Strides in Asia and Australia.
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ABN AMRO Morgans - Entry into Asia - 11 February 2008.
GAA has acquired Strides Asia for A$65m (8.8x FY08F EBITDA). This purchase appears strategically sound and should be 6%+ EPS accretive. While a step in the right direction, given the absence of clear catalysts, we remain cautious on GAA. Hold.
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ABN AMRO Morgans - Competition a plenty - 30 November 2007.
GAA held its AGM earlier this week. Operations are tracking OK, despite new players entering the generic drug market in 2007. Price competition is expected to continue. We maintain our Hold recommendation.
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ABN AMRO Morgans - Credit where credit is due - 28 August 2007.
GAA has made solid progress towards integrating the Douglas Pharmaceutical business and setting up its cost base to handle the changes to the pricing of PBS system, set to take effect from August 2008. Hold recommendation maintained.
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ABN AMRO Morgans - Repositioning the Company - 20 March 2007.
GAA continues to broaden its product offering as it evolves to handle changes in the PBS. We have now made further revisions to our FY08 and FY09forecasts. We maintain our Hold recommendation
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ABN AMRO Morgans - Discounting hits result - 27 February 2007.
GAA posted a 1H07 result well below our forecasts, reflecting higher levels of discounting in the generic drug market. GAA continues to broaden its product offering which should enable it to handle the changes to the PBS. We maintain our Hold rating.
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