IMP is a generic pharmaceutical company in Vietnam with a market share of ~1.4% in 2018, per our estimate based on data from IQVIA – a US market research company. We expect IMP to capture pharma spending growth in Vietnam (8% CAGR over 2019-2022F, per IQVIA) thanks to its focus on technology and hospital channel. IMP owns two EU-GMP (EU good manufacturing practices – the highest production standards) factories while another factory’s (IMP4) approval is pending. IMP’s EU-GMP capacity is amon