Hi. Good morning. Good afternoon, everyone. A warm welcome to everyone to the third quarter 2025 earnings call. We thank everyone for their participation. Today, the way that we'll be having this earnings call is we will be starting with introduction. I have our CEO, Mr. Vivek Dhawan, joining this call. Good afternoon. I'm Vivek here. Welcome to the call. We have our CFO, Mr. Thomas Abraham, joining this call. We have Mr. Francis Rego, Senior Vice President. Hello. Good afternoon. Our Corporate Secretary, Ms. Sujintana Boonworapat, is joining this call. Myself, Manoj Gurbuxani. What we will do today is we will start with the synopsis of financial statements for nine months 2025 and third quarter 2025. I will give you a brief of how we have performed in these two periods. Thereafter, we will have remarks from our CEO on the financial performance and the outlook for the year and a few business updates. Thereafter, we will move the forum to the Q&A. We would request when you are raising your question and answer questions, please let us know your name and the company you represent. Going by the agenda, first, explaining the financial performance. First, nine months 2025 performance. With the Myanmar distribution and branded business showing an improved sales momentum in the third quarter, the overall revenue for nine months 2025 is at THB 10.4 billion. With the stabilization of business, the overall decline, which we experienced in the first half at 14%, has narrowed down to 10.3% in nine months 2025. Going by segments, the branded business for nine months 2025 was at THB 6.3 billion, reflecting a growth of 4.3% on a YoY basis. If we normalize the decline of MEGA WeCare business because of business in Myanmar and the currency impact due to appreciation of Thai baht to US dollar on a YoY basis, actually, the MEGA WeCare business in volume is growing at low double digits in other markets, which is a positive sign. The distribution business revenue on a nine-month basis has declined by 27%. With the improved sales momentum in Myanmar in third quarter and stabilization of Maxcare business revenue, the decline in distribution business has narrowed down from 34% in first half to 27% in nine months 2025. In nine months in third quarter, the distribution decline is very, very marginal. Coming to the overall gross profits, the nine months 2025, our overall gross profits have been at 51.8% of the operating revenue compared to 49.6% in nine months 2024. The improvement in gross margin is mainly because of the segmental mix, because branded business has a better gross margin than distribution business. Segmental mix has resulted in better overall operating gross profits, which is at 51.8% on nine months 2025. The branded business gross margin has remained stable and is within the norm. We generally guide a gross margin of 63%-65%. Nine months 2025, our gross profits were 64.4%. The distribution business gross margins improved to 26.2% on an adjusted basis, adjusted for the dual currency rate effect in Myanmar, as compared to 23.6% in nine months 2024. The SG&A expenses have been at THB 3.3 billion, flat on a YoY basis. If you look at us, we are very controlled spending on SG&A in all the three quarters. All the three quarters have experienced flatish SG&A spending. However, the percentage to revenue, the SG&A expenses have been higher as compared to last year, which is primarily because of the decline in the operating revenue because of Maxcare business in Myanmar. The reported net profits have been at THB 1,335 million, which is very close to nine months 2024, which was at THB 1,373 million. With the improved sales momentum, which we experienced in quarter three in Myanmar, both in distribution and branded business, the reported net profits have remained similar as compared to last year. If you look at the decline, which was at 15.1% in the first half on a YoY basis, that decline has come down marginally to 2.8% as of nine months 2025. The adjusted net profits for nine months 2025 have been at THB 1,435 million, as against THB 1,595 million last year, a decline of 10.1% on a YoY basis. The decline in the adjusted net profits is mainly coming because of a decline in Maxcare business in Myanmar and increase in tax expense, which is primarily because last year we had a tax privilege from BOI, which is no longer there in the year 2025. We continue to remain a strong balance sheet company with a net cash of THB 3.4 billion. Our operating cash flows have been at THB 1.7 billion, representing 128% of profits. On nine months 2025, we have spent THB 430 million towards CapEx, which is majorly towards acquisition of land in Vietnam for constructing the manufacturing facility, as we had guided earlier. Some portion we have spent towards maintenance CapEx and capacity expansion for manufacturing operations in Indonesia, Thailand, and Australia, as guided. Overall, in terms of CapEx plan, apart from the normal spending, maintenance CapEx of $3 million-$4 million, which we do, we intend to spend THB 483 million, which is mainly towards expansion of Indonesian manufacturing facility, piloting new dosage forms, and plant upgradation. Looking at the third quarter 2025 performance, again, with the improved sales momentum in the third quarter, our overall operating revenue has been at THB 3.8 billion, which is growing 14% on a QoQ basis. The branded business revenue in third quarter was THB 2.2 billion, reflecting a growth of 7.7%. Again, normalizing the impact of currency impact due to appreciation of Thai baht to U.S. dollar, the MEGA WeCare business is, in fact, growing at low double digits in all the markets. The distribution business revenue in the third quarter stabilized with a very small decline of 7.3%. The decline, again, is coming because of the Maxcare business in Myanmar. The decline, which was at 34% in first half, has come down only to 7.3% in third quarter 2025. The overall gross profits also have remained stable at 52.3%, as against 53.4% in third quarter of last year. The branded business gross margins, again, within the norm, which we always have within 60%-65%. The branded business had a gross profit of 65.6% in third quarter 2025. The distribution business gross profits were at 23.1% on an adjusted basis, improved compared to 20.5% on an adjusted basis for third quarter of last year. SG&A expenses continue to remain flat on a YoY basis at THB 1.1 billion, representing 28.5% of the operating revenue in third quarter 2025, as compared to 27.5% last year. The reported net profits have been at THB 494 million, as against THB 383 million last year. With the improved sales momentum in third quarter in Myanmar in distribution and branded business, the reported net profits have improved by 26.4% on a QoQ basis and 29.1% on a YoY basis, which is primarily coming because of stabilization of distribution business, growth in branded business, and lower forex losses. The adjusted net profits are at THB 514 million, very similar to last year, third quarter 2024. Overall, our adjusted net profits grew at 18.3% on a QoQ basis. This has been very brief, the synopsis of third quarter and the nine months performance. Now, I'll request our CEO to provide us guidance for the year, as well as the financial performance. Thank you. Thank you, Manoj. I think you've got all the background on how the performance has been in the last quarter and the last nine months. The good signs are branded business is growing, and that's where our focus is. As adjusted, as Manoj has confirmed, the adjusted growth is in what we call low double digits or higher than single digits. We are moving in the 10%-12% range growth rates, which is a good sign. Other than the BOI, which is impacted compared to last year, and that's one reason the tax, the BOI privilege is going away, and that's impacting our bottom line. If we compare, if we take those two away and we compare, our plan in 2019 and today, somewhere around was 2.1, 2.080 should have been our double profits if we compare the profits then on an adjusted basis. We should probably reach 93%-95% of that by the end of this year. We are fairly close in spite of all the problems in country and war and the Myanmar situation, which in 2019 was not the case. It was a very large part of our growth plan. In spite of all this, I think we are holding up very well and growing our branded business. That is one part. Going forward, I think the next quarter generally is a better quarter in terms of sales and bottom line. We expect to get to that with the present numbers at about 1,435. We should get to a number which is close to 1,950, somewhere in that range. That is the guidance. Going forward, years after that, we are working on a strategic plan and our focus on building our branded business on both consumer health and pharma healthcare, both divisions. In the consumer health, we have vitamin supplements, herbal medicine, which are complementary medicine, largely focused as medicines. They are not foods. We do not do a lot of food and cosmetic products, unless there are a few areas we do operate in, but largely medicines. We are focusing on that and building some of the brands we already have, large categories that we are involved in from Gofen, GO Gas, Gut Health, Norma Gut, Nuclear. Cold, cough, pain, allergy, all these areas where we are investing money. We hope to focus more, go deeper into certain therapeutic categories and build global, especially in our 33 markets, larger brands of what we already have. The pipeline that we are developing are all adjacent. Either going different dosage forms, the same area, or going to children, adult areas so that we can concentrate and bring a lot more focus in building our branded business. Consumer side, OTC drugs, and the pure pharmaceutical area. Also, we have a few focus areas that we operate largely in, which are orthopedics, osteoporosis, as we call it, ortho urology. We are spending time and money in building a pipeline there. There is derma. We have a very serious play in the derma category with a few unique drugs and more pipeline coming in. We are also in diabetes, where we operate in a few markets where we play a major role, and we have a huge pipeline in that area. There are certain other categories where Mega is mentioned into respiratory, which is a new area that we are working on. I think those certain categories where we see a large opportunity for us to build a sizable business, specializing in some of them. We are going to spend a lot more time, including our pipeline is also directed towards developing new products in that area, our own in-house and licensing it. With that kind of a direction, I think over the years, you'll see probably the pharma business becoming nearly 50%, OTC business anywhere between 10%-20% in that range. The consumer, the real vitamin supplement mineral, which are dedicated to certain categories like NAD3, NADD, and Livolin, another product which are large areas for us, Norma Gut, etc., in those areas that also are taking up the 30%-40% range. We are a very balanced consumer health and pure pharma play and operating in 33 different countries. The growth will come from the markets we are already in. We do not see a lot of expansion in new markets coming up. Where we are, we are going to dig deeper, put our boots and heel and dig in and do more. Hopefully, with that focus, we will be able to grow and develop our business to double the market size we have now in the next five years to come. That is the plan. We are working on more strategic clarity on this and working on a strategic plan. Over Over the last eight months, we have been doing that. Hopefully, by February, March, when we meet you again, we will come back with more clear focus and clear answers for you. That work is going on. As Manoj mentioned, we've already started our manufacturing site because of various reasons we have mentioned to you to play in Indonesia. We have a site. The site is developed now. The final internal work is going on. Hopefully, by June next year, we should be installing machines and be ready to increase capacity and bump up all the new products that we are doing. Meanwhile, product development, registration work for imports and local manufacturing is going on there. We are moving towards our plan that we have projected approximately $50 million by the year 2030. That is still in force, and we are working towards it with the pipeline we have. Vietnam, we already have a business, but with the local laws and changing regulations and all the requirements and the tender businesses we play in and many products that are locally sold in Vietnam, the requirements of making, storing, and delivering and doing marketing for the products made locally is growing. We are investing in a facility in Vietnam to make medicines. To begin with, a large part of our business is tablet, hard gel for a drug part. We also plan to put a soft gel line and some other dosage form that we are not in other countries. The plant has been just inaugurated or just pressed the button today. There is construction to start cleaning up the site and appointed contractors and designers. Work is beginning. Hopefully, in 15 months, the plant will be ready. We take with all the operation will run for probably 15 months or 30-36 months from now. We hope to see the Vietnam manufacturing side up and ready and also producing in 36 months. That is the plan. Myanmar, we are still in the final stages. The land we have, that is already done. We have applied for licenses, and hopefully, that will also begin. We hope to sign up and tie up all the design work we have done. By next year, March, I hope we can also start the building of the site in Myanmar. Largely, as we understand, imports are difficult, and we are going to be playing in that market, which is a large market for Mega. The brand, Mega brand, is there for the last 30 years. That is the plan. Hopefully, doing all that investment that we are making for long term, next 5 years, 10 years, 15 years from now, we believe with this, we should be able to reach our goals and deliver double profits in the next or at least 80% higher profits in the next five years. That is something that we are working on. We are very confident that we should be able to do that. From my side, I think this is most of it that I have to tell you. If there are questions, we will be happy to answer them. Beyond that, I think we are ready to take questions. Like Manoj said, please tell us who you are and where you are from, whichever organization you represent, and tell us what you want to know, and we will try and answer them as well as we can. Whatever we miss, we are always available to reply to your queries on a one-on-one basis. Thank you so much. That is all from my side. Let us hear from you and reply. Somebody, PJ, has raised his hand. Maybe request to ask a question, please. Hello. Hi. This is Thanaporn from PGSI. I have a question on Myanmar. In the third quarter, you have become a lot more successful in delivering sales into the country. Are there any recent changes or on-the-ground developments that we should take note of? In your wheelhouse, how sustainable is this recovery? I think licensing is one area that matters to get products in the country. If you have products in the country, our brands are strong. Licenses improve a little bit, and you get periods when you get more products in. The consumer business also is getting some licenses. That is an improvement in getting licenses. We hope this will continue for the next period to come. It will not be 100% like it used to be before, but there has definitely been an improvement. That is also showing some improvements that you see in the branded business that you see. Overall, distribution is still not to the level that you were. It has just improved. It is not getting worse. It is not stabilized. We are saying it is there. We have a few principles that we are working with our larger partners and making sure that we can bring in those products and make sure they are strong, that's where our focus is. With both these things, limited numbers and focusing on certain areas and doing the big one, we are finding some stability there, but it's not to the same level. At the same time, our own branded business where we are doing, that's also having when we have talks, and it seems it's better now, it'll be better than before. Both these things are resulting in, and overall, economically also, I mean, there's a bit of settlement. There's not as much fighting going on along the roads. It's a little bit more eased out. People have probably gotten used to it, and business is a little bit better. It's a little bit better, but it's still a long way away from where we were and where we were supposed to go in the old days. That is the reason from our point of view. It will be sustainable. We think it's going to be better in the election coming up, and hopefully, there will be some easing, but within limits because that's the situation in Myanmar at the moment. Right. If we look into the fourth quarter, can we somewhat expect top line to Myanmar to stay somewhere around the quarter level? I think so, looking at our stock position that we have in the country, looking at what we already, we are not basing on what I can get next quarter because to sell this quarter, we already should have stocks in there. Looking at that, we believe that we should be able to achieve the numbers that I have mentioned, that we should be able to deliver that above single digit, single digit, high single digit, or at the end, low double digit kind of delivery numbers on the branded side. We still believe, looking at the detail we have, it should be possible. That includes Myanmar as well. It is not somewhat a little bit higher than Myanmar, as Manoj mentioned, some of the countries are doing a little, but they are smaller. They are doing maybe 14, 15, but the averages cannot go up. Burma has a role in this. It will probably linger around there as well. It's going to grow. Overall, we expect from all countries put together to be somewhere there. Right. What about the distribution side? Distribution will probably remain the way it is. It is not going to get worse. It is going to be something that, as we have seen in quarter three, right, very similar kind of numbers that you would see. Like other businesses, probably we have thought maybe there is a slight jump up, but you will not see huge changes that are not in distribution. Last year, fourth quarter was already very low because. Yeah, compare quarter to quarter. On an annualized basis, it probably looks better, stabilized. Stabilized. Better. Correct. Got it. Got it. I think my final question is on Cambodia. I think at the moment, there is no problem bringing goods into the country, but there have been some reports about inventory being built up in the country because of the boycott of products from Thailand. Does that affect your distribution business in Cambodia? Yes, Cambodia is difficult. I won't deny it. I mean, there are a lot of things going on, and I don't want to get into the politics of it at the moment because that's a problem. Locally, there is information being sent to them, a lot of Facebook ads, and even there, I say some pressure on groups to stop buying and stop using Thai products. There is a problem. The good thing is a lot of our products are not only sourced from Thailand. We represent brands in distribution from L'Oreal to other companies who are not manufacturing everything, and they have started to source from other sites. A lot of this also comes via sea. It doesn't go out of border, all of them. There is some impact because a lot of them could go to the border before. They have been able to divert there. A lot of our products are also made in different countries, Europe, here and there, Australia. There are some that go from Thailand, and there is definitely a feeling of uneasiness. We are trying to find some ways, a lot of our products, because we have other sites where we can get them from if we can change them and to reduce some of that impact. Cambodia is doing well for us in the first nine months. It is a growth country for us. This is having some serious impacts, and we are looking at all the ways to ensure that the impact is not major, does not have what you call a major impact on our business, overall impact on our business. That is our effort. Being there for 30 years and having a brand that's established and people have a very good relationship with Mega, there is going to be an impact. I can't say that we could have probably done a little bit better, and many things would have been better by a couple of, but something beyond our control. Only we are minimizing any kind of impact on the company. That risk minimization is there. In October, we are still double digits. Yeah, still double digits. I mean, we could have done a lot better. We think because the kind of work that's going on there. And distribution, to be honest, it's there. But if you look at the contribution to bottom line or the distribution in Cambodia, though we look at turnover, the bottom line impact on if something drops also not very major, right? No. Very major, not very major on the bottom line. Overall distribution business put together, all markets is around 15%-17%. If you think of it, if the brand business does not get affected, it is not protected, right? That is where you see Mega. Why are we getting to this number, the brand business? In the next five years, if we invest more time, more money on focusing on building larger brands in the categories, we are not only just the great 200 products, but in the areas we are in. If that happens, the chances of delivering this bottom line and making it a lot better is much higher. There will be some impact in Cambodia. I am not saying we cannot stop that because if shops do not keep, shops do not buy. If consumers are still buying the product because they have been using it, they are not anti yet. If it becomes very bad and the government bans, that ban has not come, we can still import. The borders are closed, but we are still allowed to import. We can get products by sea, by air. It is not bad. Right. Thank you. Kunjivanni, you can please ask your questions. Yes. I have two questions about Myanmar. I guess Kunjivan has answered a bit, but I just would like to be more specific. In third quarter, we saw the distribution sales recover Q-on-Q, about 40%. We know that it's still declined year on year. What caused the change in Q-on-Q? I think, as I said, you should look at annualized. Do not look at Q-on-Q alone because maybe that quarter last year had no stocks, so the sales were low. The other quarter, we had enough stock. When you have stocks in Myanmar, we have stock. It is the same thing. You have stocks available, sales go up because they are known brands. They are existing brands. There is a demand in the market. Okay. Demand being replaced by cheap products because there is not enough money. That is one. We have both. We are in the low end of the business also because we have the high volume, low end business with our partners. We do that. We have the other side, which is the high end. If you can have stocks, I think quarter -to- quarter may not be very right in a country like Myanmar, which depends on availability of import licenses and stocks being available on the ground. With that situation, if we look at annually, it's down. If you look at overall compared to last year, it's stabilized. It's not declining anymore. Stabilized and getting slightly better, right? If I look at the nine months or the nine months, it is better, right, compared to. H1, the decline was 34%. Now it is down to around 26%-27% overall. Compared to H1, compared to nine months last year and this year. Yeah. Decline doesn't mean there's an improvement. It is still declined compared to that period. Fourth quarter anyway was very low. If you are able to maintain our third quarter and the fourth quarter, probably the decline will even come even less. Even less. less. Overall, you are going to get less decline compared because fourth quarter was lower last year. When you add up, because based on our knowledge and stocks we have, we believe that there will be no decline. I think the numbers will look even better in the last if you look at annualized basis. When you will see the distribution growth, sales growth in quarter one, what can you guess? No, I'm saying annualized for 2025 compared to 2024, we should have a lower decline. Today, it was showing 26% at the end of the year. It may only be 18%, 17%-18%. We don't know, but it'll not be as high as 34% as you are seeing in the first six months. That's part one. Next year is a different story. We are hoping if this remains and there is availability of funds, then this will become the base. 2025 will be the base. If this is 100, we hope to continue doing at least 100 or a little bit better than 100 next year. 100 will become 110 next year, 105 next year. There will be growth over this base. We will compare 2025 base for going forward. Okay. Thank you. Deafon Narumon, you may please raise your questions, please. Yes, Kat. Sorry for noisy outside your face. Back on the branded business that you focus, right? You said that branded business growth is low, double digit, including effect, right? What would be the optimal sustainable growth for branded business? What would be the best growth from your effort in the next, for example, next year? I think, as I mentioned, we are still projecting that based on what we have done in nine months, we should be able to maintain that higher than 10% rate. That's our feeling in that 10, but not high double digits, but low double digit range. That's for this year. Next year onwards, we have a plan to grow our business, and we are working on the strategy. As I mentioned, we want to double our business in five years' time on the branded side. That's the goal. In order to do that, somewhere there, 80%-100%, we will have to grow in the range of 10% + 10%-15% annualized in the coming years. That's what we are aiming for. Twenty twenty-six also should see that 10% in 10%-15% growth. It won't all happen at one time. I think with the focus that we are bringing in into product range, into the categories that we are in, and the investments we are making, we hope to see that 10%-15% annual growth over the next five years. That's the internal plan. Yeah. Kat. Okay. To get 80%-100% over 25 numbers. That is the plan. Yes. Because previously, we talked about mid to high single digits of the growth, right? This year, your performance has been much better than expected. I assume that it has been because of the new NPD launch. Is that right? We could expect at least 10%-15%. Not only new NPD is one. I mean, we are getting in the categories we are in, we are extending more product. In the categories we are already there, we are investing more time and effort. We are bringing more focus. Okay. Yes. Focus on the branded business and growing it, making them bigger. As a company, we are now, as a strategy going forward, we launched a lot of products, but we are picking certain areas. We have the biggest chance to grow and putting money, effort, time, people behind it and make them far bigger than they are today. In the next five years, you may see one product is $50 million in all our markets. You have four products like this, $50 million, $40 million, $30 million. You will see sizable chunks of five, six brands giving you $200 million-$300 million of business. That kind of strategy. In that, there are extensions. Some may be a gel, some may be a tablet, some may be an affirmation line extension for children, adults, or different formats. In that one category, there's going to be a lot more focus that we have put as a strategy in going forward five years to build Mega Weekend brand with our ecosystem for consumer health in pharmacies, in medical hospitals, in clinics, and direct to consumer, as well as our whole consumer-centric holistic approach and wellness with the wellness weekend center, training people to stay healthy so that they manage their disease, their lifestyle better. That is where Mega is going to play and put all these things together with platforms, weekend platform, all the handheld, etc., apps, applications we have for consumers to manage their health better. It is a plan. It is a part of our larger direction to build the branded business far bigger than it is today. When I say doubling, I'm talking about branded. I'm not talking as much about distribution. Distribution will grow whatever rate it grows between Cambodia, Vietnam, and Myanmar as we can get more import license because Myanmar was the largest contributor with this. Even if it remains flat or grows 4%, 5%, 10% at the rate of licenses, it'll see growth. The bigger focus of Mega will be that is part B. Part A will be here. Cambodia, Myanmar, Vietnam. Vietnam also our distribution 80% is our own business. About 80%, 75% is our own distribution, right? Majority of 20%, 30% we do other brands, other companies. That's the only business. You will see a lot more focus on the company, the whole company from software, hardware, intelligence that we are putting behind it into building the branded business. That's where we believe that you will see growth next year and going forward. It may not be exact every year, but in that 10%-15% range annualized basis for us to get to that 80%-100% in the next five years. I hope it makes sense. Kat. Kat. Kunthanapol. Kunthanapol. I'm like Kat. Okay. Yeah. I have a follow-up question on dividend. I think your payout ratio has increased to about 70% range in the past two to three years. When you compare to a few years back, you were paying around 50%-60%. Is the 70% payout the level we can expect for the next several years? I think looking at the investments we are making in the range of THB 3 billion, it's about $100 million. We are also spending money anyway going forward, which we do otherwise as well, marketing. It is not something that is on a billion, on a $100 million, $120 million, even if we pay out the money and try to get cash debt-free in the next five years. It is only about THB 600-THB 800 million a year. If you continue to deliver THB 2-THB 2.5 billion a year, after all these clearing up, we still believe we can deliver that 60% dividend that we've been paying because there's no other need for cash. We are a debt-free company, right? What we are building is what we are building for tomorrow. It is going to come from internal cash flows as well with some borrowings. Our ability to pay out what we have promised, 50% above, and I think we are already doing 60%, 70% in that range. Sixty, 60% should not be a problem unless something really goes wrong. I do not think so. Looking at the number, looking at our bottom line, annual profitability, and whatever we have to cover for all the investments we have made, I believe it should be. I mean, you can also have a look. It makes a lot of logical sense. Cash on hand. Cash on hands. Looking at all that, there's a very high likelihood that we should be able to pay that 60%, 50-60%. Okay. Yeah. Okay, how should I ask this? In the past, you were a lot more active in acquiring new formula, right? I remember you used to have a lot of M&A back then. For the past several years, I think you have shifted into expanding your manufacturing footprint, for example, in Indonesia, the upcoming ones in Vietnam and Myanmar. Strategically, are you not looking to acquire any more formulas and look to expand manufacturing footprint instead? How should we think about that? I don't think that's 100% correct. I think we acquired some brands. We have not done very big acquisitions, UGCA or BioLife, but we acquired a company in Indonesia to enter Indonesia. There's no option. You have to manufacture. If you want to play there, you cannot register products or hold products. You have to make locally, and only a local company can register products. Simple. In order to play in Indonesia, you have no choice. Myanmar, with the import restriction, in order to win long-term and being a branded business there for 30 years and the kind of brand we have in the country, if the country remains, 40 million people also remain, and there's a business to be had where we have $80 million-$100 million of business, I think our possibility to increase and grow our business is high. Having a manufacturing site there makes it easier for you to import, manufacture, supply. All these things are there. It is being put in an industrial zone. There is a reason to do it. At the same time, there may be new products in it. We are registering new products for imports. Wherever we cannot, we are also going to manufacture them locally for all new pipelines that we are making for the Myanmar market and maybe some of the patented drugs, etc., that we can export. With these sites, we can also export to other markets. What Thailand makes goes out to other countries. What Myanmar makes may also be sold in Thailand because the plants are EU GMP. They have world-class facilities, and they have good doses. We will still continue to acquire new products. We will still continue to do both local production and many things. We do not produce our injectables. We do not produce cartridges. We do not make inhalers. We do not make. We still buy many things from outside and many drugs also. We do not develop everything ourselves. This will carry on. This hybrid mechanism, right product coming from the right source to get it in the market on time, will carry on. That is one part. Acquisition, if we find good setup, we keep looking. It comes to me. If I get a good brand that fits into our portfolio in the consumer health area or pharma area that fits in in the markets where we are, we continue to look at it. We do not say no to it. We are constantly looking at a few brands. We have looked recently. Also in the past, it has not worked, but we look. We look when things come to us in the markets where we are. That is going as an ongoing thing. That is the reason we are building. Indonesia, we have a reason. Myanmar, we have a reason. Vietnam also, we have a reason. It is a large pharma business for us with all the changes and government buying and all that happening. They have all these EU GMP and Group 1, Group 2, etc., requirements and raising the bar. There is a certain criteria that if the three products are made in this category, they will buy what is made locally and imported products do not get quotas, etc. From a long-term perspective, there is a drive in the country to localize. Most of the countries are doing that. Protectionism is in a different manner. It's not exactly by duty or this, but there are different ways to protect by quotas or system by having requirements that you to be able to play in the tender in the market, right? We are doing both, protecting our long-term interest in the country so that we can also build it and grow it. With these reasons, we are building. Other pipeline, we are still creating. We haven't stopped looking at in the right area, though we are focusing a lot on certain categories where we are really planning to grow and make them bigger. It's also a strategy plan and roadmap. In those areas, we are developing products and growing them and adding new products in those areas. The whole process is still very, very active. Thank you. That's very helpful. My last question is on tax. When you make investments in Indonesia, Vietnam, Myanmar, are there any tax incentives or benefits that you expect to get? There are tax incentives, but at this moment, it is not something we are factoring in because those will come in the long term once those plants have commercial production started, right? That is when some benefits will kick in. At this moment, we are not really looking at that. Whatever growth has been projected is to be projected organically without considering the tax benefit. As and when we have more detailed information on that, we will make a disclosure on that. Generally, we can expect tax to be in the range of 20%-21% going forward unless some BOI privileges in Thailand if we get in. The government will look at many things. If you do A, B, C, D, you invest in this area. It has not been materialized yet, but we are always looking at it. We have not given that up. That's not the only thing. We still have to run a clean business. Today, with the global tax, all these requirements, every country wants to collect tax locally. I think this will remain that 20, like Manoj is saying, 20, 21%. Thank you. JP. Hi, JP Ramas? Who is that? Do you have a hand up? No, right now. No, sorry. I thought it's. Yeah, Calvin. Hi, hi. Thank you for taking my question. Yeah, maybe my question would be, can you share or remind us what are our key subsegments for the branded business and also the distribution business? Thank you. Distribution business, we do pharma and consumer, both in Myanmar, being the largest part. Consumer is FMCG. We do L'Oreal. We do skincare, and we do nutrition. These are the two large areas we work in in Myanmar and other countries, all of them. That's all. Nutrition and skincare. The other part is pure pharma. In pharma, we have medicine, drugs, and vitamins or herbal medicines, etc. This is a distribution part of our business too. The large part of our business is still pharma distribution in three countries. Other countries, we do no distribution. Myanmar was the largest, but with all the changes, a 34% decline over last year, etc., and now stabilizing. It still remains the largest in spite of all that, Cambodia is also doing well in its own size. That's the distribution business. We will probably stay there in only three countries and do what we are doing today where we are and more focused on the few principals who are partnered with us so that we can have imports and we can continue to serve them better. That is our focus and remains there in that area. We are not trying to find new principals running around, but growing what we have in hand. That is the clear focus. As far as branded business, we have two businesses I have mentioned: pharmaceutical, healthcare, which is purely drugs, prescription, sold by hospitals, doctors, clinics. In that category, we play in certain categories where we have long-term investments. We have products in those categories. We have been there for a long time. We have teams and focus in those areas of urology, osteoporosis, some of these areas, derma. There are all these areas, respiratory. We have focus in some of these areas in pure pharma area. I mean, we are in GI, gut healthcare in some countries, not every country, but some countries. On the consumer side, we also have similarly cold, cough, pain, gut health, allergy, and similar areas where we also focus on liver health and areas where we have even got supplements and drugs in both areas. They cross over between complementary medicine and drugs. Those are certain areas where Mega focus is on, a large part of our business comes from there. We do not declare by therapy, but as I said, our focus is on certain areas where we have size and we hope to grow them and make them bigger than they are today. That is our drug and the consumer business. Consumer health business is about 50%-60% today. Pharma is 40%. Going forward, we think being drug by the size, it is probably become 50/50 in the next few years' time. Thank you. Really helpful. For our target for the branded business to double in five years, do we expect a lot of contribution from the overseas market that we're expanding to? I think they're all significant. There are within the 33 markets, probably there are 10 or 18 markets we say are sizable. Southeast Asia still will be a large part of this game. Can't take it out. Thailand, Vietnam, Malaysia, Indonesia, Philippines, Myanmar, and Cambodia will contribute a large part to it. As this all grows, they will also grow. They still have a large because we have established teams, established products, and the potential to grow is there. Africa, between East and West Africa, Nigeria, Ghana, Ethiopia, Kenya, Uganda, Tanzania will also contribute significantly and will become larger than what they are. This is a second area percentage because of the numbers. If all grow, they will also probably remain similar percentage because Asia also grows faster. They also grow faster. It is only going to have 1% or 2%, 3% because they are still 16%, 18%. Even if they grow at 20%, they'll only become 20%. They won't become 50%, but they will grow at a much faster rate. Their rate growth will be higher. Then we have the outlier. There are Peru and Colombia, which is also growing and doing very well, Peru, Colombia, and we are looking at some other smaller markets. These are the two big markets. Ukraine with the war, still doing well, but let's see how things change. Ukraine and Uzbekistan are two other markets which can also be sizable. At the moment, Uzbekistan, we are investing. We are building brands, registering products. We're still in investment mode. We should see in the next two, three years how that grows. It is also potential, but it is still small. The impact of these two markets, we do not see very much, very huge impact because of the situation. If the situation changed, we will hear from them. Largely, again, Southeast Asia, Sub-Saharan Africa, and the outliers in Latin America, these are going to be the growth drivers. If they all grow, you will see ratios may slightly 2%-3% here and there, but otherwise, they will not be very far away. Understood. Thank you. Okay, 3:47. Do we have any other questions? I think we're getting close to the time, so. Thank you very much, everyone, for participating in this call. If you have any further questions, you can write back to us or contact myself or Francis, and we'll be more than happy to answer your questions. Thank you and have a good weekend. Bye-bye. Thank you. Thank you. Adi Khan. Francis Rego. Manoj Gurbuxani. Thank you.