[%CVAt%] 
Research by Kenanga
Underperform – TP of MYR 0.34

“Returns to the Black but PN17 Stays” 

PHARMA’s 1QFY24 results beat our forecast. Its 1QFY24 core net profit jumped almost 10-fold on improved sales, efficiency gains and cessation of non-core units. We raise our FY24-25F net profit forecasts by 13% and 5%, respectively, lift our TP by 9% to RM0.34 (from RM0.31) but maintain our UNDERPERFORM call. The stock remains under Practice Note 17 (PN17) status.

Analyst(s):
Raymond Choo Ping Khoon 
[%MOPZ%]

$KLSE-PHARMA 
Research by Kenanga
Underperform – TP of MYR 0.34

“Returns to the Black but PN17 Stays” 

PHARMA’s 1QFY24 results beat our forecast. Its 1QFY24 core net profit jumped almost 10-fold on improved sales, efficiency gains and cessation of non-core units. We raise our FY24-25F net profit forecasts by 13% and 5%, respectively, lift our TP by 9% to RM0.34 (from RM0.31) but maintain our UNDERPERFORM call. The stock remains under Practice Note 17 (PN17) status.

Analyst(s):
Raymond Choo Ping Khoon 
pkchoo@kenanga.com.my