[%Vjap%]
Research by Kenanga
Underperform - TP RM0.34

"Sustained Profitability After 1Q Spike"

PHARMA guided for sustained profitability (after an earnings spike in 1QFY24) with moderate orders for medical supplies under
the concession, impact from a price hike in 1QFY24 and better inventory management. We maintain our forecasts, TP of RM0.34
and UNDERPERFORM call. The stock remains under Practice Note 17 (PN17) status.

Analyst:
Raymond Choo Ping Khoon 
[%meAZ%]

$KLSE-PHARMA
Research by Kenanga
Underperform - TP RM0.34

"Sustained Profitability After 1Q Spike"

PHARMA guided for sustained profitability (after an earnings spike in 1QFY24) with moderate orders for medical supplies under
the concession, impact from a price hike in 1QFY24 and better inventory management. We maintain our forecasts, TP of RM0.34
and UNDERPERFORM call. The stock remains under Practice Note 17 (PN17) status.

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