[%PBkz%] 
Research by Kenanga
UNDERPERFORM – TP RM0.34

"1HFY24 Inline but PN17 Stays”

PHARMA’s 1HFY24 results met our forecast. Its 1HFY24 core net profit jumped almost 5-fold on improved sales, efficiency gains and cessation of non-core units. 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 
 [%sBgj%]

$KLSE-PHARMA 
Research by Kenanga
UNDERPERFORM – TP RM0.34

"1HFY24 Inline but PN17 Stays”

PHARMA’s 1HFY24 results met our forecast. Its 1HFY24 core net profit jumped almost 5-fold on improved sales, efficiency gains and cessation of non-core units. 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