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

"Corporate Exercise Upstage Sustained Profitability in 2H"

PHARMA guided orders to pick up in 3QFY24 following a weak showing in 2QFY24 due to the festive season. All in, it has guided
for sustained profitability in FY24 driven by closure of non-performing businesses and efficiency gain through inventory optimisation efforts. We maintain our forecasts, TP of RM0.34 and UNDERPERFORM call. The group expects its Practice Note 17 (PN17) status to be lifted in 3QCY25.

Analyst:
Raymond Choo Ping Khoon 
[%fRIM%]

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

"Corporate Exercise Upstage Sustained Profitability in 2H"

PHARMA guided orders to pick up in 3QFY24 following a weak showing in 2QFY24 due to the festive season. All in, it has guided
for sustained profitability in FY24 driven by closure of non-performing businesses and efficiency gain through inventory optimisation efforts. We maintain our forecasts, TP of RM0.34 and UNDERPERFORM call. The group expects its Practice Note 17 (PN17) status to be lifted in 3QCY25.

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