External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Pharmaniaga reported core PATAMI of RM5.7m (+1.1% QoQ, -22.7% YoY) in 2Q23, bringing 1H23’s sum to RM11.4m (-71.9% YoY).</li><li>Results were a miss, accounting for merely 35% of ours and 27% of consensus projections.</li><li>The weaker-than-expected performance was due to burgeoning financing costs, on the back of increased borrowings. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaniaga reported core PATAMI of RM5.7m (+1.1% QoQ, -22.7% YoY) in 2Q23, bringing 1H23’s sum to RM11.4m (-71.9% YoY).Results were a miss, accounting for merely 35% of ours and 27% of consensus projections.The weaker-than-expected performance was due to burgeoning financing costs, on the back of increased borrowings. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaniaga - Weighed Down by Higher Financing Cost

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>PHARMA’s 1HFY23 results disappointed. Its 1HFY23 net profit dived 84% in the absence of vaccine sales and on cost escalation.</li><li>Meanwhile, the clock is ticking on a regularisation plan to lift it out of the Practice Note 17 (PN17) status.</li><li>We cut our FY23 and FY24F net profit forecasts by 32% and 7% respectively, lower our TP by 9% to RM0.31 (from RM0.33) and reiterate our UNDERPERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PHARMA’s 1HFY23 results disappointed. Its 1HFY23 net profit dived 84% in the absence of vaccine sales and on cost escalation.Meanwhile, the clock is ticking on a regularisation plan to lift it out of the Practice Note 17 (PN17) status.We cut our FY23 and FY24F net profit forecasts by 32% and 7% respectively, lower our TP by 9% to RM0.31 (from RM0.33) and reiterate our UNDERPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Pharmaniaga Berhad is an investment holding company.  The Company, through its subsidiaries, manufactures, markets, and distributes pharmaceutical and medical products to government hospitals and private institutions. Pharmaniaga also provides web portal services for online trading of health care products.

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Pharmaniaga Berhad (PHRM MK)

Pharmaniaga - Weighed Down by Higher Financing Cost

Pharmaniaga reported core PATAMI of RM5.7m (+1.1% QoQ, -22.7% YoY) in 2Q23, bringing 1H23’s sum to RM11.4m (-71.9% YoY).

Hong Leong Investment Bank Berhad

Pharmaniaga - No Turnaround in Sight

We cut our FY23 and FY24F net profit forecasts by 32% and 7% respectively, lower our TP by 9% to RM0.31 (from RM0.33) and reiterate our...

Kenanga Investment Bank Bhd

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