apple developer account：Kenanga lowers earnings outlook on Pharmaniaga
,KUALA LUMPUR: Kenanga Research has slashed Pharmaniaga Bhd's FY21 earnings estimate to take into account lower concession demand following the release of the previous year's disappointing earnings results.The research house said FY20 core Patami of RM27.5mil only met 50% of its and consensus full-year forecasts due to the lower-than-expected concession demand.Moving forward, it reduced FY21 net profit by 20% after factoring in the lower contribution."Its share price has run up ahead of earnings expectation and fundamentals, especially on earlier anticipation of Pharmaniaga being selected to package Covid-19 vaccine."Correspondingly, we cut our TP from RM3.15 to RM2.50 based on unchanged 14x FY21E EPS," said Kenanga, while reiterating its "underperform" recommendation on the stock.The research house said the finanical impact of Pharmaniaga's venture for the purchase and distribution of Covid-19 vaccine remains unclear.However, it noted that the pre-tax profit margin for logistics and distribution segment is razor-thin, averaging at 0.2% over the past 20 quarters."The recent run-up in its share price has rendered current valuations unattractive, which seems to have over-priced the positive near-term prospects."Furthermore, the stock lacks earnings visibility beyond the interim extended concession period from 1st Dec 2019 to 31st Dec 2021 for procurement of drugs which is to ensure no supply chain disruption in the supply and distribution of medicines nationwide while an open tender and appointment of a new concessionaire is developed," it added.
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