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KLSE: PHARMA       PHARMANIAGA BHD
Last Price Avg Target Price   Upside/Downside Price Call
2.15 2.37     +0.22 (10.23%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
21/11/2019 2.21 2.27 +0.06 (2.71%) HOLD MIDF Price Target News
21/11/2019 2.21 1.85 -0.36 (16.29%) SELL KENANGA Price Target News
18/11/2019 2.27 2.14 -0.13 (5.73%) HOLD HLG Price Target News
11/11/2019 2.62 1.85 -0.77 (29.39%) SELL KENANGA Price Target News
01/11/2019 2.20 1.60 -0.60 (27.27%) SELL KENANGA Price Target News
01/11/2019 2.20 2.14 -0.06 (2.73%) HOLD HLG Price Target News
02/09/2019 2.49 3.45 +0.96 (38.55%) BUY HLG Price Target News
26/08/2019 2.55 2.95 +0.40 (15.69%) BUY MIDF Price Target News
26/08/2019 2.66 2.35 -0.31 (11.65%) SELL KENANGA Price Target News
26/08/2019 2.55 3.45 +0.90 (35.29%) BUY HLG Price Target News


Price Target Research Article/News (past 6 months)
21/11/2019  MIDF Pharmaniaga - Accelerated Amortisation Continued Drag Earnings
21/11/2019  KENANGA Pharmaniaga - 9MFY19 In Line With Expectations
18/11/2019  HLG Pharmaniaga - 25-month Extension of Concession
11/11/2019  KENANGA Pharmaniaga - Breathes Easier, For Now
01/11/2019  KENANGA Pharmaniaga - No More Concession?
01/11/2019  HLG Pharmaniaga - No Concession Renewal
02/09/2019  HLG Pharmaniaga - Nothing to Shout or Cry About
26/08/2019  MIDF Pharmaniaga Berhad - Solid 1HFY19 Financial Performance
26/08/2019  KENANGA Pharmaniaga - 1H19 In Line With Expectations
26/08/2019  HLG Pharmaniaga - Nothing to Shout or Cry About



  2 people like this.
 
Hafid Within the five years pharmaniaga better be prepare or else will die
19/11/2019 6:56 AM
Hafid So nothing to shout about. I think the price already factor in
19/11/2019 6:56 AM
mk00001 Pharmaniaga Bhd confirms today that it has secured a five-year extension for the provision of logistics and distribution services to the Ministry of Health, to end on Dec 31, 2024.
19/11/2019 10:28 AM
hawhaw with 5 year extension for logistic and distribution, price shall back to normal at least 2.5
19/11/2019 2:29 PM
RainT so what is the rubbish that the health minister announce before this ?

annouce no more extension , then now exten 5 years

please la, if not yet final dont make any annoucement

why until now PH still cann learn the lesson?

after annouce no more extend, and now say will exten due to cannot find other to replace PHARMA which is good
the why at the 1st place annouce say no more exten

playing flip flop
19/11/2019 2:58 PM
Shines Right alot of U Turns by PH ministers
19/11/2019 9:47 PM
T800Terminator Extend contract but was the gov slash their contract price? Will their revenue drop?hmmmm
19/11/2019 11:30 PM
Shines Right T800T, you got what I have been thinkng.
20/11/2019 6:12 AM
kalofarmako https://klse.i3investor.com/blogs/MYpharmaceuticalnews/238123.jsp

Govt extends Pharmaniaga services for medicines, medical supplies
20/11/2019 12:00 PM
PresidentRotiCanai Gg pharma QR. So low profit
20/11/2019 1:11 PM
shpg22 Tongkat blom kena buang, sudah parah. If tongkat buang, habislah
20/11/2019 1:11 PM
Ckk2266 http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=207123&name=EA_FR_ATTACHMENTS
20/11/2019 1:42 PM
kariwong9394 No hope already... unless you are long long term investor......bye bye
20/11/2019 1:44 PM
Wirajati I am a long term , please sell. A non recurring charges of some tens of millions. Cash flow still positive, please sell...
20/11/2019 2:25 PM
Wirajati Charges has no cash flow impact, like depreciations...worry? I am not, good opportunity to collect maybe my wish come true...rm2....or lower.
20/11/2019 2:29 PM
8888_ Who goreng dare admit? Beside Pharma which company announce today QR dare answer?
20/11/2019 2:45 PM
shawn88 yspsah is still strong....
20/11/2019 2:50 PM
memorylane thats the disadvantage of thin profit margin...
20/11/2019 2:59 PM
MCA_ Profit down 97% no limit down?
20/11/2019 3:00 PM
MCA_ 2.2 stubbornly you have answer? QR like non-event.

memorylane thats the disadvantage of thin profit margin...
20/11/2019 2:59 PM
20/11/2019 3:08 PM
RainT Roller coaster
20/11/2019 3:38 PM
Newplayer286 Drop so little
20/11/2019 3:39 PM
Sebastian Power monopoly also no profts margin? If open tender then just close shop better
20/11/2019 3:46 PM
patrick2 i afraid this non recurring charges is not time bis, may be there are some more in the future...anybody got any ideas how much more need to charge off??
20/11/2019 3:55 PM
Wirajati Because pharma charges lowest, think you can find another to compete, an entry barrier? Hihi, they already explain...the charges is on amortization of system (accounting treatment), there is more to come. This is a narrative i usually observe to tone down the sentiment. Like tm case, losses after impairment, but cash flow still good. And it climbs back some of the lost ground.You worry? I am not.
20/11/2019 4:04 PM
patrick2 yes, u are right, not affecting cash flow.. but more to come means profit affected in the coming time...and perhaps dividend also affected
20/11/2019 4:11 PM
patrick2 first, why need to amortise the system? is it due to no more concession as per previous contract??
20/11/2019 4:18 PM
Wirajati Dont worry there was never a single year without dividends even withsome lost quarters, this one just reduce accounting profit
20/11/2019 4:24 PM
patrick2 but u see this quarter aldy no more dividend..
20/11/2019 4:25 PM
Titan Meaning 4Q result will be worst than this? Company gives head up to investor???....good management.

"In the final quarter of the year, the Group foresee further impact on earnings due to higher amortization."
20/11/2019 4:25 PM
Wirajati Good. The game they played is to push one particular shareholder out (you know who).
20/11/2019 4:31 PM
Wirajati He sold, i bought
20/11/2019 4:35 PM
Titan push share holder out?....pls share coz i really dunno who. Thanks
20/11/2019 4:57 PM
Wirajati Najib's former man
20/11/2019 5:42 PM
noah There will be more amortizatuon coming as the PHIS system is a part of the concession contract.

So if the concession were to put under open tender, so do the PHIS system.

If the system can't perform then it will be subject to change if other vendor are able to offer a better system at an affordable price.

Try ask any PHIS system users in the gov sector their comment on this system..
20/11/2019 6:31 PM
pang72 My sifu Facebook live called buy...
If you buy, you trap... If you sell, you are smart!!
20/11/2019 7:11 PM
patrick2 to be exact, what is the balance of the amt need to further amortise??
20/11/2019 10:36 PM
JN88 pang72:if your sifu ask buy...then you buy morning sell at evening....
20/11/2019 11:18 PM
patrick2 actually when this PHIS started??
21/11/2019 11:38 AM
RainT Amortise is similar like deprection , the concept is the same . just the name is different

depreciation is for fixed assets, tangible assets (which we can see)

amortise is for software, system, rights that all this cannot be touch or see

so when PHARMA make a system , then start to use it, it need to be amortise throughout the period
is like this system also contribute to small part of the comapany sales
21/11/2019 2:20 PM
patrick2 u are right.....jz wondering how much more need to charge off??
21/11/2019 2:48 PM
stockmarket101 Is Pharmaniaga a recession-proof stock? TIA.
21/11/2019 7:08 PM
noah goodwill 131m,
software 18.5m,
rights to supply 209m

total amounting 400.9m

"The carrying amounts of goodwill allocated to the Group’s cash-generating units (“CGUs”)

The recoverable amounts of the CGUs are determined based on value-in-use (“VIU”) calculations. Cash flows are
derived from financial budgets approved by the Directors covering a range of five-year period to ten-year period that
reflects the product lifecycle. The projections reflect management’s expectation of sales volume growth and product
margins for the CGUs based on current assessment of market share and expectations of market growth and the
continuity of the concession agreement with the government."

The key assumptions used in the value-in-use calculations are set out below:
• Business analysis – The cash-generating unit makes assumptions about the demand for these new
products under development in the market place and the continuity of the concession agreement with the
government. These assumptions are used to drive the planning assumptions for sales volume taking into
consideration the projected timing for development, testing, registration and commercialisation using a
projected long-term average growth rate of 3% to 5% (2017: 3% to 5%) per annum.
• Discount rate – In measuring the recoverable amount based on the value-in-use calculations, discount rate
of 11.60% (2017: 9.46%) per annum has been applied. The discount rate reflects the prevailing market rate
applicable to the industry adjusted for the risk of the assets.
21/11/2019 7:47 PM
noah so you know what comes next in the event the concession agreement is not being renewed.
21/11/2019 7:49 PM
patrick2 from your analysis, so how much more amortisation need to be charge off??
22/11/2019 12:28 AM
noah ''Due to the shorter than expected contract period awarded to Pharmaniaga of only five-year, we estimate that the amortisation rate of PHIS will doubled to about RM10.0m quarterly and RM40.0m annually for the next five years from 4QFY19 onwards.''

Based on IB analyst.
22/11/2019 7:31 AM
patrick2 ok thanks...
22/11/2019 9:16 AM
patrick2 and profit is going to reduce another five million in the coming time
22/11/2019 9:18 AM
kalofarmako Now that govt is removing concession, its a smart move for Pharmaniaga to focus on diversifying
22/11/2019 11:10 AM
patrick2 wonder how to diversify?? venture into new bis??
22/11/2019 11:28 AM


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