KUALA LUMPUR: Additional earnings progress for Pharmaniaga Bhd
might come from the Sinovac vaccines’ potential to be accredited as a booster shot and for adolescent use, says Kenanga Analysis, though this could probably be rolled-out in 1H22.
The analysis agency famous that after recording bumper income in 3QFY21, Pharmaniaga’s earnings progress might take a pause within the remaining quarter of this 12 months with any requirement for a Sinovac vaccine booster shot doubtlessly ranging from December onwards.
That is owing to a majority of Sinovac recipients receiving their second dose between June and September.
There are presently about 11 million Sinovac recipients requiring the booster shot.
In the meantime, the group is presently in talks with Sinovac Biotech to provide vaccines to neighbouring international locations by way of their fill-and-finish facility.
Kenanga stated Malaysia is considered one of 5 international locations outdoors of China which were authorised to conduct fill-and-finish for Sinovac.
Pharmaniaga marked its maiden entrance into the vaccine worldwide market by efficiently exporting the primary batch of Sinovac crammed and completed Covid-19 vaccine to Myanmar with an preliminary order of
200,000 doses final week.
Publish-results, Kenanga raised its FY21-22 internet revenue forecasts attributable to better-than-expected vaccine gross sales and concession extension.
“Correspondingly, we increase our TP fromRM 0.54 to RM0.85 primarily based on 15x FY22E EPS (-0.5SD under its 5-year historic ahead imply),” it stated whereas upgrading the shares to “market carry out” from “underperform” beforehand.
