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MIDF maintains 'buy' call on Pharmaniaga over huge prospect of vaccine distribution deal in Africa

14/06/2022 11:59 AM

KUALA LUMPUR, June 14 (Bernama) -- MIDF Research has maintained its 'buy' call for Pharmaniaga Bhd following a huge prospect for the company to secure a deal for vaccine distribution in Africa.

The research house, in a note, remains positive on the the pharmaceutical company’s strength in its partnerships and portfolio despite the ongoing risks of increasing inflationary pressure on raw materials used in the production of medical drugs, and currency exchange volatility.

On Monday, Pharmaniaga announced that the company was in serious talks with the Islamic Development Bank (IDB) with regards to a COVID-19 vaccine distribution deal for 15 of the Organisation of Islamic Cooperation (OIC) countries in Africa.

The group is also aiming to expand to the United Kingdom, Turkey, as well as countries in the Middle East and North Africa regions, and seeking potential avenues to shorten the timing by surveying for products already registered but unavailable in the market.

Meanwhile, MIDF noted that the new logistics and distribution concession agreement between Pharmaniaga and the Ministry of Health is expected to add to the revenue of the group going forward.

"Once the concession agreement pulls through, Pharmaniaga is expecting a revenue of approximately RM1.5 billion and a growth of 2.0 per cent per year, while local distribution to grow in double digits.

"Additionally, the group is also looking at potential mergers and acquisitions to be able to distribute products from multiple suppliers to multiple clients," it said.

At 11.10 am, Pharmaniaga shares eased one sen to 60.5 sen, with 1.34 million shares changing hands.



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