MY : Pharmaniaga Bhd - Steady domestic demand in 1QFY21

1QFY21 core net profit of RM23.5m (+2.8% yoy) made up 37% of our full-year forecast, within expectations as 1Q is typically its strongest quarter. Steady sales for its LD and manufacturing segments were offset by weaker Indonesian segment sales on a yoy basis due to movement restrictions. Contribution from the fill-and-finish works for the Sinovac Covid-19 vaccine is expected to materialise from 2QFY21F onwards. Reiterate Add.

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