经营范围
Manufacture and sale of pharmaceutical products
经营表现
* 营收长期上升，净利变化比较大
* 流动比和速动比不甚理想
* 债务较多，财务费用比例低
* 应收账款以及存货在历史范围以内
* roe，roa，roic还不错
* Cash Convertion Cycle 暴增
* working capital大量流出，导致自由现金流流出
* 基金持股16%，单一大股东持股56.44%
Chairman’s statement
* revenue increase 3.3%
* strong results recorded by our Indonesian operations and the private sector business.
* Lower profit（没有列出下跌%，不敢？）
* lower Government orders and high amortisation of the Pharmacy Information System project.
* established strong actionable programmes to nurture and enhance our human capital
* “Best Companies to Work for in Asia 2015 Award”
* “Malaysia’s 100 Leading Graduate Employers”
* look forward to the proposed implementation of a share issuance scheme.
* continue nurturing, coaching and developing our employees’ skills.
* expect 2016 to be a challenging year, confident that Pharmaniaga will perform well.
* focused on delivering excellent service as part of our 10-year Concession Agreement with MOH.
* R&D team continues to develop new products from various therapeutic groups.
* collaborating with multinational companies on speeding up development of our anchor products
* widening export market to countries within the European Union
* grow our distribution subsidiary in Indonesia
* turn our focus towards regional growth and expansion throughout ASEAN
Managing director’s review
* （不仅没有提及净利下滑的原因，还在自吹自擂）
* ROE跌，ROA跌，股息增2sen，Delivery Lead Time > 99%
* Manufacturing Division delivered strong growth
* Logistics and Distribution Division recorded a satisfactory performance.
* The Logistics and Distribution Division PBT RM12.3 million (2014: RM40 million)（令人满意？）
* Due to lower Government orders and higher amortisation for the Pharmacy Information System.
* Concession Agreement with the Ministry of Health representing 56% of revenue.
* Private sector business has delivered record sales with a growth of 13% in 2015.
* complete restructuring of the sales force.（明年的营收会增幅拉升？）
* Manufacturing Division delivered a strong profit of 16.3% jump
* Higher sales; greater emphasis on improving cost management & manufacturing efficiencies.
* complied fully with all regulatory guidelines and as we seek to venture into the EU
操作
* 目前股价RM5.70，PE高，DY高
* 管理层没有详细说明净利下跌的具体数字
* 债务高，自由现金流为负
* TPPA的不确定因素（言之过早？）
* 不推荐
PHARMA (7081) - 发马 (PHARMA, 7081)
http://value-mining.blogspot.my/2016/03/pharma-7081.html
