Kenanga stays cautious on Pharmaniaga, reiterates 'underperform'

KUALA LUMPUR: Kenanga Research has reiterated its cautious stand on Pharmaniaga Bhd after the pharmaceutical group announced it had inked a concession agreement with the government.

"We are positive on this latest development which is in line with our expectation that the concession is now formally signed and extended. There were scant details of the concession agreement.