[%AhkV%] 
Research by PB
Neutral - TP of RM2.87

"Within Expectations"

Apex Healthcare’s (ApexH) 4QFY23 net profit dropped 42% YoY to RM20.1m,  mainly due to lower earnings from Straits Apex Group (SAG). After stripping  off non-operating items, Apex FY23 core net profit dropped 4% YoY to  RM92.9m. The results were within both our and consensus estimates at 101% and 97% of full-year forecasts respectively. We are positive on its continuous  effort in launching new products under Group’s brands and acquiring new  distribution agencies, but we remain cautious on the demand for Covid-related  products. All told, we maintain our FY24-25F earnings forecast and our  Neutral call on ApexH, with a higher TP of RM2.87 based on 19x 5-year  historical mean as we roll over our valuation to FY25F EPS. ApexH declared  a final and special single-tier dividend of 2.5 sen and 20.0 sen per share  respectively (total dividend FY23: 25.0 sen per share). 

Analyst(s):
Thye May Ting 
[%YFrs%]

$KLSE-AHEALTH 
Research by PB
Neutral - TP of RM2.87

"Within Expectations"

Apex Healthcare’s (ApexH) 4QFY23 net profit dropped 42% YoY to RM20.1m,  mainly due to lower earnings from Straits Apex Group (SAG). After stripping  off non-operating items, Apex FY23 core net profit dropped 4% YoY to  RM92.9m. The results were within both our and consensus estimates at 101% and 97% of full-year forecasts respectively. We are positive on its continuous  effort in launching new products under Group’s brands and acquiring new  distribution agencies, but we remain cautious on the demand for Covid-related  products. All told, we maintain our FY24-25F earnings forecast and our  Neutral call on ApexH, with a higher TP of RM2.87 based on 19x 5-year  historical mean as we roll over our valuation to FY25F EPS. ApexH declared  a final and special single-tier dividend of 2.5 sen and 20.0 sen per share  respectively (total dividend FY23: 25.0 sen per share). 

Analyst(s):
Thye May Ting 
thye.mayting@publicinvestbank.com.my