[%XDxO%] 
Research by PIB
Neutral – TP of MYR 2.87

“Within Expectations” 

Apex Healthcare’s (ApexH) 1QFY24 net profit dropped 12.7% YoY to RM21.2m, mainly due to lower earnings from Straits Apex Group (SAG). After stripping off the non-operating items, ApexH’s 1QFY24 core net profit dropped 17.1% YoY to RM21.0m. The results were within both our and consensus estimates at 23% and 22% of full-year forecasts respectively. We are positive on the Group’s continuous effort in exploring new international markets, but we remain cautious on the slowdown in demand for Covid-related products. All told, we maintain our FY24F-26F earnings forecast (minor adjustment due to book-keeping changes) and reiterate our Neutral call on ApexH, with an unchanged TP of RM2.87 based on 19x 5-year historical mean on FY25F EPS.

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

$KLSE-AHEALTH 
Research by PIB
Neutral – TP of MYR 2.87

“Within Expectations” 

Apex Healthcare’s (ApexH) 1QFY24 net profit dropped 12.7% YoY to RM21.2m, mainly due to lower earnings from Straits Apex Group (SAG). After stripping off the non-operating items, ApexH’s 1QFY24 core net profit dropped 17.1% YoY to RM21.0m. The results were within both our and consensus estimates at 23% and 22% of full-year forecasts respectively. We are positive on the Group’s continuous effort in exploring new international markets, but we remain cautious on the slowdown in demand for Covid-related products. All told, we maintain our FY24F-26F earnings forecast (minor adjustment due to book-keeping changes) and reiterate our Neutral call on ApexH, with an unchanged TP of RM2.87 based on 19x 5-year historical mean on FY25F EPS.

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