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Research by Public
Outperform– TP RM2.21

"Higher BOR and Influx of Patients”

KPJ Healthcare’s (KPJ) 2QFY24 core net profit increased by 71.2% YoY toRM77.6m from RM45.3m in 2QFY23, mainly driven by higher BOR and influx of patients visits. The results were in line with our estimates at 50% but fell short of street’s estimates at 44% of full-year forecast respectively. KPJ’s revenue was up 18.5% YoY, mainly boosted by a higher BOR of 66% in 2QFY24. We maintain our FY24F-26F earnings forecasts and reiterate our Outperform rating with an unchanged SOTP-based TP of RM2.21 based on FY25 12x EV/EBITDA (near Malaysia hospital average). KPJ declared an interim dividend of 1.0 sen per share (bringing the total DPS to 3.0sen for FY24).

Analyst:
Thye May Ting
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$KLSE-KPJ
Research by Public
Outperform– TP RM2.21

"Higher BOR and Influx of Patients”

KPJ Healthcare’s (KPJ) 2QFY24 core net profit increased by 71.2% YoY toRM77.6m from RM45.3m in 2QFY23, mainly driven by higher BOR and influx of patients visits. The results were in line with our estimates at 50% but fell short of street’s estimates at 44% of full-year forecast respectively. KPJ’s revenue was up 18.5% YoY, mainly boosted by a higher BOR of 66% in 2QFY24. We maintain our FY24F-26F earnings forecasts and reiterate our Outperform rating with an unchanged SOTP-based TP of RM2.21 based on FY25 12x EV/EBITDA (near Malaysia hospital average). KPJ declared an interim dividend of 1.0 sen per share (bringing the total DPS to 3.0sen for FY24).

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