AHEALTH
Apex Healthcare Berhad
Company Background
$AHEALTH / 7090 (APEX HEALTHCARE BERHAD)
Research Report by PBIV
$AHEALTH / 7090 (APEX HEALTHCARE BERHAD)
Research by Public
Neutral – TP RM2.87
"Within Expectations”
Apex Healthcare’s (ApexH) 2QFY24 net profit 2QFY24 dropped by 92.8% YoY to RM23.6m, mainly due to a one-off gain of RM304.4m from SAG’s effective divestment in 2QFY23. After stripping off the non-operating items, ApexH’s 2QFY24 core net profit dropped by 5.7% YoY to RM23.7m. The results were within our estimates at 49.2% but above streets’ estimates at 60% of full-year forecasts respectively. We are positive on the Group’s robust marketing efforts and new product launches, but we remain cautious on the potential impact of declining demand for Covid-related products. All told, we maintain our FY24F- 26F earnings forecast and reiterate our Neutral call on ApexH, with an unchanged TP of RM2.87 based on 19x 5-year historical mean on FY25F EPS. On a side note, ApexH declared an interim single-tier dividend of 3.0 sen per share.
Analyst:
Thye May Ting
thye.mayting@publicinvestbank.com.my
Changes in Director's Interest (Section 219 of CA 2016) - DR KEE KIRK CHIN
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period
OTHERSAPEX HEALTHCARE BERHAD ("AHB" OR THE "COMPANY")
- OFFER AND GRANT OF OPTIONS UNDER THE EXECUTIVE SHARE OPTION SCHEME ("ESOS")
$AHEALTH / 7090 (APEX HEALTHCARE BERHAD)
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
$AHEALTH / 7090 (APEX HEALTHCARE BERHAD)
General Meetings: Outcome of Meeting
Quarterly rpt on consolidated results for the financial period ended 31/03/2024
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period
Additional Listing Announcement /Subdivision of Shares
Annual Report & CG Report - 2023
General Meetings: Notice of Meeting
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period
Additional Listing Announcement /Subdivision of Shares
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period
Additional Listing Announcement /Subdivision of Shares
$AHEALTH / 7090 (APEX HEALTHCARE BERHAD)
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
AHEALTH - Notice of Book Closure
PETALING JAYA: Apex Healthcare Bhd expects the healthcare industry to see continued growth this year despite possible global economic challenges.
Special Dividend
Final Dividend
OTHERSPRESS RELEASE ON APEX HEALTHCARE ANNOUNCES RECORD PBT OF RM423.3 MILLION IN FY2023, PROPOSES FINAL DIVIDEND OF 2.5 SEN AND SPECIAL DIVIDEND OF 20.0 SEN
Quarterly rpt on consolidated results for the financial period ended 31/12/2023
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DR KEE KIRK CHIN
Changes in Director's Interest (Section 219 of CA 2016) - DR KEE KIRK CHIN
Additional Listing Announcement /Subdivision of Shares
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSAPEX HEALTHCARE BERHAD ("AHB" OR THE "COMPANY")
- PROPOSED ACQUISITION OF AN INDUSTRIAL PROPERTY BEARING POSTAL ADDRESS 16 AND 18, JALAN TTC 1, KAWASAN PERINDUSTRIAN CHENG, MELAKA FROM PANASONIC APPLIANCES REFRIGERATION DEVICES MALAYSIA SDN BHD FOR A CONSIDERATION OF RM66.5 MILLION BY XEPA-SOUL PATTINSON (MALAYSIA) SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF APEX HEALTHCARE BERHAD ("PROPOSED ACQUISITION")
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - XEPA HOLDINGS PTE LTD