New Formula Working Well For KPJ
New Formula Working Well For KPJ
Looking ahead, analyst remain optimistic about KPJ's growth prospects. The company is targeting an expansion of its bed capacity by 350 to over 1,000 beds between FY24 and FY26, including the launch of a new 60-bed hospital in Kuala Selangor by the first half of 2025. The company's strategic focus on increasing bed capacity and improving operational efficiency is expected to drive continued earnings growth, with a pick-up in patient volumes and a larger market share of foreign patients. KPJ is also implementing cost-optimisation initiatives to enhance margins.KPJ Healthcare Berhad (KPJ) has posted robust financial results for the second quarter of 2024, reflecting a solid performance that has surpassed initial expectations. The company reported a net profit of MYR147 million for the first half of the year, marking a significant 50% increase year-on-year. This figure accounts for 51% of the full-year forecast and 47% of consensus estimates. Analysts have responded positively to these results, with upgraded earnings forecasts for FY24 and FY25. Specifically, net profit projections have been raised by 12% for FY24 and 7% for FY25, with a new forecast introduced for FY26. The target price has been adjusted to MYR2.10, up from MYR1.42, reflecting a potential 14% increase from the current share price.
KPJ Healthcare Berhad（KPJ）公佈了2024年第二季度的強勁財務業績，反映了超出最初預期的穩健表現。該公司報告稱，上半年淨利潤爲14700萬令吉，同比大幅增長50％。這個數字佔全年預測的51％和共識估計的47％。分析師對這些業績做出了積極回應，上調了對24財年和25財年的收益預期。具體而言，已將24財年的淨利潤預測提高了12％，對25財年的淨利潤預測提高了7％，並對26財年發佈了新的預測。目標價格已從1.42令吉上調至2.10令吉，反映出當前股價可能上漲14％。
In terms of analyst recommendations, KPJ Healthcare has seen a notable shift in sentiment. While some analysts have maintained a 'Market Perform' call with a target price of MYR1.95, reflecting the expected incremental revenue from new beds and hospitals, others have upgraded their recommendations. One analyst, noting the promising outlook, has raised their recommendation to 'Buy' with a revised target price of RM2.13, up from RM2.14, indicating a potential 15% upside.
就分析師的建議而言，KPJ Healthcare的情緒發生了顯著變化。儘管一些分析師維持了 「市場表現」 看漲期，目標價爲1.95馬幣，這反映了新牀位和醫院的預期增量收入，但另一些分析師則上調了他們的建議。一位分析師指出前景樂觀，已上調了 「買入」 建議，目標價從2.14令吉上調至2.13令吉，表明可能有15％的上漲空間。
Key highlights from the second quarter include a 62% year-on-year increase in net profit and a 19% rise in EBITDA. This performance is largely attributed to a substantial 18% increase in revenue from the higher-margin inpatient segment. The company has also benefitted from improved bed utilisation, up by 6 percentage points year-on-year, driven by aggressive domestic expansion and strong demand from both local and international patients. Notably, the first half of 2024 saw KPJ's highest revenue contribution from health tourism since 2016, amounting to 5.8% of total revenue.
第二季度的主要亮點包括淨利潤同比增長62％，息稅折舊攤銷前利潤增長19％。這種表現主要歸因於利潤率較高的住院細分市場的收入大幅增長了18％。該公司還受益於牀位利用率的改善，同比增長6個百分點，這得益於積極的國內擴張以及本地和國際患者的強勁需求。值得注意的是，2024年上半年，KPJ對健康旅遊的收入貢獻是自2016年以來最高的，佔總收入的5.8％。
Looking ahead, analyst remain optimistic about KPJ's growth prospects. The company is targeting an expansion of its bed capacity by 350 to over 1,000 beds between FY24 and FY26, including the launch of a new 60-bed hospital in Kuala Selangor by the first half of 2025. The company's strategic focus on increasing bed capacity and improving operational efficiency is expected to drive continued earnings growth, with a pick-up in patient volumes and a larger market share of foreign patients. KPJ is also implementing cost-optimisation initiatives to enhance margins.
展望未來，分析師對KPJ的增長前景仍然持樂觀態度。該公司的目標是在24財年至26財年之間將其牀位容量擴大350張至1,000張以上，包括到2025年上半年在瓜拉雪蘭莪州推出一所新的60張牀位的醫院。該公司的戰略重點是增加牀位容量和提高運營效率，預計將推動持續的收益增長，患者數量的回升，外國患者的市場份額增加。KPJ還實施了成本優化舉措以提高利潤率。
Source: Maybank, Kenanga, RHB
Title: Slightly ahead, Losses Narrowed at New Hospitals, Still Hungry For Growth; Maintain BUY
來源：馬來亞銀行、Kenanga、RHB
標題：略微領先，新醫院虧損收窄，仍渴望增長；維持買入
譯文內容由第三人軟體翻譯。
