Pubic And Private Spending On Healthcare Boosting Sector
Pubic And Private Spending On Healthcare Boosting Sector
Fundamentals support the hospital subsector. Malaysia's economic growth is expected to gain momentum by the year. Hence, the house opines that the healthcare sector remains vibrant, fuelled by strong spending by the public and private patients. Budget 2025 also allocated RM45.3b to the Ministry of Health to support healthcare quality and access for Malaysian citizens. KPJ is anticipated to continue optimising its assets, expanding bed capacity, and increasing talent acquisition in the remainder of FY24.Kenanga noted that KPJ Healthcare Berhad (KPJ)'s 9MFY24 earnings came in within earnings estimates at 72%, hence the house is keeping the BUY call with a target price at RM2.54.
凱南加指出，KPJ Healthcare Berhad（KPJ）的 9MFY24 收益在收益預期之內，爲72％，因此衆議院維持買入看漲期權，目標價爲2.54令吉。
9MFY24 normalised earnings up +35%yoy. KPJ's 9MFY24 revenue was up by +14.5%yoy to RM2.9b. Meanwhile, 9MFY24 normalised earnings gained +34.8%yoy to RM247.3m. The higher performance was largely contributed by the higher number of patients visits and increase in bed capacity.
9MFY24 正常化收益同比增長35％。KPJ的 9MFY24 收入同比增長14.5％，至29令吉。同時，9MFY24 正常化收益同比增長34.8％，至24730萬令吉。較高的表現主要是由患者就診人數的增加和牀位容量的增加所致。
Revenue for KPJ's hospitals accounted for RM2.8b in 9MFY24 (+14.8%yoy), with a PAT gain of RM248.2m (+4.4%yoy). This was largely contributed by the increase in patients visits evidenced by increase in BOR and bed capacity. Last leg of support from Australia operations. Collective revenue from the others business segment dropped by -47.7%yoy to RM50.9m, while LAT gained 5-fold to end at a deficit of -RM5.6m from a deficit of – RM35.5m in 9MFY23. KPJ's operations in Australia had been divested in early CY24, however, the abolishment of provision for Jeta Gardens are still supporting this segment.
按照 9MFY24 計算，KPJ醫院的收入爲28令吉（同比增長14.8％），PaT的收益爲24820萬令吉（同比增長4.4％）。這在很大程度上是由患者就診人數的增加所致，BOR 和牀位容量的增加就證明了這一點。澳大利亞業務的最後一站支持。其他業務板塊的總收入同比下降了-47.7％，至5090萬令吉，而LaT從 9MFY23 的赤字中增長了5倍，赤字爲-560萬令吉。KPJ在澳大利亞的業務已於24財年初剝離，但是，取消對Jeta Gardens的撥款仍然爲該細分市場提供了支持。
Fundamentals support the hospital subsector. Malaysia's economic growth is expected to gain momentum by the year. Hence, the house opines that the healthcare sector remains vibrant, fuelled by strong spending by the public and private patients. Budget 2025 also allocated RM45.3b to the Ministry of Health to support healthcare quality and access for Malaysian citizens. KPJ is anticipated to continue optimising its assets, expanding bed capacity, and increasing talent acquisition in the remainder of FY24.
基本面爲醫院子部門提供支持。預計到今年，馬來西亞的經濟增長勢頭將增強。因此，衆議院認爲，在公共和私人患者的強勁支出的推動下，醫療保健行業仍然充滿活力。2025年預算案還向衛生部撥款453令吉，以支持馬來西亞公民的醫療質量和獲得醫療的機會。預計在24財年的剩餘時間內，KPJ將繼續優化其資產，擴大牀位容量並增加人才招聘。
Kenanga made no changes to its earnings forecast at this juncture, as it believes KPJ is in the right trajectory of its FY24 performance. The PER is the healthcare sector's 3-year average, as it took note on the sectoral growth driven by notable healthcare megatrends in 2024-2025, and Budget 2025. Nevertheless, the downside risks remain to be the highly competitive talent market in the healthcare industry and the ongoing cost pressures on equipment, pharmaceuticals and labour
Kenanga目前沒有更改其收益預測，因爲它認爲KPJ的24財年業績正處於正確的軌道上。市盈率是醫療保健行業的3年平均水平，因爲它注意到2024-2025年的顯著醫療保健大趨勢和2025年預算推動的行業增長。儘管如此，下行風險仍然是醫療保健行業競爭激烈的人才市場以及設備、藥品和勞動力面臨的持續成本壓力
譯文內容由第三人軟體翻譯。
