Overweight On Healthcare Sector
Overweight On Healthcare Sector
IHH is set to benefit from a projected 12% to 16% growth in revenue per inpatient and 9% to 12% growth in inpatient throughput for FY24. The company plans to add over 4,000 beds in the next five years, supporting its expansion across Malaysia, India, Türkiye, and Europe. KPJ is also expected to see a 9% increase in patient throughput, with its new hospitals gradually reducing losses. However, the recent share price run-up has largely factored in these improvements.The healthcare sector showed promising growth prospects, driven by rising affluence and an ageing population, according to reports by Kenanga Investment Bank (Kenanga). Global healthcare expenditure is projected to grow at a CAGR of 3.5% to reach USD10 trillion by 2026.
根據肯南加投資銀行（Kenanga）的報告，在富裕程度上升和人口老齡化的推動下，醫療保健行業顯示出令人鼓舞的增長前景。預計全球醫療支出將以3.5％的複合年增長率增長，到2026年達到1萬美元。
This growth is anticipated to boost both domestic and international patient throughput while enhancing revenue intensity due to a higher volume of acute cases. The ramp-up of new beds across various markets is expected to improve operational efficiency and cost optimisation, with strong sales anticipated in pharmaceuticals and over-the-counter (OTC) drugs.
預計這種增長將提高國內和國際患者吞吐量，同時由於急性病例數量的增加而提高收入強度。預計各個市場新牀位的增加將提高運營效率和成本優化，預計藥品和非處方藥（OTC）的銷售將強勁。
Kenanga maintains an OVERWEIGHT stance on the healthcare sector, with a top pick of IHH Healthcare Berhad (IHH) and a target price of RM7.00. The investment bank highlights IHH's expected revenue growth driven by increased patient throughput and higher revenue intensity. Similarly, KPJ Healthcare Berhad (KPJ) is rated MARKET PERFORM with a target price of RM1.95, benefiting from improved patient throughput and operational efficiencies.
Kenanga對醫療保健行業保持增持立場，首選IHH Healthcare Berhad（IHH），目標價爲7.00令吉。該投資銀行強調了IHH的預期收入增長，這得益於患者吞吐量的增加和收入強度的提高。同樣，KPJ Healthcare Berhad（KPJ）被評爲Market PerForm，目標價爲1.95令吉，這得益於患者吞吐量和運營效率的提高。
IHH is set to benefit from a projected 12% to 16% growth in revenue per inpatient and 9% to 12% growth in inpatient throughput for FY24. The company plans to add over 4,000 beds in the next five years, supporting its expansion across Malaysia, India, Türkiye, and Europe. KPJ is also expected to see a 9% increase in patient throughput, with its new hospitals gradually reducing losses. However, the recent share price run-up has largely factored in these improvements.
預計24財年每位住院患者收入將增長12％至16％，住院吞吐量將增長9％至12％，IHH將受益。該公司計劃在未來五年內增加4,000多張牀位，以支持其在馬來西亞、印度、土耳其和歐洲的擴張。預計KPJ的患者吞吐量也將增加9％，其新醫院將逐漸減少損失。但是，最近的股價上漲在很大程度上是這些改善的因素。
In the health supplements and OTC drugs segment, the OTC pharmaceuticals market in Malaysia is expected to grow at a CAGR of 6% to USD715 million by 2027. Kenanga favours KOTRA Industries Berhad (KOTRA) and NOVA Wellness Group Berhad (NOVA) as they benefit from rising consumer health awareness and expanded distribution networks. KOTRA's integrated business model and NOVA's new plant are projected to drive growth in their respective segments.
在保健品和非處方藥領域，預計到2027年，馬來西亞的非處方藥市場將以6％的複合年增長率增長至71500萬美元。肯南加青睞KOTRA Industries Berhad（KOTRA）和NOVA Wellness Group Berhad（NOVA），因爲他們受益於消費者健康意識的提高和分銷網絡的擴大。預計KOTRA的綜合業務模式和NOVA的新工廠將推動各自細分市場的增長。
However, PHARMA (UP; TP: RM0.34) faces challenges with its PN17 status, despite recent improvements in profitability.
但是，儘管最近盈利能力有所改善，但製藥（上漲；目標價：0.34令吉）的PN17地位仍面臨挑戰。
Kenanga's analysis underscores the strong growth trajectory of the healthcare sector, highlighting key opportunities in both private hospital chains and the health supplements market.
Kenanga的分析突顯了醫療保健行業的強勁增長軌跡，突顯了私立醫院連鎖店和保健品市場的關鍵機遇。
譯文內容由第三人軟體翻譯。
