Sunway Poised For Rerating Ahead Of SHG IPO
Sunway Poised For Rerating Ahead Of SHG IPO
CGS Investment Bank reported today (July 2, 2024) that Sunway Bhd is likely to experience a rerating ahead of the listing of Sunway Healthcare Group (SHG). CGS has reiterated its Add recommendation on Sunway Bhd, raising its earnings per share (EPS) forecasts for FY24–26 and setting a new target price (TP) of RM4.40.
CGS投资银行今日（2024年7月2日）发布报告称，Sunway Bhd在Sunway Healthcare Group（SHG）上市前有望进行再评估。CGS重申对Sunway Bhd的评级为“添加”，上调其2024-2026财年每股收益（EPS）预测并设置新目标价（TP）为4.40令吉。
According to CGS, the catalyst driving this rerating is the anticipated IPO of Sunway Healthcare Group (SHG), now expected in FY26F. This timing aligns with the opening of two new hospitals, Sunway Damansara and Sunway Ipoh, which are projected to achieve profitability at the EBITDA level by FY26F. These additions will increase SHG's bed capacity to approximately 1,700, up from 1,158 as of March 2024.
据CGS称，这种再评估的催化剂是预计在2026财年进行的Sunway Healthcare Group（SHG）的IPO。此次时机与两家新医院Sunway Damansara和Sunway Ipoh的开业时间相一致，这两家医院预计到2026财年将在EBITDA水平上实现盈利。这将使SHG的病床容量达到约1,700张，而截至2024年3月，该数字为1,158张。
CGS has revised its valuation for SHG to RM13.5 billion for 100% ownership, with Sunway holding an 84% stake valued at RM11.5 billion. The valuation is now based on a 22x FY25F EV/EBITDA multiple, reflecting a 10% premium over comparable transactions in the healthcare sector.
CGS已将SHG的估值修订为100％所有权的13.5亿令吉，而Sunway持有的84％股份的估值为115亿令吉。现在的估值基于22x FY25F EV/EBITDA倍数，较医疗保健行业类似交易的溢价10％。
The bank believes this premium is justified given SHG's robust expansion plans, expected to enhance its market share in the private hospital sector and elevate its revenue per bed to RM1.3 million, surpassing industry benchmarks.
该银行认为，这种溢价是合理的，因为SHG的强劲扩张计划预计将提高其在私人医院业的市场份额并将其每张床的收入提高到130万令吉，超过行业基准。
Sunway Bhd's recent inclusion in the FBM KLCI and potential future inclusion in the MSCI Malaysia Index further bolster its visibility among foreign investors. CGS notes that foreign shareholding in Sunway rose to 5.3% as of May 2024, up from 4% in December 2023, indicating growing international interest.
Sunway Bhd最近被纳入FBM KLCI并有可能被纳入MSCI马来西亚指数，这进一步增强了该公司在外国投资者中的知名度。CGS指出，截至2024年5月，Sunway的外资持股比例上升至5.3％，而去年12月则为4％，表明国际投资者对其越来越感兴趣。
Historically, similar corporate actions, like Sunway Construction Group's IPO in 2014, led to a 22% stock price increase in the preceding months. CGS anticipates a similar rerating scenario for Sunway Bhd as SHG's IPO approaches, driven by SHG's reputation for high-quality healthcare services, its expanding hospital network, and strategic acquisitions like the potential purchase of Island Hospital in Penang.
历史上，类似的企业行动，如Sunway Construction Group在2014年的IPO，导致其前几个月的股价上涨22％。CGS预计，在SHG的IPO即将到来的背景下，Sunway Bhd也将面临类似的再评估情景，这种情景主要是由SHG在高质量医疗服务、不断扩大的医院网络以及战略收购，如槟城岛屿医院的潜在收购推动。
In conclusion, CGS Investment Bank maintains its Add rating on Sunway Bhd, citing strong growth prospects supported by SHG's impending IPO and strategic initiatives in the healthcare sector. Investors are encouraged to consider Sunway Bhd as a potential opportunity for capital appreciation, particularly with the projected rerating leading up to SHG's listing in FY26F.
总之，CGS投资银行维持其对Sunway Bhd的“添加”评级，称该公司在医疗保健行业的战略举措以及SHG即将进行的IPO所支持的强劲增长前景。投资者被鼓励将Sunway Bhd视为资本增值的潜在机会，尤其是在SHG的2026年上市之前预计会进行再评估的情况下。