Optimax Laser Sharp On Growth
Optimax Laser Sharp On Growth
Optimax Holdings is poised for significant growth with the introduction of Malaysia's first presbyopia refractive surgery machine and the opening of new ambulatory care centres (ACCs) in Selangor, Cambodia, and Kota Kinabalu, according to CGS International Stock Broking House (CGS). The company's revenue was expected to achieve a three-year compound annual growth rate (CAGR) of 14.5% for Fiscal Year 2023 to Forecast 2026 (FY23-FY26F), driven by the higher number of surgeries and strategic expansion plans.
根据中国银河国际证券的报告，随着马来西亚首台老花眼屈光手术机的推出和在雪兰莪、柬埔寨和亚庇开设新的Mplus门诊中心，Optimax Holdings有望迎来重大增长。预计公司的营业收入在2023财年到2026财年（FY23-FY26F）将达到14.5%的三年复合年增长率(compound annual growth rate)，推动力来自更高数量的手术和战略扩张计划。
CGS maintained an Add rating on Optimax Holdings, reiterating a target price (TP) of RM0.87. The valuation remained undemanding at -1.0 standard deviation (s.d.) from its mean Price per Earnings (P/E) of 25.4x, reflecting the company's robust healthcare exposure and promising growth prospects. CGS projected a strong rebound in earnings, expecting a 24.2% increase in FY24F and a 22.0% rise in FY25F.
中国银河国际证券维持对Optimax Holdings的增持评级，重申1股马币的目标价(TP)。考虑到公司强大的医疗保健业务和良好的增长前景，在公司平均市盈率的1.0标准偏差（s.d.）之外，估值仍不高。中国银河国际证券预测，在FY24F中，公司的收益将强劲反弹，预计增长24.2%；FY25F收益势头仍然强劲，预计增长22.0%。
Following a visit to Optimax's new eye specialist ambulatory care centre (ACC) and Neumax clinic in Atria Mall, Selangor, CGS reported updates from Group CEO Sandy Tan and Group CFO Pang Woei Yaw. The new ACCs in Selangor, Cambodia, and Kota Kinabalu were anticipated to drive revenue and core net profit growth, with expectations of achieving a new high of RM16 million in FY24F. The company's expansion plans included further ACCs in Selgate Setia Alam and Kempas in FY25-FY26F, contributing to a forecasted three-year CAGR of 20.0% in core net profit for FY23-FY26F.
中国银河国际证券参观了Optimax在雪兰莪Atria Mall新开设的眼科专科门诊中心(ACC)和Neumax诊所，并听取了集团CEO Sandy Tan和集团CFO Pang Woei Yaw的更新报告。雪兰莪、柬埔寨和亚庇的新Mplus门诊中心预计将推动收益和核心净利润增长，预计在FY24F时达到1600万马币的新高。公司的扩张计划包括在FY25-FY26F期间进一步开设在Selgate Setia Alam和Kempas的Mplus门诊中心，为FY23-FY26F预测的核心净利润三年复合年增长率为20.0%做出贡献。
The introduction of the PRESBYOND machine was a significant development for Optimax, capturing a new patient demographic aged 40 and above. The machine offered laser refractive treatment for presbyopia, or long-sightedness, and was the first of its kind in Malaysia. Management highlighted the growing traction of this treatment, which complemented existing Lasik procedures targeting those below 40. With 11.35 million people, or 34.0% of Malaysia's population, aged 40 and above in 2023, CGS viewed this innovation as a key growth driver for Optimax.
老花眼屈光手术机PRESBYOND的推出是Optimax的一个重要的发展，吸引了40岁及以上的新患者群体。这台机器提供老花眼的激光屈光手术治疗，是马来西亚首台。公司管理层强调，这种治疗的关注度正在增长，这补充了现有的激光LASIK手术，针对40岁以下的患者。中国银河国际证券认为，随着2023年时马来西亚人口中1135万人口中34%年龄在40岁及以上，这一创新将成为Optimax的一个关键增长驱动因素。
CGS projected a robust earnings rebound in FY24F and FY25F, driven by revenue growth from the opening of new ACCs and margin recovery as these investments matured. Despite a 11% year-to-date (YTD) rebound, Optimax's stock traded at 1.0 s.d. below its three-year mean P/E since its listing in FY20. CGS highlighted stronger-than-expected earnings delivery in FY24-FY25F as a potential re-rating catalyst.
中国银河国际证券预测，在新门诊中心投资成熟后，加上由于新Mplus门诊中心的开设导致的营收增长和利润的恢复，公司的收益将在FY24F和FY25F经历强劲反弹。尽管Optimax的股价已经回升了11%，但自2020年上市以来，股价仍然低于其三年平均市盈率，相当于1.0个标准差（s.d.）。中国银河国际证券强调，在FY24-FY25F中的收益交付表现强于预期，有可能引发公司的重估。