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- KPJ回报可观但竞争隐患
KPJ Showed Healthy Returns But Competition Lurking
KPJ Showed Healthy Returns But Competition Lurking
KPJ Healthcare Berhad has reported solid financial results for the first half of FY24, with a 61% year-on-year increase in normalised earnings. However, this performance slightly fell short of analysts' expectations, accounting for 42% of projected earnings. All analysts covering the stock have maintained a positive outlook, with RHB Stock Broking House reiterating a BUY rating and a target price of RM2.14, while Kenanga Stock Broking House has a MARKET PERFORM call with a target price of RM1.95. The company's share price currently stands at RM1.85.
The 1HFY24 revenue for KPJ increased by 14.9% year-on-year to RM1.84 billion, primarily due to a rise in patient visits and an increase in bed capacity. The group recorded a core net profit of RM171.2 million for the period, reflecting a robust recovery in patient traffic and a better mix of patient cases. Revenue from its hospitals was RM1.81 billion, an increase of 15% year-on-year, contributing to a profit after tax of RM151.6 million, which is up 13% from the previous year.
In the second quarter alone, KPJ's core earnings surged by 66% year-on-year to RM79 million, bringing the first-half figures to RM125 million. This performance is credited to improvements in operational efficiency and a steady increase in patient visits, with outpatient and inpatient numbers growing by 1% and 3% quarter-on-quarter, respectively. The hospital's bed occupancy rate improved to 66%, as the company has been cautious in expanding bed capacity to manage operational costs effectively.
While the company has shown strong fundamentals, it faces heightened competition in the healthcare sector, which may lead to challenges in pricing and market share retention. Despite this, KPJ is optimistic about future growth driven by medical tourism, government support, and advancements in technology that are expected to boost service demand. Analysts remain positive, suggesting that KPJ's strategic focus on optimising existing assets and expanding its hospital network positions it well for sustained growth.
Moreover, KPJ has declared an interim dividend of 1 sen, up from 0.65 sen in the previous year, representing a payout ratio of 56%. This is indicative of the company's commitment to returning value to shareholders even amid competitive pressures.
Looking ahead, KPJ expects to maintain its patient throughput growth of 9% for FY24, driven by an improving economic outlook and rising demand for elective surgeries. The anticipated economic growth in Malaysia, underpinned by strong domestic spending, is expected to bolster the healthcare sector's performance.
Source: Kenanga, RHB, MIDF
Title: Solid Fundamentals, but Priced In, Achieved a Historic Milestone; Keep BUY, Higher BOR Continue to Support Earnings
KPJ Healthcare Berhad公布了24财年上半年的稳健财务业绩,正常化收益同比增长61%。但是,这一表现略低于分析师的预期,占预计收益的42%。所有报道该股的分析师都保持乐观的前景,RhB Stock Broking House重申了买入评级和2.14令吉的目标价格,而Kenanga股票经纪公司则进行了Market Perform看涨期权,目标价为1.95令吉。该公司的股价目前为1.85令吉。
KPJ的 1HFY24 收入同比增长14.9%,达到18.4令吉,这主要是由于患者就诊人数的增加和床位容量的增加。该集团在此期间录得17120万令吉的核心净利润,这反映了患者流量的强劲恢复和患者病例组合的改善。其医院收入为18.1令吉,同比增长15%,使税后利润达到15160万令吉,比上年增长13%。
仅在第二季度,KPJ的核心收益同比增长了66%,达到7900万令吉,使上半年的数字达到12500万令吉。这一表现归因于运营效率的提高和患者就诊人数的稳步增加,门诊和住院人数分别同比增长了1%和3%。该医院的床位占用率提高到66%,原因是该公司在扩大床位容量以有效管理运营成本方面一直持谨慎态度。
尽管该公司表现出强劲的基本面,但它在医疗保健领域面临着激烈的竞争,这可能会给定价和市场份额保留带来挑战。尽管如此,KPJ对医疗旅游、政府支持和技术进步推动的未来增长持乐观态度,预计这些增长将提振服务需求。分析师仍然持乐观态度,认为KPJ的战略重点是优化现有资产和扩大其医院网络,为持续增长奠定了良好的基础。
此外,KPJ宣布中期股息为1仙,高于去年的0.65仙,派息率为56%。这表明即使在竞争压力下,公司仍致力于向股东返还价值。
展望未来,受经济前景改善和选择性手术需求增加的推动,KPJ预计,24财年的患者吞吐量将保持9%的增长。在强劲的国内支出支撑下,马来西亚的预期经济增长有望提振医疗保健行业的表现。
资料来源:Kenanga、rHb、MIDF
标题:稳健的基本面实现了历史性的里程碑;维持买入,更高的利率继续支撑收益
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Moomoo Securities Australia Limited提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
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