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投資銀行今日（2024年7月2日）發佈報告稱，Sunway Bhd在Sunway Healthcare Group（SHG）上市前有望進行再評估。CGS重申對Sunway Bhd的評級爲“添加”，上調其2024-2026財年每股收益（EPS）預測並設置新目標價（TP）爲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.
據CGS稱，這種再評估的催化劑是預計在2026財年進行的Sunway Healthcare Group（SHG）的IPO。此次時機與兩家新醫院Sunway Damansara和Sunway Ipoh的開業時間相一致，這兩家醫院預計到2026財年將在EBITDA水平上實現盈利。這將使SHG的病牀容量達到約1,700張，而截至2024年3月，該數字爲1,158張。
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已將SHG的估值修訂爲100％所有權的13.5億令吉，而Sunway持有的84％股份的估值爲115億令吉。現在的估值基於22x FY25F EV/EBITDA倍數，較醫療保健行業類似交易的溢價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.
該銀行認爲，這種溢價是合理的，因爲SHG的強勁擴張計劃預計將提高其在私人醫院業的市場份額並將其每張牀的收入提高到130萬令吉，超過行業基準。
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最近被納入FBM KLCI並有可能被納入MSCI馬來西亞指數，這進一步增強了該公司在外國投資者中的知名度。CGS指出，截至2024年5月，Sunway的外資持股比例上升至5.3％，而去年12月則爲4％，表明國際投資者對其越來越感興趣。
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.
歷史上，類似的企業行動，如Sunway Construction Group在2014年的IPO，導致其前幾個月的股價上漲22％。CGS預計，在SHG的IPO即將到來的背景下，Sunway Bhd也將面臨類似的再評估情景，這種情景主要是由SHG在高質量醫療服務、不斷擴大的醫院網絡以及戰略收購，如檳城島嶼醫院的潛在收購推動。
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.
總之，CGS投資銀行維持其對Sunway Bhd的“添加”評級，稱該公司在醫療保健行業的戰略舉措以及SHG即將進行的IPO所支持的強勁增長前景。投資者被鼓勵將Sunway Bhd視爲資本增值的潛在機會，尤其是在SHG的2026年上市之前預計會進行再評估的情況下。