Financials Apex Healthcare

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
2.84 ^MYR	+0.71%		-.--%	+14.06%

May. 15	Apex Healthcare Berhad Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
May. 15	Apex Healthcare Berhad Approves Special Dividend for the Financial Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,057	1,682	1,281	1,681	1,789	2,041	-	-
Enterprise Value (EV) ¹	1,057	1,575	1,102	1,523	1,416	1,837	1,825	1,802
P/E ratio	20.1 x	30 x	21.5 x	16.5 x	4.47 x	21.9 x	19.7 x	18.5 x
Yield	1.54%	1.27%	2.04%	1.85%	2.01%	1.97%	2.39%	2.35%
Capitalization / Revenue	1.53 x	2.41 x	1.66 x	1.92 x	1.91 x	2.04 x	1.92 x	1.77 x
EV / Revenue	1.53 x	2.25 x	1.43 x	1.73 x	1.51 x	1.84 x	1.72 x	1.56 x
EV / EBITDA	13.5 x	20.1 x	12.9 x	14.1 x	13.4 x	15.9 x	14.6 x	14 x
EV / FCF	20.1 x	22.6 x	-	-	38.8 x	27.1 x	27.9 x	-
FCF Yield	4.97%	4.42%	-	-	2.58%	3.69%	3.58%	-
Price to Book	2.48 x	3.58 x	2.51 x	2.98 x	1.93 x	2.3 x	2.16 x	1.97 x
Nbr of stocks (in thousands)	707,812	712,634	714,374	716,374	718,375	718,606	-	-
Reference price ²	1.493	2.360	1.793	2.347	2.490	2.840	2.840	2.840
Announcement Date	2/19/20	2/25/21	2/23/22	2/22/23	2/21/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	688.8	698.7	770.8	877.7	936.2	999.2	1,061	1,152
EBITDA ¹	78.31	78.17	85.51	108	105.5	115.7	125	128.9
EBIT ¹	60.62	62.66	69.18	91.55	87.48	96.8	110.2	122
Operating Margin	8.8%	8.97%	8.98%	10.43%	9.34%	9.69%	10.39%	10.59%
Earnings before Tax (EBT) ¹	66.33	70.17	75.41	120.4	423.3	111.8	124.7	132.3
Net income ¹	52.75	56.02	59.42	101	398	93.12	104.1	110.2
Net margin	7.66%	8.02%	7.71%	11.5%	42.51%	9.32%	9.81%	9.57%
EPS ²	0.0743	0.0787	0.0835	0.1418	0.5565	0.1294	0.1442	0.1538
Free Cash Flow ¹	52.52	69.57	-	-	36.5	67.8	65.3	-
FCF margin	7.62%	9.96%	-	-	3.9%	6.79%	6.15%	-
FCF Conversion (EBITDA)	67.06%	89%	-	-	34.58%	58.61%	52.24%	-
FCF Conversion (Net income)	99.55%	124.19%	-	-	9.17%	72.81%	62.73%	-
Dividend per Share ²	0.0230	0.0300	0.0367	0.0433	0.0500	0.0560	0.0680	0.0668
Announcement Date	2/19/20	2/25/21	2/23/22	2/22/23	2/21/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	-	107	179	158	372	204	216	239
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	52.5	69.6	-	-	36.5	67.8	65.3	-
ROE (net income / shareholders' equity)	13.5%	12.8%	12.2%	19%	53.9%	11.4%	12.4%	12.4%
ROA (Net income/ Total Assets)	9.78%	9.48%	9.13%	14.2%	10.2%	7.4%	8.3%	8.6%
Assets ¹	539.4	591.2	650.5	712.7	3,891	1,258	1,254	1,282
Book Value Per Share ²	0.6000	0.6600	0.7100	0.7900	1.290	1.240	1.320	1.450
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	15.6	15.9	13.1	34.2	28.2	34.6	27.5	39.8
Capex / Sales	2.27%	2.27%	1.69%	3.9%	3.02%	3.46%	2.59%	3.46%
Announcement Date	2/19/20	2/25/21	2/23/22	2/22/23	2/21/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2.84 MYR

Average target price

2.706 MYR

Spread / Average Target

-4.72%

	1st Jan change	Capi.
APEX HEALTHCARE	+14.06%	434M
MCKESSON CORPORATION	+23.03%	74.04B
CARDINAL HEALTH, INC.	-1.52%	24.18B
SINOPHARM GROUP CO. LTD.	+3.67%	8.46B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+8.55%	8.34B
HUADONG MEDICINE CO., LTD	-23.71%	7.64B
H. LUNDBECK A/S	+15.20%	5.33B
GALENICA AG	+2.68%	4.12B
EBOS GROUP LIMITED	-6.90%	3.92B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+5.56%	3.89B