Financials Apex Healthcare

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
3.29 ^MYR	+2.81%		+10.03%	+32.13%

Apr. 15	Apex Healthcare Berhad Proposes the Special Dividend for the Financial Year Ended 31 December 2023	CI
Feb. 22	Apex Healthcare Boosts Dividend Despite Profit Decline in Q4	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,057	1,682	1,281	1,681	1,789	2,364	-	-
Enterprise Value (EV) ¹	1,057	1,575	1,102	1,523	1,416	2,158	2,144	2,117
P/E ratio	20.1 x	30 x	21.5 x	16.5 x	4.47 x	24.8 x	22.5 x	21.2 x
Yield	1.54%	1.27%	2.04%	1.85%	2.01%	1.75%	2.09%	2.05%
Capitalization / Revenue	1.53 x	2.41 x	1.66 x	1.92 x	1.91 x	2.37 x	2.23 x	2.05 x
EV / Revenue	1.53 x	2.25 x	1.43 x	1.73 x	1.51 x	2.16 x	2.02 x	1.84 x
EV / EBITDA	13.5 x	20.1 x	12.9 x	14.1 x	13.4 x	18.6 x	17.1 x	16.4 x
EV / FCF	20.1 x	22.6 x	-	-	38.8 x	31.8 x	32.8 x	-
FCF Yield	4.97%	4.42%	-	-	2.58%	3.14%	3.05%	-
Price to Book	2.48 x	3.58 x	2.51 x	2.98 x	1.93 x	2.65 x	2.49 x	2.27 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	3.290	3.290	3.290
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	999.1	1,061	1,152
EBITDA ¹	78.31	78.17	85.51	108	105.5	115.9	125	128.9
EBIT ¹	60.62	62.66	69.18	91.55	87.48	97.1	110.2	122
Operating Margin	8.8%	8.97%	8.98%	10.43%	9.34%	9.72%	10.39%	10.59%
Earnings before Tax (EBT) ¹	66.33	70.17	75.41	120.4	423.3	114.6	126.3	133.8
Net income ¹	52.75	56.02	59.42	101	398	95.34	105.4	111.4
Net margin	7.66%	8.02%	7.71%	11.5%	42.51%	9.54%	9.93%	9.67%
EPS ²	0.0743	0.0787	0.0835	0.1418	0.5565	0.1324	0.1460	0.1555
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%	58.5%	52.24%	-
FCF Conversion (Net income)	99.55%	124.19%	-	-	9.17%	71.11%	61.98%	-
Dividend per Share ²	0.0230	0.0300	0.0367	0.0433	0.0500	0.0575	0.0688	0.0675
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	206	221	247
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%	11.7%	12.6%	12.5%
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	1,288	1,269	1,296
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

3.29 MYR

Average target price

2.644 MYR

Spread / Average Target

-19.64%

	1st Jan change	Capi.
APEX HEALTHCARE	+32.13%	496M
MCKESSON CORPORATION	+17.35%	71.39B
CARDINAL HEALTH, INC.	+2.39%	25.1B
SINOPHARM GROUP CO. LTD.	-1.22%	8.59B
SHANGHAI PHARMACEUTICALS HOLDING CO., LTD	+6.69%	8.19B
HUADONG MEDICINE CO., LTD	-20.96%	7.91B
H. LUNDBECK A/S	0.00%	4.54B
JOINTOWN PHARMACEUTICAL GROUP CO., LTD	+17.12%	4.31B
GALENICA AG	-2.54%	3.86B
CHINA NATIONAL MEDICINES CORPORATION LTD.	+22.08%	3.64B