Financials KPJ Healthcare

Equities

KPJ

MYL5878OO003

Healthcare Facilities & Services

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-28 pm EDT			5-day change	1st Jan Change
2.01 ^MYR	+2.03%		+4.69%	+39.58%

Apr. 02	KPJ Healthcare Berhad Announces the Appointment of Ismail Bin Bakar as Non Independent and Non Executive Chairman	CI
Mar. 15	KPJ Healthcare Berhad Announces Resignation of Md Arif Bin Mahmood as Non Independent and Non Executive Chairman, Effective April 1, 2024	CI

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	4,455	4,043	4,280	4,803	4,387	8,772	8,772	-
Enterprise Value (EV) ¹	5,661	5,328	5,773	6,313	5,806	7,411	9,901	9,777
P/E ratio	25.2 x	19.9 x	40.3 x	95.7 x	26.9 x	23.8 x	31.5 x	28.9 x
Yield	1.92%	2.12%	1.2%	0.5%	1.98%	2.33%	1.69%	1.82%
Capitalization / Revenue	1.35 x	1.12 x	1.79 x	1.83 x	1.48 x	1.79 x	2.43 x	2.29 x
EV / Revenue	1.71 x	1.48 x	2.41 x	2.4 x	1.96 x	2.11 x	2.75 x	2.55 x
EV / EBITDA	11.3 x	8.32 x	10.7 x	11.9 x	8.21 x	9.11 x	11.8 x	11.1 x
EV / FCF	88 x	27.6 x	60 x	32.3 x	25.7 x	17.6 x	23.2 x	21 x
FCF Yield	1.14%	3.62%	1.67%	3.1%	3.89%	5.67%	4.31%	4.75%
Price to Book	2.25 x	2.2 x	2.17 x	2.31 x	2.06 x	2.72 x	3.52 x	3.32 x
Nbr of stocks (in thousands)	4,283,951	4,277,880	4,279,736	4,326,852	4,343,221	4,364,301	4,364,301	-
Reference price ²	1.040	0.9450	1.000	1.110	1.010	2.010	2.010	2.010
Announcement Date	2/19/19	2/26/20	2/18/21	2/18/22	2/17/23	2/16/24	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3,308	3,604	2,397	2,627	2,959	3,504	3,606	3,828
EBITDA ¹	503	640.6	538.9	529.5	706.8	813.3	839.5	882.4
EBIT ¹	305.9	379.9	283.2	250.5	439.2	531.7	549.9	591
Operating Margin	9.25%	10.54%	11.81%	9.54%	14.84%	15.17%	15.25%	15.44%
Earnings before Tax (EBT) ¹	266.5	275.4	150.8	115.6	255.8	346.2	414.6	449.8
Net income ¹	179.4	211.4	110.4	51.03	182.7	270.4	284.3	309.5
Net margin	5.42%	5.86%	4.61%	1.94%	6.17%	7.72%	7.88%	8.08%
EPS ²	0.0412	0.0474	0.0248	0.0116	0.0376	0.0604	0.0638	0.0696
Free Cash Flow ¹	64.3	192.9	96.29	195.6	225.6	420.1	427.1	464.8
FCF margin	1.94%	5.35%	4.02%	7.45%	7.63%	11.99%	11.84%	12.14%
FCF Conversion (EBITDA)	12.78%	30.12%	17.87%	36.95%	31.92%	51.65%	50.87%	52.67%
FCF Conversion (Net income)	35.83%	91.28%	87.18%	383.37%	123.51%	155.35%	150.21%	150.2%
Dividend per Share ²	0.0200	0.0200	0.0120	0.005500	0.0200	0.0335	0.0339	0.0366
Announcement Date	2/19/19	2/26/20	2/18/21	2/18/22	2/17/23	2/16/24	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	632.8	699	689.1	651	707.6	809.2	790.8	839.3	806.8	925.4	928.7	907.1	889.3	889.3	871.5
EBITDA ¹	116.9	147.9	138.9	151.8	159.7	203.6	191.8	190.9	185.9	257.5	179	207.4	189.6	189.6	171.8
EBIT ¹	-	82.32	66.9	77.29	82.15	123.8	123.7	111.8	105.9	172.5	107.5	157.9	140.1	140.1	122.4
Operating Margin	-	11.78%	9.71%	11.87%	11.61%	15.3%	15.65%	13.32%	13.13%	18.64%	11.57%	17.41%	15.76%	15.76%	14.04%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	6.958	12.64	18.46	22.19	27.1	54.28	66	51.39	46.88	91.75	67.34	88.62	70.83	70.83	53.05
Net margin	1.1%	1.81%	2.68%	3.41%	3.83%	6.71%	8.35%	6.12%	5.81%	9.91%	7.25%	9.77%	7.96%	7.96%	6.09%
EPS ²	0.001600	0.002800	0.004300	0.005000	0.006100	0.0122	0.0143	0.0118	0.0226	0.0210	0.0168	0.0203	0.0162	0.0162	0.0122
Dividend per Share ²	-	0.002500	0.003000	0.002000	0.002500	0.005500	0.0100	-	0.006500	0.008000	0.0130	0.008120	0.008120	0.008120	0.008120
Announcement Date	8/24/21	11/26/21	2/18/22	5/26/22	8/29/22	11/23/22	2/17/23	5/30/23	8/29/23	11/28/23	2/16/24	-	-	-	-

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	1,206	1,285	1,493	1,510	1,419	1,127	1,129	1,005
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.397 x	2.006 x	2.77 x	2.853 x	2.008 x	1.385 x	1.345 x	1.139 x
Free Cash Flow ¹	64.3	193	96.3	196	226	420	427	465
ROE (net income / shareholders' equity)	9.67%	10.9%	5.6%	2.44%	8.37%	11.7%	11.4%	11.8%
ROA (Net income/ Total Assets)	3.98%	3.92%	1.82%	0.83%	2.77%	3.8%	3.89%	4%
Assets ¹	4,513	5,389	6,064	6,165	6,591	7,120	7,302	7,730
Book Value Per Share ²	0.4600	0.4300	0.4600	0.4800	0.4900	0.5300	0.5700	0.6100
Cash Flow per Share ²	0.1000	0.1400	0.0800	0.1200	0.1500	0.1500	0.2000	0.2000
Capex ¹	380	397	240	217	234	237	402	297
Capex / Sales	11.5%	11.03%	10.03%	8.24%	7.92%	6.78%	11.15%	7.75%
Announcement Date	2/19/19	2/26/20	2/18/21	2/18/22	2/17/23	2/16/24	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for KPJ Healthcare

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

2.01 MYR

Average target price

1.786 MYR

Spread / Average Target

-11.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
KPJ HEALTHCARE	+39.58%	1.8B
AIER EYE HOSPITAL GROUP CO., LTD.	-17.07%	16.21B
BANGKOK DUSIT MEDICAL SERVICES	+3.60%	12.44B
IHH HEALTHCARE	+5.64%	11.58B
APOLLO HOSPITALS ENTERPRISE LIMITED	+4.63%	10.79B
ENCOMPASS HEALTH CORPORATION	+25.36%	8.26B
RAMSAY HEALTH CARE LIMITED	-0.21%	7.68B
MOUWASAT MEDICAL SERVICES COMPANY	+22.18%	7.06B
THE ENSIGN GROUP, INC.	+5.77%	6.67B
GLOBAL HEALTH LIMITED	+52.00%	4.66B

Hospitals, Clinics & Primary Care Services