Simons Trading Research

Health Management International - 4QFY6/18 Healthier Margins

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Publish date: Tue, 28 Aug 2018, 04:12 PM
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Simons Stock Trading Research Compilation
  • HMI’s FY18 core PATMI of RM62.8m was slightly ahead of ours/consensus expectations.
  • Even without the minority interests’ consolidation, FY18 core net profit increased 15.9% y-o-y.
  • We saw growth in volume and revenue intensity, mainly from foreign patients.
  • Both Mahkota Medical Centre and Regency Specialist Hospital continue to add capacity and sub-specialties, while StarMed could face gestation of up to 2-3 years.
  • Maintain ADD with lower EPS forecasts and DCF-based Target Price of S$0.79.

Source: CGS-CIMB Research - 28 Aug 2018

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