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.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....