【KPJ 5878 交流专区】柔佛医药保健

icy97

柔醫保2送1紅股‧發附加股籌1.23億

大馬  2013-07-30 10:44
（吉隆坡29日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）建議以2送1比例派送至多3億2千977萬股紅股，並建議每15股配售1股附加股及附送2張憑單，籌集至多1億2千311萬令吉融資業務擴充和還債。

15股售1附加股送2憑單

柔佛醫保發文告表示，紅股將透過將公司股票溢價戶頭和保留盈利戶頭資本化進行。

該公司在附加股計劃下將配售至多4千397萬股附加股，參閱發售價為每股2令吉80仙，相等於過往5天平均理論紅股除權價4令吉77仙的41.30%折價。

該公司將附送至多8千794萬張憑單，期限為2013至2018年，憑單的參閱行使價為4令吉77仙，相等於其理論除權價。

大股東柔佛機構目前持有該公司44.56%股權，柔佛醫保將尋求豁免其大股東全面獻購剩餘股票和憑單。

附加股計劃可籌集至多1億2千311萬令吉，其中8千萬令吉將用作商業擴充計劃，以及3千500萬令吉用作清還貸款。

該公司的股本將在完成紅股計劃後擴大至9億8千930萬股，以及在完成附加股計劃後擴大至10億3千327萬股。

該公司並建議將註冊資本從10億股擴大至15億股，以及建議修改公司章程。（星洲日報／財經）

KPJ HEALTHCARE BERHAD

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) COMBINATION OF NEW ISSUE OF SECURITIES
Description	KPJ HEALTHCARE BERHAD (“KPJ” OR THE “COMPANY”) (I) PROPOSED BONUS ISSUE; (II) PROPOSED RIGHTS ISSUE; (III) PROPOSED EXEMPTION; (IV) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND (V) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
On behalf of the Board of Directors of KPJ (“Board”), RHB Investment Bank Berhad wishes to announce that the Company proposes to undertake the following:- (i)        Proposed bonus issue of up to 329,766,497 new ordinary shares of RM0.50 each in KPJ (“KPJ Share(s)” or “Share(s)”) (“Bonus Share(s)”) on the basis of one (1) Bonus Share for every two (2) existing KPJ Shares held on an entitlement date to be determined later ( “Entitlement Date”) (“Proposed Bonus Issue”); (ii)        Proposed renounceable rights issue of up to 43,968,866 KPJ Shares (“Rights Share(s)”) on the basis of one (1) Rights Share for every fifteen (15) existing KPJ Shares held on the Entitlement Date together with up to 87,937,732 free detachable new warrants 2013/2018 (“New Warrant(s)”) on the basis of two (2) New Warrants for every one (1) Rights Share subscribed (“Proposed Rights Issue”); (iii)        Proposed exemption under Paragraph 16.1 of Practice Note 9 of the Malaysian Code on Take-Overs and Mergers 2010 (“Code”) to Johor Corporation (“JCorp”) and the parties acting in concert with it (“PAC(s)”) from the obligation to extend a mandatory take-over offer for the remaining KPJ Shares, Warrants 2010/2015 (as defined herein) and New Warrants not already held by them pursuant to the Proposed Rights Issue (“Proposed Exemption”); (iv)        Proposed increase in the authorised share capital of KPJ from RM500,000,000 comprising 1,000,000,000 KPJ Shares to RM750,000,000 comprising 1,500,000,000 KPJ Shares (“Proposed Increase in Authorised Share Capital”); and (v)        Proposed amendments to the Memorandum and Articles of Association (“M&A”) of KPJ (“Proposed Amendments”) This announcement is dated 29 July 2013.

Attachments KPJ - Proposals (29 July 2013).pdf

icy97

柔佛醫保發股評價兩極化

熱股評析  2013-07-31 11:29
（吉隆坡30日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）推行紅股附加股配憑單計劃，分析員意見分岐，看好者認為，有關籌資計劃長期可改善股票流通率及籌資作未來業務擴充用途，看空者則認為將沖淡該公司未來盈利，並對削減負債效果並不顯著。

該公司週一宣佈2送1紅股，15配1附加股及附送2張憑單。興業研究看好有關企業活動及持正面態度，主要是紅股計劃，長期可改善該公司股票交易流通率及附加股及憑單計劃，則可籌資充當未來資本開銷用途。

興業：基本因素良好

興業指出，投資者應認購其附加股，因該公司基本因素仍然良好。

安聯研究對該公司推行附加股計劃感到意外，因之前相信該公司是有能力融資業務擴充計劃，包括以內部資金及貸款融資。

安聯指出，附加股及憑單計劃，將沖淡該公司未來盈利，因股本將增加1億3千190萬股，或占擴大資本後的13.3%。利好則是將截至2013年財政年杪的淨負債率，從目前的0.45倍，降低至0.36倍，以及改善該公司股票的流通率。

除了上述盈利沖淡利空，該行對其短期潛在利空持謹慎態度，包括旗下新醫院需要更長的消化期，使盈利表現欠佳的潛能風險，以及最近法律訴訟虧損，將削減它的股息派發率等。

肯納格研究指出，假設投資者目前持有該公司的1萬5千股的股票，一旦完成紅股及附加股計劃後，有關投資者將持有2萬3千500股股票及2千單位憑單，而額外成本為2千800令吉，若以該公司股價6令吉72仙為准，它的理論全部除權後的股價，則調整至4令吉41仙。

肯納格：每股盈利沖淡4.4%

肯納格指出，上述附加股及憑單計劃，將把其2013年財政年每股盈利沖淡4.4%。該行對有關計劃持中和至負面態度，主要是它沖淡盈利，減債程度不大（4億7千萬令吉減3千500萬令吉）及賠償PENAWAR醫院逾7千萬令吉，將打擊它的股票交投情緒。

達證券指出，上述附加股計劃料沖淡盈利3.2%，包括該公司利息收入增加緩和股票數目增加影響。該行預料該公司的拿督翁城鎮KPJ專科醫院，將在2016年財政年建峻，之前預測為2014年財政年。

基於上述變動，達證券將2013年至2015年淨利預測，分別調整至6千180萬令吉、1億2千300萬令吉及1億2千740萬令吉，比較之前則分別為5千990萬令吉、1億2千420萬令吉及1億4千330萬令吉。（星洲日報／財經）



敗訴僅一次性衝擊 柔佛醫藥長期前景看俏

財經股市1 Aug 2013 22:00
（吉隆坡1日訊）早前被指違反協議而遭索賠的柔佛醫藥（KPJ，5878，主要板貿易），相信仍有50%以上幾率打贏官司，即使敗訴只會帶來一次性衝擊，長期前景仍備受看好。

柔佛醫藥今早開盤微跌4仙，以6.56令吉報開，開市27分鐘后止跌回揚，報6.61令吉，休市時暫掛6.67令吉，揚7仙，半日易手113萬5900股。

午盤間，柔佛醫藥持續往北攀高，閉市時，該股報6.65令吉，揚5仙，成交量達256萬4600股。

新山高庭早前宣判，柔佛醫藥因違反與柏納哇私人醫院的合作協議，須賠償后者2名股東逾7048萬令吉。

然而，據大眾投銀研究所知，在柔佛醫藥與柏納哇所簽署的合作協議中，並沒有條款是禁止柔佛醫藥在附近建設其他醫院。

該公司已申請暫緩執行，審聽日期最早會落在今年底，但亦有可能會拖長至2年。

關于賠償方面，在律師的建議下，該公司已找尋審核師批准7050萬令吉的急用負債。然而，該公司仍有50%以上幾率可打贏這場官司。

該案件仍有待進一步的發展，最壞情況是敗訴，但這對公司只會造成一次性衝擊，隨后股價回調正是累積該股的最好機會。

另外，該公司發行附加股籌資擴展，預計在2020年將床位從目前的3000張，增加至5000張，公司業務長期前景備受看好。

該行維持“中立”評級，目標價為6.50令吉。[中国报财经]

icy97

暫緩付7060萬違約款‧柔醫保低迷不振

熱股評析  2013-08-16 11:15
（吉隆坡15日訊）儘管柔佛醫藥保健（KPJ,5878,主板貿服組）已針對上月26日遭法院判處支付7千零60萬令吉違約付款予Penawar醫院提出上訴，並獲高等法院批准緩判，可股價仍然低迷不振，週四（15日）一度再挫24仙或3.59%，創下超過兩個月新低。

該股以6令吉68仙平盤開場後，行情開始在賣壓席捲下急轉直下，盤中下探6令吉44仙低點後開始獲買盤趁低吸納，帶領股價有所回升，終場閉市時該股掛6令吉50仙，挫18仙或2.69%，成交量787萬3千400股。

柔佛醫藥保健週三發文告說，公司律師已針對法院判決提出上訴，聽證會落在本月27日，公司也在本月5日提出暫緩執行判決申請，而該申請已獲有條件批准。

安聯研究早前曾直言對上述消息大感意外，表示上述賠償金額約佔柔佛醫藥保健2013財政年核心淨利預測的43.8%，為此決定大砍該公司財測41%，同時預測短期股息或有下行風險。（星洲日報／財經）

Type	Announcement
Subject	MATERIAL LITIGATION
Description	Subject: Johor Bahru High Court Writ Summons No : 23NCVC-74-05/2012 Plaintiffs : Dr Mohd Adnan Bin Sulaiman Azizan Bin Sulaiman Defendant : Kumpulan Perubatan (Johor) Sdn Bhd ("The Company")
We refer to the announcement dated 26 July 2013. The Board wishes to announce that the Company’s solicitor M/s Zainal Abidin & Co, had on 29.7.2013 filed a Notice of Appeal against the whole Judgment dated 26.7.2013 at the Court of Appeal and the said Appeal is now fixed for Case Management on 27.8.2013. Further on 31.7.2013, on a Certificate of Urgency basis, a Notice of Application to the Johor Bahru High Court for an Order for Stay of Execution proceedings was filed. The Honorable Judge Dato' Abdul Rahman bin Sebli directed that the said application be fixed for Case Management on 20.8.2013. Due to this, another Notice of Application for an Order for an Interim Stay of Execution on a Certificate of Urgency basis was filed on 5.8.2013 wherein the Honorable Judge Tuan Teo Say Eng agreed to hear the said Application on 13.8.2013 at 9:00 am. On 13.8.2013, at about 9:00 am, the Plaintiffs’ solicitors served a Statutory Notice under Section 218 of the Companies Act, 1965 (“S.218”) on the Defendant at its registered and business address. On 13.8.2013 at about 10.05 am, the Honorable Judge Tuan Teo Say Eng granted a Conditional Interim Stay of Execution wherein all execution proceedings and any proceedings pertaining to the Judgment dated 26.7.2013 is stayed and further ordered that the Plaintiffs are required to stop any execution proceeding pertaining to the Judgment against the Defendant until the disposal of the Stay Application dated 13.08.2013 before the High Court. In light of the Conditional Interim Stay of Execution dated 13.8.2013, the Statutory Notice under S.218 that was served on 13.8.2013, is now ineffective. This announcement is dated 14 August 2013.

icy97

柔醫保次季淨利挫27%

2013-08-31 11:35      
（吉隆坡30日訊）由於受到新開醫院虧損的拖累，使柔佛醫藥保健（KPJ, 5878, 主板貿服組）截至2013年6月30日為止次季淨利下跌27.31%，至2千529萬4千令吉，前期淨利3千479萬8千令吉，首6個月淨利也下跌26.04%至5千零38萬7千令吉。

次季營業額為5億8千769萬8千令吉，增長11.03%。

首6個月的營業額則增加7.37%至11億3千274萬9千令吉。

該公司宣佈派發每股2仙股息。

該公司發文告指出，該公司首6個月營業額有增無減，主要是現有及新開醫院的營收增加推動。大馬業務營收增加5%，印尼業務營收則增長72%，樂齡醫療設施則增長36%，以及後緩業務則增長18%。

董事部預料現有醫院擴充將為2013年財政年業績產生正面影響。不過，需要平均3至5年消化期。

目前該公司擁有3間興建中新醫院，包括KPJ沙巴專科醫院，馬哈拉尼專科醫院及KPJ萬撓專科醫院。（星洲日報／財經）

SUMMARY OF KEY FINANCIAL INFORMATION 30/06/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2013	30/06/2012	30/06/2013	30/06/2012
		$$'000	$$'000	$$'000	$$'000

1	Revenue	587,698	529,290	1,132,749	1,054,911
2	Profit/(loss) before tax	37,718	52,996	72,494	101,969
3	Profit/(loss) for the period	28,411	39,486	54,937	77,338
4	Profit/(loss) attributable to ordinary equity holders of the parent	25,294	34,798	50,387	68,135
5	Basic earnings/(loss) per share (Subunit)	4.24	5.98	8.53	11.79
6	Proposed/Declared dividend per share (Subunit)	2.00	2.50	6.00	7.20
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.7300		1.7100

icy97

KPJ HEALTHCARE BERHAD

EX-date	25/09/2013
Entitlement date	27/09/2013
Entitlement time	05:00:00 PM
Entitlement subject	Interim Dividend
Entitlement description	2.0 sen single tier dividend per ordinary shares of RM 0.50 each
Period of interest payment	to
Financial Year End	31/12/2013
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Pro Corporate Management Services Sdn Bhd Suite 12B, Level 12, Menara Ansar 65 Jalan Trus, 80000 Johor Bahru, Johor Tel : 07 - 2267692
Payment date	18/10/2013
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	27/09/2013
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.02

icy97

新醫院轉盈耗時‧柔醫保財測下調

2013-09-02 17:44      
（吉隆坡2日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）第二季業績低於市場預期，鑒於新醫院轉虧為盈期限比預期長限制淨利增長，分析員失望下調財測。

肯納格研究指出，柔佛醫藥保健已針對違約判決提出上訴，聽證會落在本月26日，若須賠償7千零600萬令吉（毀約及成本費），將減低2013年3月31日止有形資產淨值8%或每股11仙及今年淨利預測48%，債務及負債率也將走高至6億3千890萬令吉及0.60倍。

每年資本開銷2.5億

“未來2年盈利貢獻來自新醫院、現有容量及服務拓展，在每年資本開銷達約2億至2億5千萬令吉的壓縮下，相信未來兩年淨利成長低落，因此下調2013及2014年淨利6.3%及4.4%。”

鑒於新醫院虧損期限比預期長，該集團亦計劃在2020年雙倍增加大馬病床容量至5千張，興業研究也下調2013及2014盈利預測11.7至31.1%、評級及目標價，未來3年淨利預測為1億零130萬至1億8千270萬令吉。

大馬研究則下砍2013至2015年盈利及利潤預測40%及10%至11%，反映新醫院虧損及沙巴醫院延期開張效應。

“今年該集團已開設5家新醫院，而違約判決僅造成一次性虧損，料不會影響該集團運作及拓展計劃，長期盈利前景依然具彈性空間。”

另外，柔佛醫藥保健的紅股及附加股活動也將於今年第四季完成。（星洲日報／財經）

icy97

icy97 发表于 30-7-2013 12:10 AM
柔醫保2送1紅股‧發附加股籌1.23億

大馬  2013-07-30 10:44

KPJ HEALTHCARE BERHAD

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) COMBINATION OF NEW ISSUE OF SECURITIES
Description	KPJ HEALTHCARE BERHAD (“KPJ” OR THE “COMPANY”) (I) PROPOSED BONUS ISSUE; (II) PROPOSED RIGHTS ISSUE; (III) PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL; AND (IV) PROPOSED AMENDMENTS (COLLECTIVELY REFERRED TO AS THE “PROPOSALS”)
The terms used herein shall, unless the context otherwise stated, bear the same meaning as those defined in the announcement dated 29 July 2013 in relation to the Proposals, where applicable. We refer to the announcement dated 29 July 2013 in relation to the Proposals. On behalf of the Board of Directors of KPJ, RHB Investment Bank Berhad wishes to announce that KPJ intends to procure underwriting arrangements for any remaining Rights Shares not subscribed for by the other Entitled Shareholders pursuant to the Proposed Rights Issue. The appointments of the underwriters have been finalised, with the underwriting agreement to be signed after the EGM to obtain shareholders’ approval for the Proposals. Pursuant thereto, the Company will procure a written irrevocable undertaking from JCorp and/or its related companies, being the substantial shareholders of KPJ, to subscribe in full for its respective Rights Shares entitlement on the Entitlement Date for the Proposed Rights Issue. In view of the above, there will be no take-over implications pursuant to the Code and hence, the Proposed Exemption and the relevant disclosures related thereto as earlier announced on 29 July 2013 will not form part of the Proposals. Save for the above amendments, all other details relating to the Proposals, which was announced on 29 July 2013, where applicable, remains unchanged. Further details will be set out in a Circular to be issued to KPJ shareholders in due course. This announcement is dated 6 September 2013.

kongsenger

KPJ Healthcare - Earnings Letdown Prompts Cautions Stance
http://klse.i3investor.com/servlets/ptres/18203.jsp
Price Target:         6.13
Price Call         :         HOLD

KPJ’s 1HFY13 core earnings of MYR50.4m missed both consensus and our  expectations  due  to  continued  losses  at  its  new  hospitals.  In  view of  the  potentially  longer-than-expected  gestation  period  for  its  start-ups,  we  slash  our  FY13F-15F  earnings  forecasts  by  11.7-31.1%.  Based on  an  unchanged  26x  FY14  P/E,  we  lower  our  FV  to  MYR6.13  (from MYR7.30). Downgrade to NEUTRAL.

- Earnings  disappoint.  KPJ’s  1HFY13  revenue  rose  7.4%  y-o-y  to MYR1.13bn, driven by higher contributions from all its core operations in Malaysia, Indonesia and Australia. EBITDA, however, slipped 16.5% y-o-y  to  MYR109.5m.  We  attribute  this  to  the  start-up  costs  incurred  in relation to some of its new hospitals as the group rolls out its aggressive expansion  plan.  Overall  core  earnings  amounted  to  a  disappointing MYR50.4m, down 26.0% y-o-y, which was short of both consensus and our  expectations  -  at  33.8%  and  34.3%  of  the  respective  full-year estimates. Meanwhile, the group’s 2QFY13 revenue of MYR587.7m was better  both  y-o-y  and  q-o-q  but  its  core  earnings  of  MYR25.3m  were 27.3%  lower  y-o-y  as  losses  at  its  newly  opened  hospitals  eroded profitability.  

- Dividend the sole consolation. Management declared a second interim DPS  of  2.0  sen,  bringing  its  YTD  DPS  to  4.0  sen,  for  a  payout  ratio  of 52.3% vis-à-vis 48.4% in 1HFY12.

- Revising  earnings.  The  subpar  results  marked  KPJ’s  second consecutive  quarter  of  earnings  disappointment  owing  to  continued losses  at  its  new  hospitals.  In  view  of  the  potentially  longer-than-expected  gestation  period  for  its  start-ups,  we  are  cutting  our  earnings forecasts  by  11.7-31.1%  for  FY13F-15F.  Our  net  profit  estimates  now stand at MYR101.3m-182.7m for the next three years.

- Downgrade to NEUTRAL. Based on an unchanged 26x FY14 P/E, our FV  is  now  revised  lower  to  MYR6.13.  Accordingly,  we  downgrade  our call to NEUTRAL (from Buy) as we adopt a more conservative stance on potential further earnings disappointment given that the group intends to double its capacity to 5k hospital beds in Malaysia by 2020.




Source: RHB

kongsenger

KPJ HEALTHCARE BERHAD - Disappointing Quarter
http://klse.i3investor.com/servlets/ptres/18230.jsp
Price Target:         6.20
Price Call         :         HOLD

KPJ‟s revenue for 2QFY13 are in line with expectations, with YTD revenue of RM1.1bn accounting for 48% of our and consensus full year estimates. However, operating margins continue to see significant compression from the overheads in its newer hospitals, resulting in net profit falling 27% y-o-y. We expect this trend to continue going forward, especially with three hospitals commencing operations this year. The Group announced an interim dividend of 2 sen.

Revenue (+11.0% y-o-y, +7.8% q-o-q). Revenue for the quarter grew to RM87.7m from RM529.3m last year, on the back of higher contribution from all segments. Malaysian hospitals recorded an 8% y-o-y growth in revenue to RM520.5m, while Indonesian hospitals contributed RM10.8m compared to RM5.3m in 2QFY12. Jeta Gardens also reported improved performance with RM10.2m revenue, which is 52% higher than RM6.7m last year due to an increase in resale of the retirement village units. The Group also recorded improved sales for its support services in line with the revenue growth in their hospitals, with contribution increasing 18% y-o-y to RM135.9m.

Net profit (-27.3% y-o-y, +0.8% q-o-q). Net profit for the quarter fell 27% y-o-y from RM34.8m in 2QFY12 to RM25.4m. This was mainly caused by a 38% spike in operating expenses, which jumped to RM157.2m from RM114.1m in 2QFY12. We believe the extra expenses were incurred by the Bandar Baru Klang Hospital (opened in July 2012) and the Pasir Gudang Specialist Hospital which commenced operations in 2QFY12. This is evident by the 10% q-o-q increase in operating expenses. We are cutting our FY13-FY15 net profit forecast by 16%-26% as the start-up costs are much higher than we‟ve expected.

Maintain Neutral with adjusted TP of RM6.20. We are adjusting our target price from RM6.50 to RM6.20 in view of the lower projected FY14 earnings. We have however raised our target P/E multiple from 26x to 30x, which we believe is justified as i) it is a 38% discount to IHH‟s FY14 P/E of 48x and ii) the local healthcare sector is currently trading at a premium as investors seem to be looking beyond the two-year horizon at the longer term growth potential of healthcare stocks. We like KPJ for its strategic growth plans and market leader position in Malaysia, but remain cautious that the Group‟s earnings may continue to disappoint in the near term.

Source: PublicInvest Research - 2 Sep 2013

kongsenger

KPJ Healthcare - Another Disappointing Quarter
http://klse.i3investor.com/servlets/ptres/18219.jsp
Price Target:         5.75       
Price Call         :         SELL

Actual vs. Expectations  The reported 1H13 net profit of RM50.4m (-26% YoY) came in below expectations at only 34% of our and the consensus fullyear earnings estimates. The variance from our result is largely due to higher-than-expected losses incurred in its newly opened hospitals and losses at the support services segment. This quarter marks the second consecutive quarter of earnings disappointment.

Dividends  A second interim single tier dividend of 2.0 sen was declared which brings the 1H13 net dividend to 4.0 sen.

Key Result Highlights  QoQ, the 2Q13 turnover rose 8% to RM587m driven by improvement from Malaysia (+5.9%), Indonesia (+57%), aged care facility (+33%) and support services (+9%). The higher revenue reported is due to the increase in revenue of the existing hospitals and newly opened hospitals. 2Q13 net profit came in flat at RM25.3 as profit from its Malaysian hospitals rose 91% which were negated by the widening losses of the support services segment of RM15m compared to RM1m in 1Q13. In the meantime, aged care facility recorded its maiden pre-tax profit of RM1.6m in 2Q13.

YoY, 1H13 net profit fell 26% due to (i) losses from the opening of new hospitals namely KPJ Bandar Baru Klang Specialist Hospital and (ii) support services segment’s losses of RM15.8m compared to profit of RM6m in 1H13 (we have to seek further clarification from the management on reason behind the losses).

Outlook  Recall, on 26th July 2013, the Johor Bahru High Court had allowed the claim by Dr Mohd Adnan bin Sulaiman and Azizan Sulaiman (plaintiffs) against KPJ wherein both plaintiffs alleged that KPJ had breached the Joint Venture Agreement dated 30th May 1995 whereby the said High Court had awarded the sum of RM70.6m including costs. According to the quarterly notes accompanying the interim financial report, a notice of appeal against the whole judgement has been filed at the Court of Appeal and case has been fixed on 26th September 2013.

In the meantime, the above-mentioned judgement sum has not been provided for in this quarterly result. However, for illustrative purposes, the RM70.6m (damages and costs) would reduce KPJ’s 31 March 2013 NTA by 8% or by 11 sen/share from RM1.33 to RM1.22 and our FY13 net profit forecast by 48%. KPJ’s net debt and net gearing would then also increase by RM70.6m from RM568.3m to RM638.9m and 0.54x to 0.60x respectively.

Earnings contribution over the next two years is expected to come from the setting up of new hospitals as well as the expansion of its existing capacity and services. The planned capex in FY13 and FY14 are estimated at between RM200m and RM250m p.a.

Change to Forecasts  We are downgrading our FY13 and FY14 net profits by 6.3% and 4.4% respectively due to the poor set of results and after taking into account the higher-than-expected losses from its newly start-up hospitals.

Rating    Correspondingly, out TP has been cut by 5% from RM6.02 to RM5.75 based on unchanged 23.5x FY14 Fully diluted (FD) EPS (+0.5 standard deviation above the 6-year forward average PER). Maintain UNDERPERFORM.

Valuation  The stock is now trading above the historical average PER band by >+1 SD above the mean. We believe the company’s growth trajectory has already been reflected in its market valuation, which we believe is rich considering that its profit growth will be at average low teens over the next two years.

Risks  The key upside risk to our earnings forecasts is the faster-thanexpected turnaround of its newly opened hospitals.

Source: Kenanga

kongsenger

KPJ Healthcare - Impacted by gestation losses BUY
http://klse.i3investor.com/servlets/ptres/18273.jsp
Price Target:         7.90
Price Call         :         BUY

- We reaffirm our BUY recommendation on KPJ Healthcare with a lower fair value of RM7.90/share (vs. RM8.00/share), based on our DCF-derived valuation, following an earnings revision.

- KPJ reported 2QFY13 core earnings of RM25mil, bringing 1HFY13 core earnings to RM50mil. The results came below expectation, constituting 35% of ours and consensus estimates, as a result of longer-than-expected gestation losses contributed by the newly opened hospitals. Dividend of 2.0sen was declared.

- We have therefore tweaked downwards our FY13F-FY15F earnings by ~40% to incorporate a reduced EBITDA margin assumption to 10%-11% (vs. 12% previously). This is to reflect:- (1) longer-than-expected gestation losses; and (2) delayed in the opening of Sabah Medical Centre (SMC) in June, pending approval of license from the Ministry of Health. SMC is expected to open by the end of the year.

- Despite 1HFY13’s EBITDA margin compression to 10% (vs. 1HFY13’s 12%), revenue grew in tandem with the increased operational efficiency of existing and new hospitals.

- Pasir Gudang Specialist (120 beds) started operations in April, with initial bed capacity of 60. As operational efficiency improves, another 60 beds are expected to be added in FY15F. Acquisitions of Sri Manjung Hospital (30 beds) and Rawang Specialist Hospital (159 beds) were completed on 23 May and 18 July, respectively.

- In line with KPJ’s expansion plans, another two hospitals (SMC and Maharani Specialist) will be added by FY13 – bringing a total of five new hospitals in FY13.

- A notice of appeal has been filed against the judgement of the recent litigation case with Hospital Penawar. The actual appeal hearing is yet to be fixed. The judgement sum comprises of RM70mil in damages and a cost of RM150,000 (represent >50% of our FY13F earnings projections). Having said that, this oneoff item should not impact the group’s operations and expansion plans.

- Separately, the proposed bonus and rights issue exercise is envisaged to complete in 4QFY13F.

- KPJ’s share price corrected by ~7% over the past two weeks, in line with weaker sentiments pervading the broader market. We view the current weakness as a buying opportunity ahead of its healthy expansion (+65% bed capacities over next three years).

- KPJ remains our top BUY as we like its long-term earnings resilience and more importantly, aggressive hospital expansion plans to drive earnings growth. KPJ is trading at a forward PE of 32x, at a 44% discount to IHH Healthcare (HOLD, FV: RM3.80/share).

Source: AmeSecurities

icy97

印尼業務轉佳‧柔醫保財測上調

2013-09-19 17:10      
（吉隆坡19日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）旗下印尼業務今年首半年淨虧損減少至370萬令吉（前期虧損410萬令吉），加上印尼推行最低薪金計劃，使其印尼業務員工薪金平均增加約16%，該公司在今年6月調高收費應付，所以預期印尼業務賺幅，將在今年下半年才有望改善。

達證券指出，隨著該行預期其旗下印尼其中一間醫院的病床數目，從目前的72張增加至200張，使該行將其2013年至2015年淨利預測，調整至1億1千200萬令吉、1億2千710萬令吉，以及1億5千620萬令吉。比較前期預測則分別為1億1千150萬令吉、1億2千630萬令吉，以及1億5千520萬令吉。

該行指出，該公司旗下印尼業務擴張計劃，預料耗資8千萬令吉以及在2年裡完成。該公司預期印尼醫院RS MEDIKA PERMATA HIJAU料可在2014年達到收支平衡。

“該公司印尼醫院在2013年財政年上半年蒙受稅前虧損470萬令吉，營業額則為890萬令吉，主要是高租金及營運成本所致。”

達證券將目標價保持在7令吉40仙（除權後為4令吉80仙），並給予“買進”評級。（星洲日報／財經）

icy97

柔佛医药保健与理大 联营发展私人医院

财经新闻 财经  2013-09-29 11:48
（吉隆坡28日讯）柔佛医药保健（KPJ，5878，主板贸服股）将与大马理工大学（UTM）控股有限公司缔结合作，于柔州联营发展私人医院计划。

柔佛医药保健向马交所报备，独资子公司柔佛医药保健有限公司与理大控股有限公司，签署联营协议，将在柔州古来再也的租借地契地段，建设一家私人医院。

在联营公司中，柔佛医药保健将持股60%，理大控股有限公司则持股40%，联营公司负责的计划项目包括设计、发展、建设、完工及持有与经营相关医院。

在有效期的30天内，理大控股有限公司必须以土地转让取得联营公司1198万股，柔佛医药保健则以现金1797万令吉，取得联营公司1797万股。

在此协议中，理大控股有限公司将把理大校园的部分土地租借予联营公司，期限长达30年，到期后可选择再延长30年。

柔佛医药保健则需为理大控股有限公司提供酒店建设的技术与管理服务，同时，协助取得有关当局的建设批准。[南洋网财经]

KPJ HEALTHCARE BERHAD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	KPJ HEALTHCARE BERHAD ("KPJ" OR "COMPANY") PROPOSED JOINT VENTURE BETWEEN KUMPULAN PERUBATAN (JOHOR) SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF KPJ, AND UTM HOLDINGS SDN BHD
The Board of Directors of KPJ (“Board”) wishes to announce that the Company's wholly-owned subsidiary, Kumpulan Perubatan (Johor) Sdn Bhd (“KPJSB”), had on 27 September 2013 signed a Joint Venture Agreement (“JVA”) with UTM Holdings Sdn Bhd (“UTM Holdings”) for the purpose of designing, developing, building, completing and owning, and subsequently operating a private hospital on a portion of the leasehold land held under HSD 46692, Lot No, PTD No 95180, Mukim Kulaijaya, Johor (“Land”) (“Proposed JV”). The details of the Proposed JV are as per attachment. This announcement is dated 27 September 2013.

Attachments Announcement KPJ-JVA UTM Holdings.pdf

icy97

聯營新醫院‧柔醫保前景正面

2013-10-03 17:44      
（吉隆坡3日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）與馬來亞科技大學（UTM）控股聯營在柔佛古來設立新醫院，分析員普遍持正面看法，但因新醫院無法做出立即貢獻而保持財測不變。

大眾投資研究說，柔佛醫藥保健將耗資1千800萬令吉現金持有聯營計劃60%股權，而馬來亞科技大學則將以地庫支付其40%股權，用於發展上述新醫院。

“首階段發展計劃包括150個床位，同時可擴張至最高500個床位，該公司預計新醫院耗資1億2千800萬令吉建立，包括土地成本、建築和醫療設備，相信能在兩年內完工。”

無論如何，大眾研究估計新醫院得從2016年開始才能做出有意義的貢獻，同時對柔佛私立醫院競爭可能壓縮新醫院賺幅感到關注。

安聯研究則對消息持正面看法，表示可協助柔佛醫藥保健擴大國內業務網羅，同時看好新醫院地點良好，落在人口達25萬人的古來再也。

不過，安聯卻對該公司產能擴張計劃對產能使用率的潛在影響表示關注，柔佛醫藥保健料有5家新醫院在今年啟用，新醫院涉及的初期虧損、個人和融資成本，亦可能稀釋短期盈利。

肯納格研究估計，柔佛醫藥保健料須為其60%股權付出7千680萬令吉投資額，加上近期耗資8千810萬令吉收購萬橈醫院，負債比料增加至0.69倍。

不過，大馬研究認為柔佛醫療保健仍持有2億9千100萬令吉現金在手，資產負債表仍然穩健，對該股長期前景持正面看法。（星洲日報／財經‧報導：李三宇）

icy97

斥资2亿购隆产业　柔医药建护理中心

二零一三年十月十八日 晚上七时三十一分
（吉隆坡18日讯）柔佛医药保健有限公司（KPJ，5878，贸易服务组）独资子公司柔佛医药集团私人有限公司，已执行其选择权，以2亿600万令吉代价，收购敦拉萨路的238大厦。

柔佛医药保健说，它已在2012年9月与其注册拥有人国民产业私人有限公司签署一份租赁协议，现将行使选择权以收购整座建筑物。

它指出，这项收购主要将透过外来借贷和内部基金融资。

柔医药集团是一家投资控股公司，提供管理服务予子公司，及健康检查服务。其子公司的主要活动为经营专科医院。

该保健供应商在致给大马交易所的声明中称：“柔佛医药保健计划迁移所有占用柔佛医药保健医院的非收益服务至这座建筑，让旗下医院拥有更多空间带来更多收益。238大厦适用于柔佛医药保健概述的所有用途。”

“该公司认为，它拥有能力透过吸引合适租户，从而扩大其租金收入，转变这项产业为一项有收益中心。”

柔佛医药保健指出，前称为Marinara大厦的238大厦，已着手一项全面刷新，整座建筑物已从办公室、商业与公寓用途，转换为商业与办公室用途。

上述产业占地2.05英亩（0.82公顷）。不过，柔医药集团现占用的空间为7万4750平方尺，或为总租赁面积的15%。

根据评价师的报告，截至今年3月，上述产业的市值为2亿2000万令吉。

柔佛医药保健指出，这项预期在2014年第3季完成的收购，将成为其未来扩充国内私人保健业据点与优势的催化剂。

“这项产业将成为美学、替代医学、物理治疗、康复护理、日常护理、实验室和放射线学的总部与中心。”

柔佛医药保健称，这项产业将有潜能注入一项实业投资信托。[光华日报财经]

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	KPJ HEALTHCARE BERHAD ("KPJ" OR "COMPANY") PROPOSED ACQUISITION BY KUMPULAN PERUBATAN (JOHOR) SDN BHD (“KPJSB”), A WHOLLY-OWNED SUBSIDIARY OF KPJ, OF ALL THAT PARCEL OF LAND HELD UNDER GERAN 52130 LOT 405 SEKSYEN 87A, BANDAR KUALA LUMPUR, DAERAH KUALA LUMPUR, NEGERI WILAYAH PERSEKUTUAN KL TOGETHER WITH A MULTI-STOREY OFFICE BUILDING ERECTED THEREON KNOWN AS MENARA 238 (“PROPERTY”) FROM DANAHARTA HARTANAH SDN BHD (“DHSB”) FOR A TOTAL CASH CONSIDERATION OF RM206,000,000.00 (“PROPOSED ACQUISITION”)
KPJSB and DHSB had entered into a tenancy agreement on 11 September 2012 (“Tenancy Agreement”) whereby DHSB had granted upon KPJSB the option to purchase the Property. The Board hereby wishes to announce that KPJSB has now exercised its option to purchase and therefore, entered into a conditional sale and purchase agreement (“SPA”) with DHSB on 16 October 2013 pursuant to the Proposed Acquisition. The details of the Proposed Acquisition are as per attachment. This announcement is dated 17 October 2013.

Attachments

Announcement KPJ - SPA Menara 238.pdf

icy97

柔醫保健購大樓具風險

2013-10-18 17:24
（吉隆坡18日訊）柔佛醫藥保健（KPJ，5878，主板貿服組）行使選擇權，以2億零600萬令吉收購238大樓，並計劃把KPJ醫院營業額不理想的服務遷移至該大樓，從現有的15%出租率提昇至30%，以20%內部資金及80%貸款融資，預計2014年第三季完成。

分析

分析員對此消息看法不一，擔心拓展、訴訟案及低出租率利空將稀釋盈利，影響派息能力，儘管此計劃有助於拓展醫院空間，不過也間接增加了該集團的負債率。

安聯研究不看好此消息，認為這與該集團輕資產策略背道而馳，而且該整體大樓出租率僅20%，預計現有回酬率僅1.7至2.9%，低於該公司過往貸款成本，如果無法成功提高出租率，盈利將被稀釋。

“加上近期成立新醫院及潛在訴訟案損失造成短期盈利稀釋，擔心此收購將影響該公司2013財政年派息。”

肯納格研究指出，產業管理非該集團核心強項，擔心無法獲取其餘70%租戶，建議把該筆資金用在未來幾年的拓展計劃上更實際。

“繼宣佈與工大（UTM）聯營設立新醫院及收購萬撓私人醫院後，資產負債表吃緊，債務及負債率料分別漲至9億3千900萬令吉及0.9倍。”

大眾研究及大馬研究則認為，遷出營業額不理想的服務將加大醫院拓展空間，增加病床量將帶來更多營業額，減少租金開銷，改善賺幅，不過負債率及利息開銷也將隨之增加。

“未來若把該資產注入ALAQAR保健信托（ALAQAR，5116，主板產業投資信托組）將享有資本回酬，可長期為拓展計劃帶來免費現金流。”（星洲日報／財經）

icy97

KPJ HEALTHCARE BERHAD

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	KPJ HEALTHCARE BERHAD ("KPJ" OR "COMPANY") PROPOSED ACQUISITION BY KUMPULAN PERUBATAN (JOHOR) SDN BHD (“KPJSB”), A WHOLLY-OWNED SUBSIDIARY OF KPJ, OF ONE HUNDRED PERCENT (100%) EQUITY IN BDC SPECIALIST HOSPITAL SDN BHD (COMPANY NO: 124793-K) (“BDCSHSB”) FOR A TOTAL CASH CONSIDERATION OF RM16,516,144.00 (“PROPOSED ACQUISITION”)
The Board of Directors of KPJ (“Board”) wishes to announce that KPJSB, a wholly-owned subsidiary of KPJ, had on 6 November 2013 entered into a conditional Share Sale Agreement (“SSA”) with Usaha Cendera Sdn Bhd (formerly known as Usaha Cendera Cerah Sdn Bhd) (Company No: 119902-W) (“Vendor”) for the acquisition of 2 ordinary shares of RM1.00 each in BDCSHSB (“Sale Shares”) which is equivalent to 100% of the equity of BDCSHSB for a total cash consideration of RM16,516,144.00. BDCSHSB is the registered owner of all that parcel of leasehold land described as Lot 18807 Block 11 Muara Tebas Land District located at Stampin, Kuching, Sarawak measuring approximately 1.918 hectares (“Land”). Henry Butcher in their valuation report dated 11 December 2012 (“Valuation Report”) has valued the Land based on the market value of RM16,590,000.00. Upon the completion of the Proposed Acquisition, BDCSHSB will be a wholly-owned subsidiary of KPJSB. The details of the Proposed Acquisition are as per attachment. This announcement is dated 6 November 2013.

Attachments Announcement KPJ - BDCSHSB.pdf

icy97

柔佛醫藥未來5年 國內增設10間醫院

財經股市6 Nov 2013 23:00
（吉隆坡6日訊）柔佛醫藥（KPJ，5878，主要板貿易）計劃未來5年在國內增設10間醫院計劃，總值10億令吉。

柔佛醫藥董事經理拿汀巴杜卡西蒂莎迪指出，公司在未來數年內，會將焦點著重在擴展大馬業務。

“公司計劃增設3間醫院在柔佛、2間在砂拉越、1間在沙巴、2間在巴生谷，剩下2間分別在彭亨和霹靂。”

“我們將提供1500張床給10間醫院，每間醫院平均有150個床位。”

她今日在柔佛醫藥健保展覽會上如是說道。

該公司目前在國內私人醫院市佔率為25%。[中国报财经]

icy97

融资扩建10医院 柔医药发10亿股债

财经新闻 财经  2013-11-19 10:20
（吉隆坡18日讯）柔佛医药保健（KPJ，5878，主板贸服股）放眼发行总值10亿令吉回教债券和附加股，来融资10家医院的扩建发展。

“目前此计划仍在初步阶段，我们的融资活动将很快作宣布。”

《The Edge》引述董事经理阿米鲁丁时如是表示，但他拒绝透露更多的详情。

截至今年6月30日，柔佛医药保健拥有2亿8440万令吉现金，及0.5倍的低负债率。

该集团10家医院的拓展计划，包括在柔佛3家、砂拉越2家、沙巴1家、巴生谷2家、及玻璃市和彭亨各一家医院。

在这5年的扩展计划完成后，柔佛医药保健旗下医院床位总数将超过3000张，进而使该集团在本地私人医院的市占率，稳守在25%的领先地位。

对于该股价近期从7.37令吉（今年7月25日股价）历史高点，下跌了17%至6.11令吉（11月15日股价），阿米鲁丁表示，相信此时股价正确地反映了该价值。

“在处于30倍的本益比（PE），我相信目前处于合适的股价水平。”[南洋网财经]

PILLy^^

租賃方式經營醫院 柔佛醫藥進軍孟國市場 　
財經19 Nov 2013 17:42　
http://www.chinapress.com.my/node/476274

（吉隆坡19日訊）柔佛醫藥（KPJ，5878，主要板貿易）將進軍孟加拉醫療市場，並通過租賃方式在當地經營醫院。

柔佛醫藥向馬證交所報備，該集團與孟加拉國父錫穆基布拉曼紀念信托簽暑協議，以租賃一棟具250張病床醫院，有關醫院將由信托建築，成本約8750萬令吉。

至于柔佛醫藥僅負責醫院營運開銷，因此將通過集團內部融資取得資金。集團旗下子公司為該醫院經營持牌人，初步建議租賃並經營醫院為期10年，可額外展延5年期限。

同時，柔佛醫藥有意將世界級醫療保健設施引進孟加拉首都達卡（Dhaka），成為東南亞地區頂尖醫療供應商之一。

該集團相信通過租賃營運方式進軍市場屬合理舉措，有助加強醫院經營和獲利能力。

柔佛醫藥預計上述經營醫院建議，會在2014年次季完成。