Friday, 20 April 2012

RHB Research positive on KPJ Healthcare’s Sarawak hospital plan with Naim

KUAL LUMPUR (April 20): RHB Research has an Outperform rating on KPJ HEALTHCARE BHD [] with a fair value RM5.69 and said it was positive on KPJ entering into a JV agreement with Naim Land, a 100%-subsidiary of Naim Holdings to construct and operate a hospital in Miri, Sarawak.

KPJ would own 70% of the while Naim Land would hold 30% upon completion of the deal.

The research house said on Friday that this was in line with KPJ’s plan to open at least 2 new hospitals per annum (p.a.).

“KPJ’s hospitals are currently operating at high occupancy rate of 70-75% and thus there is a need to add capacity. KPJ will fund its equity portion of RM13.7m via internally-generated funds.

“No change to forecasts which had earlier assumed sufficient capex of RM200 million p.a,” it said.

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