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New Straits Times
4 days ago
- Business
- New Straits Times
KPJ Healthcare downgraded as valuations catch up: Analyst
KUALA LUMPUR: CIMB Securities has downgraded KPJ Healthcare Bhd to a "Hold" from "Buy", saying the group's share price has largely priced in operational improvements and the new management's swift execution. In a note to clients, analyst Walter Aw said KPJ Healthcare's stock, which has surged 26.5 per cent year-to-date, is now trading close to two standard deviations above its five-year forward average valuation. "At current levels, we believe valuations have caught up with fundamentals. The stock is now trading at a premium compared to its larger peer IHH Healthcare Bhd, based on projected 2026 earnings," he said. Despite the downgrade, the firm raised its sum-of-parts-based target price for KPJ Healthcare to RM3 from RM2.80 previously, reflecting a higher valuation multiple of 12.3 times for the group's hospital operations. The group's first quarter core net profit rose 23.6 per cent year-on-year to RM63.3 million, in line with consensus estimates. Revenue climbed seven per cent to RM971.8 million on increased bed capacity and higher patient volume. However, the results were weaker on a quarter-on-quarter basis, with core net profit down 48.2 per cent from the fourth quarter of 2024, due to seasonal trends. Aw said earnings momentum is expected to pick up in subsequent quarters, supported by bed capacity expansion, improved cost controls and narrowing losses from five newer hospitals that are still in their gestation phase. CIMB Securities projects KPJ Heatlcare's core net profit to grow 12.9 per cent year-on-year in 2025, with revenue forecasted to rise 9.1 per cent to RM4.28 billion. The group's bottom line is expected to benefit from ongoing cost optimisation, better operating leverage, and a strategy to attract more patients by building centres of excellence and hiring more specialists. Despite these growth levers, the firm warned of downside risks including lower-than-expected patient traffic, slower hospital ramp-ups and thinner margins. KPJ Healthcare was last traded at RM2.72, giving it a market capitalisation of RM12.31 billion.
New Straits Times
21-05-2025
- Business
- New Straits Times
Top court upholds RM4.28mil fine against ex-Patimas deputy chairman
PUTRAJAYA: Former Patimas Computers Bhd (Patimas) deputy chairman Datuk Raymond Yap Wee Hin has failed in his final attempt to set aside RM4.28 million in financial penalties imposed on him for insider trading offences. In a statement today, the Securities Commission (SC) said a panel of the Federal Court, led by Chief Justice Tun Tengku Maimun Tuan Mat, dismissed Yap's application for leave to appeal against the decision of the lower courts. Other members of the bench were Federal Court judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng. Yap had sought leave to appeal following the unanimous decision of the Court of Appeal on Nov 27 last year, which upheld the High Court's finding that he was liable for insider trading involving Patimas shares in 2012. He was ordered to pay to the SC a disgorgement of RM3.28 million — equivalent to three times the losses he avoided as a result of the breach — alongside a civil penalty of RM1 million. He was also barred from holding any directorship in a publicly listed company for a period of five years, effective from the date of the High Court ruling on April 7, 2022. The SC added that it was awarded RM30,000 in legal costs. The civil suit, filed by the SC in 2020, alleged that Yap had contravened Sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.82 million Patimas shares held by Law Siew Ngoh, the company's former managing director, between June and July 2012. The SC said at the time of the sale, Yap was in possession of material non-public information relating to audit queries and suspicious transactions between Patimas and its top debtors. These issues were raised by external auditors Ernst & Young (EY) Malaysia during discussions with Patimas' management. Subsequently, on July 31, 2012, Patimas' board of directors announced to Bursa Malaysia that the company would not be able to release its annual audited financial statements by the deadline, due to unresolved significant audit findings and queries. The statements were due for the financial period from Jan 1, 2011 to March 31, 2012.
The Star
19-05-2025
- Business
- The Star
Sidra Capital joins Malaysia's Bursa Al-Sila' to boost Islamic finance reach
KUALA LUMPUR: Sidra Capital has officially become a commodity trading participant on Bursa Suq Al-Sila' (BSAS), Malaysia's premier Islamic commodity trading platform. The move positions Sidra Capital alongside central banks, international financial institutions, and global commercial banks. "Sidra Capital is a well-established player in Islamic asset management, specialising in real estate and private finance. "As we expand in the Asia-Pacific region, direct access to BSAS strengthens our competitive edge in offering Shariah-compliant solutions,' said its Vice Chairman Ghassan Soufi in a statement. Meanwhile, Sidra Capital Singapore Chief Executive Officer Arif Rahim said direct access to BSAS enhances its ability to execute private credit transactions more cost-effectively by removing intermediaries. BSAS is a key platform for Shariah-compliant liquidity management, particularly for tawarruq (commodity murabaha) transactions. Since its launch in 2009 with a daily trading volume of just US$20 million, BSAS has grown significantly, now averaging approximately US$10 billion in daily trades. (US$1=RM4.28) Previously, such trades were typically executed through brokers on global commodity exchanges such as the London Metal Exchange. BSAS, part of Bursa Malaysia Berhad , eliminates the need for traditional brokers and leverages advanced trading technology to streamline Islamic finance transactions, offering institutions greater speed and transparency. - Bernama
