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Top Calls
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Company Update � KPJ Healthcare (REDUCE,
maintain)
- Expensive valuation Two new hospitals are scheduled for opening in 2015, raising KPJ�s total bed capacity by 10%. Funding for its network expansion plan will likely be through bond issuance. We have raised our 2014E-16E by 2-5% and raise TP to RM3.52 (based on 28x 2015E PE). We maintain our REDUCE recommendation, as valuation is rich at 31x 2015 FD EPS.
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Other Calls
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Debt Market Research
- Biddish on 10y MGS, overall high volumes traded, subsidy reduction bodes well for ratings
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