Initiate coverage with BUY and target price of RM5.10. KPJ is
well-positioned to benefit from the fast-growing healthcare sector in
Malaysia. This sector has been identified as one of the 12 key pillars
in the country’s Economic Transformation Programme and is expected to
contribute US$10.4b to the Gross National Income by 2020. As a defensive
play, KPJ also offers limited revenue downside given its domestic
dominance and a wide array of positive demand factors.
Maybank research (30 November 2011)
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