PMCK BERHAD

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***Disclaimer***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision. 

Open to apply: 26/05/2025
Close to apply: 25/06/2025
Balloting: 30/06/2025
Listing date: 09/07/2025

Share Capital     
Market cap: RM239.932 mil
Total Shares: 1.0906 bil shares
1st day listing tradable shares: 329 mil shares

Industry CARG    
1. Expenditure on health in Malaysia, 2019 – 2023: 7.08%
2. Private health expenditure in Malaysia, 2019 – 2023: 7.5%
3. Expenditure on health as a percentage of GDP in Malaysia, 2019 – 2023: 1.17%
4. Medical insurance claims payout in Malaysia, 2019 – 2024: 12.49%
Industry competitors comparison (net profit%)
1. PMCK: 14.39%
2. Bagan Specialist Centre Sdn Bhd: 39.52%
3. IHH Healthcare Berhad: 12.97%
4. Metro Kurnia Sdn Bhd: 11.77%
5. KPJ Healthcare Berhad: 10.38%
6. Others: losses to 9.42%

Business (FPE 2025)     
Business activities categorised into 3 segments.
1. Specialist consultant services
2. Healthcare support services comprising facilities services, ward services, clinical support services, sale of medication and nursing care services. 
3. Other services comprising general dental services and polyclinic services
Revenue by segment
1. Specialist consultant services: 29.62%
2. Healthcare support service: 68.61%
3. Other services: 1.77%
Revenue by Geo
1. Kedah: 99.91%
2. Selangor:  0.09%

Fundamental     
1.Market: Ace Market
2.Price: RM0.22
3.Forecast P/E: 15.94
4.ROE(Pro forma III):  8.79%
5.ROE: 8.55%(FPE2025), 17.80%(FYE2024),  13.23%(FYE2023), 14.02%(FYE2022)
6.Net asset per shares: 0.13
7.Total debt to current asset Pro forma III: 5.92 (Debt: 141.517mil, Non-Current Asset: 260.146mil, Current asset: 23.865mil)
8.Dividend policy: PAT 20% dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)     
2025 (FPE 30Nov, 7mths): RM58.547 mil (Eps: 0.0072), PAT: 13.47%
2024 (FYE 30Apr): RM104.335 mil (Eps: 0.0138), PAT: 14.39%
2023 (FYE 30Apr): RM99.851 mil (Eps: 0.0098), PAT: 10.75%
2022 (FYE 30Apr): RM97.088 mil (Eps: 0.0106), PAT: 11.89%

Major customer    
Nature of our business is individual patients. 

Major Sharesholders  
1. LKH Holdings: 55.41% (direct)
2. Dato’ Dr Lim Kim Huat, aged 73: 55.41% (indirect)
3. Dato’ Lee Gaik Cheng, aged 50 : 14.42% (direct), 55.41% (indirect)

Directors & Key Management Remuneration for FYE2026    
(from Revenue & other income 2024)
Total director remuneration: RM2.355 mil
key management remuneration: RM0.70 mil – RM1.00 mil
total (max): RM3.355 mil or 9.66%

Use of funds

Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall is middle risk investment, and also come with low-middle grow return opportunities. 

*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.