METRO HEALTHCARE 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: 24/10/2024
Close to apply: 04/11/2024
Balloting: 07/11/2024
Listing date: 15/11/2024

Share Capital 
Market cap: RM293.6715 mil
Total Shares: 978.905 mil shares

Industry CARG  
Fertility, obstetrics and gynaecology services industry size in Malaysia (2018-2023): 14.2% 
Industry competitors comparison (net profit%)
1. Metro Group: 14.0%
2. Alpha IVF Group Berhad: 39.8%
3. Sihat Kinabalu Sdn Bhd: 27.5%
4. KL Fertility & Gynaecology Centre Sdn Bhd: 26%
5. IVF Technologies Sdn Bhd: 17.3%
6. Others: 8% to 24%

Business (FPE 2024) 
Obstetrics and gynaecology (O&G) healthcare service provider, specialising in providing fertility and other O&G healthcare services.
Revenue by segment
1. Fertility services: 46.48%
2. Other O&G healthcare services: 52.79%
3. Paediatric services: 0.73%

Fundamental  
1.Market: Ace Market
2.Price: RM0.25
3.Forecast P/E: 34.63
4.ROE(Pro forma III): 9.67%
5.ROE: 19.38 (FPE2024), % 16.72%(FYE2023),  14.23%(FYE2022), 27.49%(FYE2021)
6.Net asset: 0.0747
7.Total debt to current asset: 0.40 (Debt: 21.416mil, Non-Current Asset: 41.149mil, Current asset: 53.365mil)
8.Dividend policy: PAT 20%  dividend policy.
9. Shariah status: Yes

Past Financial Performance (Revenue, Earning Per shares, PAT%)  
2024 (FYE 30Jun, 6mths): RM24.484 mil (Eps: 0.0036), PAT: 14.44%
2023 (FYE 31Dec): RM44.686 mil (Eps: 0.0064),PAT: 13.98%
2022 (FYE 31Dec): RM40.273 mil (Eps: 0.0051),PAT: 12.45%
2021 (FYE 31Dec): RM42.257 mil (Eps: 0.0096),PAT: 22.33%

Major customer (2024) 
Business nature is didn’t have single large customer. 

Major Sharesholders    
1. Dr Tay Swi Peng @ Tee Swi Peng: 43.30% (direct), 5.05% (indirect)
2. Dr Kong Lan Moon: 19.49% (direct)
3. Country Range Sdn Bhd: 5.05% (direct)

Directors & Key Management Remuneration for FPE2024  
(from Revenue & other income 2023)
Total director remuneration: RM1.123 mil
key management remuneration: RM0.25 mil – RM0.35 mil
total (max): RM1.473 mil or 8.1%

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 & low grow investment.  

*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.