MY : KPJ Healthcare - 1H21F to be bogged down by MCO 3.0

1Q21 core net profit of RM13.6m (-66.3% yoy) came in below expectations, mainly due to weak patient visitations due to MCO 2.0. MCO 3.0 could cause visitations to remain weak in 2Q21F, but this could be partially offset by decanted non-Covid-19 patients from public hospitals. Reiterate Add. Our lower TP of RM1.10 is still based on 24.5x CY22F P/E.

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