Broker: Maybank Investment Bank Berhad
Date of Report: April 20, 2026
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- Stock: Sunway Healthcare (SUNMED MK)
- Action: Initiate BUY
- Target Price: MYR2.01 (implies 10% upside from current price of MYR1.84)
- Key Idea: Sunway Healthcare is Malaysia’s only major private healthcare group offering end-to-end care across a rapidly expanding network. The group is pursuing a dual-cycle expansion, targeting over 3,400 beds by 2032, with superior operational efficiency and strong domestic earnings growth insulated from FX and macro shocks.
- Highlights:
- Forecasted FY25-28 EBITDA CAGR of 23%, outpacing peers (KPJ, IHH).
- Brownfield and greenfield expansions to drive growth, with faster ramp-up of new hospitals (12-15 months vs industry 3-5 years).
- Premium EV/EBITDA multiple (28x FY27E) justified by younger asset base, visible expansion pipeline, best-in-class clinical differentiation especially in oncology, and high utilization rates.
- Key risks: regulatory/policy changes, payor pressure, competition, and staff shortages.
- Implications: SUNMED is positioned as a top pure-play Malaysian healthcare stock with strong growth prospects. The BUY call and MYR2.01 target price reflect confidence in its scalable model, expansion execution, and earnings growth, offering investors a compelling opportunity in the private healthcare sector.
above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website : www.maybank.com/investment-banking
