KPJ Healthcare (Kpj-Ku) : Average Score

KPJ HEALTHCARE (KPJ-KU)
Healthcare Services & Equip. / Health Providers & Svcs. / Health Facilities & Svcs. DETAILED STOCK REPORT
Report Date: 26 September 2019
Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
0.89 (MYR) 4.7M 1.13 23.6 0.02 10.2% -- -1.7%
26 September 2019 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
MALAYSIA Exchange
4.0B 0.87 20.3 2.3% 3.4B 22.0% -7.3%
AVERAGE SCORE
NEUTRAL OUTLOOK: KPJ's current score is Score Averages
relatively in-line with the market. Health Providers & Svcs. Group: 5.0 Mid Market Cap: 6.4
Healthcare Services & Equip. Sector: 5.2 FBM KLCI Index: 6.4
Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive KPJ 6 8 6 7 7
TMCLIFE 6 6 7 7 7
Neutral IHH 8 8 7 5 5
SMILE NR NR 1 1 1
Negative
MHCARE NR NR NR NR NR
SEP-2016 SEP-2017 SEP-2018 SEP-2019
HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

- The score for KPJ Healthcare last changed from 6 to 7 on
08/09/19. Buy Mean recommendation from all analysts covering
17 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Earnings component score.
Strong
Sell Reduce Hold Buy
Buy
PRICE AND VOLUME CHARTS

1-Year Return: -18.1% 5-Year Return: -9.5%
BUSINESS SUMMARY
KPJ Healthcare Berhad. KPJ Healthcare Berhad is engaged in investment holding and provision of management services to subsidiaries. The principal
activities of the subsidiaries are the operation of specialist hospitals. The Company's segments include Malaysia, Indonesia, Australia and Others. The
Malaysia segment consists of all healthcare activities, including the private hospitals, pathology and laboratory services, and distribution of
pharmaceutical, medical and consumer healthcare products. The Indonesia segment includes private hospitals. The Australia segment provides
retirement village and aged care facilities. The Others segment includes the operating segments involved in provision of hospital services in Thailand
and Bangladesh, private university college of nursing and allied health, and sale of hospital merchandise and other similar activities. It operates
approximately 30 hospitals in Malaysia, over two in Indonesia, and one each in Bangladesh and Thailand.
Page 1 of 11
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INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of five widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, and Price Momentum. A simple average of the underlying component ratings is normally
distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently using
alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment styles.
Additional criteria should always by used to evaluate a stock.
Earnings Fundamental Relative Valuation Risk Price Momentum
PEER ANALYSIS Currency in MYR
PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (26/09/19) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 IHH 5.71 0.2% -1.6% 7.9% 50.0B 74.0 36.5 0.5% 4.5% 16.3% Buy 19
7 HARTA 5.27 5.2% 0.8% -19.8% 17.7B 41.8 36.1 1.6% 15.4% 10.0% Hold 20
3 TOPGLOV 4.72 1.3% -5.0% -10.8% 12.2B 30.9 25.6 1.6% 8.1% 15.0% Hold 21
8 KOSSAN 4.26 1.9% 7.0% -1.2% 5.4B 23.8 22.9 1.4% 10.0% 11.7% Buy 17
7 KPJ 0.89 -1.7% -7.3% -18.1% 4.0B 23.6 20.3 2.3% 5.2% -- Buy 17
5 SUPERMX 1.59 6.7% -5.4% 0.0% 2.1B 22.5 15.0 4.1% 8.3% -- Buy 9
7 TMCLIFE 0.67 -2.2% -8.3% -9.5% 1.2B 35.0 -- 0.3% 17.5% -- -- --
7 COMFORT 0.78 -3.1% -4.3% -24.8% 463M 15.9 13.0 1.9% 5.9% -- Buy 1
NR MHCARE 0.83 12.2% 15.3% 124.3% 161M 90.1 -- 0.7% 10.4% -- -- --
1 SMILE 0.09 6.3% 0.0% -- 85M 31.5 -- -- 17.6% -- -- --
6 ADVENTA 0.51 -1.9% 27.5% 4.1% 83M -- -- -- -48.4% -- -- --
5.6 Average 2.30 2.3% 1.7% 5.2% 8.5B 38.9 24.2 1.6% 4.9% 13.2% Buy 14.9
PEER COMPANIES
IHH IHH Healthcare TMCLIFE Tmc Life Sciences Berhad
HARTA Hartalega Holdings COMFORT Comfort Gloves
TOPGLOV Top Glove Corp MHCARE Metro Healthcare Berhad
KOSSAN Kossan Rubber Industries SMILE Smile-Link Healthcare Global
SUPERMX Supermax Corp ADVENTA Adventa
Page 2 of 11
EARNINGS Currency in MYR
POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Health Providers & Svcs. Group: 5.3 Mid Market Cap: 5.6
surpassing consensus estimates. Healthcare Services & Equip. Sector: 4.5 FBM KLCI Index: 6.0
Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
IHH 10 9 10 4 4
Neutral MHCARE NR NR NR NR NR
SMILE NR NR NR NR NR
Negative
TMCLIFE NR NR NR NR NR
SEP-2016 SEP-2017 SEP-2018 SEP-2019
EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)
IHH KPJ
KPJ KPJ
IHH IHH
MHCARE MHCARE MHCARE

SMILE SMILE SMILE
TMCLIFE TMCLIFE TMCLIFE
Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (> 2%) 1 # Up Revisions 0 # Broker Upgrades 3
# Negative Surprises (< -2%) 2 # Down Revisions 0 # Broker Downgrades 0
# In-Line Surprises (within 2%) 1 Avg Up Revisions 0.0%
Avg Surprise -7.1% Avg Down Revisions 0.0%
HIGHLIGHTS PRICE TARGET

- KPJ Healthcare currently has an Earnings Rating of 8. The average The chart indicates where analysts predict the stock price will be within
Earnings Rating for its Health Facilities & Svcs industry is 6.0 and the the next 12 months, as compared to the current price.
FTSE BURSA MALAYSIA COMPOSITE index average is 6.0.
1.80 12-Month Price Target
- On 30/08/19, the company announced quarterly earnings of 0.01 per Mean (MYR) 1.10
share, relatively in-line with the consensus 0.01. Over the past 4 1.60
High 1.35
quarters, the company has reported 1 positive, 2 negative, and 1 in- 1.40 HIGH Low 0.96
line surprises. The average surprise for this time period has been -
7.1%. 1.20 Target vs. Current 24.3%
MEAN
1.00 0.88 # of Analysts 17
- KPJ's current quarter consensus estimate has remained relatively LOW
unchanged over the past 90 days at 0.01. Estimates within its industry 0.80
have moved an average of -4.0% during the same time period. Current Price Price Target
(MYR)
Page 3 of 11
EARNINGS PER SHARE

Actuals Estimates
0.013
Earnings per share (EPS) is calculated 0.012 Quarterly 09-19 12-19

by dividing a company's earnings by the 0.011 0.011 HIGH
0.011 MEAN Mean 0.011 0.011
number of shares outstanding. Analysts LOW
tend to interpret a pattern of increasing High 0.011 0.011
0.010
earnings as a sign of strength and flat 0.009 Low 0.011 0.011
or falling earnings as a sign of 0.009 # of Analysts 1 1
weakness. 0.008
0.008
The charts provide a comparison 09-18 12-18 03-19 06-19 09-19 12-19
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 0.080
0.070 Annual 2019 2020

Mean 0.041 0.045
0.060
HIGH High 0.048 0.054
0.050 Low 0.037 0.039
MEAN
0.037 0.037 # of Analysts 18 18
0.040 LOW
0.030
2017 2018 2019 2020
MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price Thomson Reuters I/B/E/S Mean: Buy (17 Analysts)
09-19 12-19 2019 2020 Target
Current 0.011 0.011 0.041 0.045 1.10
Strong Buy 3
30 Days Ago 0.011 0.011 0.042 0.046 1.11 Buy 8
90 Days Ago 0.011 0.011 0.042 0.045 1.11 Hold 6
% Change (90 Days) 0.0% 0.0% -2.4% 0.0% -0.9%
Reduce 0
Current Fiscal Year End: 12-19
Next Expected Report Date: 27/11/19 Sell 0
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) In-Line 30/08/19 30/06/19 0.011 0.011 0.0%
Negative 31/05/19 31/03/19 0.009 0.011 -18.2%
Surprise Type Amount Percent
Positive 19/02/19 31/12/18 0.011 0.010 10.0%
Positive Quarters (> 2%) 3 25.0%
Negative 28/11/18 30/09/18 0.008 0.010 -20.0%
Negative Quarters (< -2%) 7 58.3%
Negative 16/08/18 30/06/18 0.008 0.010 -20.0%
In-Line Quarters (within 2%) 2 16.7%
Negative 30/05/18 31/03/18 0.009 0.010 -10.0%
ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 4.5B
HIGH 2019 2020
flat or falling sales and faltering 4.2B
earnings may explain a sell Mean 3.6B 3.8B
recommendation. A rising EPS with flat 3.9B High 4.0B 4.3B
MEAN
or falling sales may result from
increased cost efficiency and margins, 3.6B LOW
Low 3.4B 3.6B
rather than market expansion. This 3.3B Forecasted Growth 8.6% 16.1%
3.2B
chart shows the sales forecast trend of 3.3B
# of Analysts 18 18
all analysts and the highest and lowest
projections for the current and next 3.0B
2017 2018 2019 2020
fiscal year.
Page 4 of 11
FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Health Providers & Svcs. Group: 6.5 Mid Market Cap: 6.5
growing dividends. Healthcare Services & Equip. Sector: 5.8 FBM KLCI Index: 6.5
Q3 Q4 Q1 Q2
Fundamental Score Trend Peers 2018 2018 2019 2019 Current 3Y Trend
TMCLIFE 10 9 NR NR 10
Positive
KPJ 6 3 NR NR 8
Neutral MHCARE NR NR NR NR 8
Negative IHH 7 8 NR NR 5
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 SMILE NR NR NR NR 4
2017 2018
FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)
TMCLIF…
MHCAR… KPJ
MHCAR… KPJ
SMILE TMCLIF…
SMILE
KPJ IHH
TMCLIF… MHCAR… IHH
IHH TMCLIF…
IHH MHCAR…
SMILE
KPJ SMILE
Revenue Growth 5.7% Current Ratio 1.2 Oper. Cash Yield 192.4% Dividend Growth 5.3%
For year over year For interim period For latest 12 months For year over year
ending 06-2019 ending 06-2019 ending 06-2019 ending 06-2019
Gross Margin 30.9% Debt-to-Capital 40.9% Accruals 6.8% Dividend Payout 49.2%
For latest 12 months For annual period For latest 12 months For latest 12 months
Return On Equity 10.2% Interest Funding 36.6% Days Sales In Inv. 8.7 Dividend Coverage 4.8
For interim period For interim period For annual period For annual period
Net Margin 5.2% Interest Coverage 2.5 Days Sales In Rec. 59.0 Current Div. Yield 2.3%
For latest 12 months For interim period For annual period For latest 12 months
HIGHLIGHTS
- The Fundamental Rating for KPJ Healthcare improved significantly - The days sales in inventory for KPJ is the lowest within its Health
over the last quarter from 3 to 8. The average Fundamental Rating for Providers & Svcs. industry group.
its Health Providers & Svcs. industry group is 6.5 and the FTSE - Of the 5 firms within the Health Providers & Svcs. industry group, KPJ
BURSA MALAYSIA COMPOSITE index average is 6.5. Healthcare is among 4 companies that pay a dividend. The stock's
- The company's net margin has been lower than its industry group dividend yield is currently 2.2%.
average for each of the past five years.
- The debt-to-capital of 40.9% for KPJ is the highest within its Health
Providers & Svcs. industry group.
Page 5 of 11
RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Health Providers & Svcs. Group: 2.5 Mid Market Cap: 4.6
Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
TMCLIFE 4 4 4 4 4
Neutral SMILE NR 3 3 3 3
MHCARE 3 3 NR NR 2
Negative
IHH 1 1 1 1 1
SEP-2016 SEP-2017 SEP-2018 SEP-2019
RELATIVE VALUATION INDICATORS

Price to Sales Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)
KPJ
KPJ KPJ
IHH
TMCLIFE
IHH
IHH
SMILE
MHCARE
MHCARE MHCARE
SMILE SMILE
TMCLIFE TMCLIFE
Price to Sales 1.2 Trailing PE 23.6 Forward PE 20.3

5-Yr Average 1.5 5-Yr Average 32.2 5-Yr Average 28.9
Rel. to 5-Yr Avg. 21% Discount Rel. to 5-Yr Avg. 27% Discount Rel. to 5-Yr Avg. 30% Discount
FBM KLCI Index 2.7 FBM KLCI Index 20.1 FBM KLCI Index 17.1
Rel. to FBM KLCI 56% Discount Rel. to FBM KLCI 17% Premium Rel. to FBM KLCI 19% Premium
HIGHLIGHTS
- KPJ Healthcare currently has a Relative Valuation Rating of 4 which is - KPJ's current Trailing P/E of 23.6 represents a 63% Discount to its
significantly above the FTSE BURSA MALAYSIA COMPOSITE index Health Providers & Svcs industry group average.
average rating of 2.8. - Based on Forward P/E, KPJ currently trades at a 43% Discount to its
- KPJ's Price to Sales, Trailing P/E, and Forward P/E multiples are all Health Providers & Svcs industry group peers. On average, the
significantly below (less expensive than) their 5-year averages. company has traded at a 33% Discount over the past five years.
- Based on Price to Sales, KPJ currently trades at a 57% Discount to its
Health Providers & Svcs industry group peers. On average, the
company has traded at a 63% Discount over the past five years.
Page 6 of 11
PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 1.2 Trailing PE: 23.6
5-Year Average: 1.5 5-Year Average: 32.2
FBM KLCI Index Average: 2.7 FBM KLCI Index Average: 20.1
Health Providers & Svcs. Group Average: 2.7 Health Providers & Svcs. Group Average: 62.8
2.1 >50
2.0 45
1.9 40
1.8 35
5-Yr Average
1.7 30
1.6 25
1.5 5-Yr Average 20
1.4 15
1.3 10
1.2 5
1.1 0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 20.3 Forward PEG: --
5-Year Average: 28.9 5-Year Average: 1.7
FBM KLCI Index Average: 17.1 FBM KLCI Index Average: 1.6
Health Providers & Svcs. Group Average: 35.4 Health Providers & Svcs. Group Average: 2.2
>120 >5.0
108 4.5
96 4.0
84 3.5
72 3.0
60 2.5
48 2.0
5-Yr Average
36 1.5
5-Yr Average
24 1.0
12 0.5
0 0.0
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Page 7 of 11
RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Health Providers & Svcs. Group: 6.8 Mid Market Cap: 7.1
Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive IHH 9 9 9 9 9
TMCLIFE 7 6 9 8 8
Neutral KPJ 7 8 7 7 7
SMILE NR NR 1 1 1
Negative
SEP-2016 SEP-2017 SEP-2018 SEP-2019
RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)
IHH IHH
KPJ KPJ TMCLIF… IHH
TMCLIF… TMCLIF…
KPJ
IHH TMCLIF…
SMILE
SMILE KPJ
MHCAR… MHCAR… MHCAR… MHCAR…

SMILE SMILE
Daily Returns (Last 90 Days) Standard Deviation Beta vs. FBM KLCI 0.24 Correlation vs. FBM KLCI
Best 5.1% Last 90 Days 1.40 Positive Days Only 0.34 Last 90 Days 8%
Worst -3.2% Last 60 Months 3.19 Negative Days Only -0.04 Last 60 Months 2%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 0.24 Correlation vs. Group
Best 8.5% Average 1.9% Positive Days Only 0.07 Last 90 Days -1%
Worst -9.6% Largest 5.3% Negative Days Only 0.01 Last 60 Months 36%
HIGHLIGHTS RISK ANALYSIS

- KPJ Healthcare currently has a Risk Rating of 7, which is Last 90 Days Last 60 Months
significantly below the FTSE BURSA MALAYSIA COMPOSITE Best Worst # # Largest Best Worst
index average rating of 9.1. Daily Daily Days Days Intra-Day Monthly Monthly
- On days when the market is up, KPJ tends to underperform Peers Return Return Up Down Swing Return Return
versus the FTSE BURSA MALAYSIA COMPOSITE index. On KPJ 5.1% -3.2% 19 30 5.3% 8.5% -9.6%
days when the market is down, the shares remain relatively
unchanged. IHH 1.2% -1.9% 28 23 4.2% 8.2% -7.5%
- In both short-term and long-term periods, KPJ has shown low MHCARE -- -- -- -- -- 21.7% -8.8%
correlation (>= -0.1 and < 0.2%) with the FTSE BURSA
MALAYSIA COMPOSITE index. Thus, this stock would provide SMILE 26.7% -16.7% 12 14 20.0% -- --
high levels of diversification to a portfolio similar to the broader
market. TMCLIFE 2.1% -2.2% 19 24 4.2% 36.5% -15.8%
- Over the last 90 days, KPJ shares have been more volatile FBM KLCI 1.1% -1.4% 23 37 1.8% 5.5% -6.9%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 73% of FTSE BURSA MALAYSIA
COMPOSITE index firms.
Page 8 of 11
PRICE MOMENTUM Currency in MYR
NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Health Providers & Svcs. Group: 5.5 Mid Market Cap: 5.7
Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive IHH 9 10 7 7 7
KPJ 8 10 4 6 4
Neutral TMCLIFE 3 4 3 4 4
Negative
SMILE NR NR NR NR NR
SEP-2016 SEP-2017 SEP-2018 SEP-2019
PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)
TMCLIFE
IHH IHH
KPJ KPJ
TMCLIFE
MHCARE MHCARE
SMILE SMILE
Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
KPJ Industry Avg SEP OCT NOV
Last 1 Month 42 54 Company Avg 0.8% 1.3% 0.5%
Last 3 Months 45 52 Industry Avg -- -- --
Last 6 Months 47 53 Industry Rank -- -- --
PRICE PERFORMANCE
Daily close prices are used to calculate the KPJ KPJ FBM KLCI
performance of the stock as compared to a
FBM KLCI Close Price (26/09/19) 0.89 1,590
relevant index over five time periods.
52-Week High 1.13 1,799
-1.7%
1-Week 52-Week Low 0.87 1,590
-0.6%
-1.7% - On 26/09/19, KPJ closed at 0.89, 21.7% below its 52-week

1-Month
-1.2% high and 1.7% above its 52-week low.
- KPJ shares are currently trading 2.9% below their 50-day
-7.3%
3-Month moving average of 0.91, and 9.5% below their 200-day moving
-5.2% average of 0.98.
-14.9% - The FTSE BURSA MALAYSIA COMPOSITE index is currently
YTD trading at its 52-week low of 1590.
-6%
-18.1%
1-Year
-11.4%
Page 9 of 11
Mean Estimate Trend

DETAILED STOCK REPORT TIPS The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters (when available) and two years. The
The Thomson Reuters Stock Report is a comprehensive, company-specific analysis percentage change is calculated for the company as a means for comparison by
that includes a proprietary Stock Rating along with underlying component indicators measuring the difference between the current consensus estimate and that of 90
and supportive data elements. The report is updated daily, although some of the days ago.
data elements and the ratings are updated weekly.
Analyst Recommendations
Average Score The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
The Average Score combines a quantitative analysis of five widely-used investment as provided by Thomson Reuters I/B/E/S (Institutional Brokers Estimate System).
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, and Price The recommendations are presented on a five-point standardized scale: strong buy,
Momentum. First, a simple average of the five underlying component ratings is buy, hold, reduce, and sell.
calculated. Then, a normal distribution is used to rank each stock across the market
on a scale of 1 to 10, with 10 being most favorable. A score of 8 to 10 is considered Earnings Surprises
positive, 4 to 7 is neutral, and 1 to 3 is negative. These five factors may be ● The surprise summary includes the total number of time periods (and
evaluated differently using alternative methodologies, and the importance of percentage) in the last 12 quarters (quarterly) or last 4 years (annual) in which
individual factors varies across industry groups, market capitalization and earnings surprises were positive, negative, or in-line. In order to be recognized
investment styles. Additional criteria should always be used to evaluate a stock. as a positive or negative surprise, the percent must be greater than 2% above or
2% below the consensus, respectively.
A company must have sufficient data available for at least three of the five ● The surprise detail section includes a listing of the company's quarterly earnings
component indicators in order to receive an overall Average Score. Approximately reported for the most recent 6 periods (quarters or years). The consensus
85% of the stocks within the coverage universe meet the criteria to generate a analyst estimate is provided to determine if the actual earnings report
score. represented a positive surprise, negative surprise, or in-line result.
Indicator Components Fundamental
The five indicators that comprise the stock rating are displayed. Like the stock The Fundamental Rating is based on a combination of four fundamental component
rating, the component rating scale is 1 to 10, with 10 being best. A company will factors: profitability, debt, earnings quality, and dividend. Companies that do not
receive an ‘NR’ for No Rating if the required data elements or criteria are not met. A pay a dividend are not penalized. Each factor is equally weighted. Then, equal
detailed section for each component is included in the report. deciles are used to rank each stock across the market on a scale of 1 to 10, with 10
being most favorable. A stock needs to have at least two of the four fundamental
Indicator Trends factors present in order to receive a score.
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted ● Profitability is comprised of four data elements.
orange line indicates the average of the scores over those three years. The most - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
recent occurrences of the best and worst scores are also displayed on the chart in - Gross Margin: Gross Profit / Net Sales
grey boxes to put the current score into historical context. - Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along ● Debt is comprised of four data elements.
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Current Ratio: Current Assets / Current Liabilities
month ago, the most recent value from 1 week ago, and the current score. The four - Debt-to-Capital: Total Debt / Total Capital
closest industry peers are presented based on similar market capitalization. - Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
Peer Analysis - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
● The Thomson Reuters Business Classification (TRBC) system is used for Debt + Preferred Cash Dividends)
industry comparisons. It is designed to track and display the primary business of ● Earnings Quality is comprised of four data elements.
a corporation by grouping together correlated companies that offer products and - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
services into similar end markets. The system includes 10 Economic Sectors, 28 - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Business Sectors, 54 Industry Groups, and 136 Industries. Average Net Operating Assets
● The Peer Analysis section of the report compares the company to its ten closest - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
peers. The peers are selected from the industry based on similar market - Days Sales in Receivables: 365 / (Net Sales / Receivables)
capitalization. The peer listing may have fewer than ten companies if there are ● Dividend is comprised of four data elements. The company must have a current
fewer than ten companies within that industry classification. dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
Highlights / Previous Dividends per Share
The Thomson Reuters proprietary automated text-generation system creates - Dividend Payout: Dividends per Share / Earnings per Share
highlights summarizing the most noteworthy data. The bullets will vary by company - Dividend Coverage: Funds from Operations / Cash Dividends
and will change from week to week as different criteria are met. - Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Earnings Indicator Trend

The Earnings Rating is based on a combination of three factors: earnings surprise, The fundamental indicator trend displays either quarterly scores over the past three
estimate revision, and recommendation changes. Each factor is equally weighted. years or annual scores over the past six years, depending on the reporting periods
Then, equal deciles are used to rank each stock across the market on a scale of 1 for the country. The best and worst scores can be easily determined from the
to 10, with 10 being most favorable. A stock needs to have at least two of the three values shown on the chart for each quarter or year.
earnings factors in order to receive a score.
Relative Valuation
● Earnings Surprises - The number of positive and negative surprises within the The Relative Valuation Rating is based on a combination of three component
last 4 periods (quarters or years). factors: Price to Sales (50% weight), Trailing P/E (25% weight), and Forward P/E
● Estimate Revisions - The number of up and down revisions and the average (25% weight). After the weightings are considered to combine individual factors,
percentage change of those revisions within a 4 week period. equal deciles are used to rank each stock across the market on a scale of 1 to 10,
● Recommendation Changes - The number of broker upgrades and downgrades in with 10 being most favorable. These common valuation metrics are evaluated
the last 120 days. against the overall market, the index, and the company's own historic 5-year
averages. A stock needs to have at least one of the three relative valuation factors
Price Target in order to receive a score.
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months. ● Price to Sales: Close Price / (Sales for 4 Quarters or 1 Year / Shares
Outstanding)
Earnings Per Share ● Trailing P/E: Close Price / Most Recent 4 Quarters or 1 Year of Earnings
The quarterly and annual earnings per share are presented when available, along ● Forward P/E: Close Price / Upcoming 4 Quarters or 1 Year of Earnings
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Page 10 of 11
Valuation Averages
Negative values are excluded when calculating the averages. A maximum value of
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the
averages.
Valuation Multiples
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and
Price to Sales for the company and the S&P 500 index average. In addition, a
comparison of the current company’s values to its 5-year average and an industry
average are presented. A discount occurs when the company’s ratio is valued more
favorably (lower) than that to which it is compared.
Risk
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles
are used to rank each stock across the market. A stock needs to have at least two
of the four risk factors in order to receive a score.
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the
best / worst monthly returns in the past 60 months.
● Volatility – The standard deviation of the stock price over the last 90 days and
last 60 months, along with the average and largest intra-day stock swing.
● Beta – Measures the tendency of a security’s returns to respond to swings in the
market, based on the beta of the company versus the relevant index.
● Correlation – Determines how closely the returns of the stock and the relevant
index move together, measured over the last 90 days and last 60 months.
Risk Analysis
Price analysis for the company and the relevant index is provided over two time
periods. Daily analysis is provided for the last 90 days, whereas monthly statistics
are used for the last 60 months.
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to
receive a score.
● Relative Strength – The relative strength of the company for the last 1 month, 3
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years.
A lower industry rank indicates a higher return.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The
performance of the relevant index is also displayed as a means of comparison.
DISCLAIMER
Republication or redistribution of Thomson Reuters content, including by framing
or similar means, is prohibited without the prior written consent of Thomson
Reuters. All information in this report is assumed to be accurate to the best of our
ability. Thomson Reuters is not liable for any errors or delays in Thomson
Reuters content, or for any actions taken in reliance on such content.
Any forward-looking statements included in the Thomson Reuters content are based
on certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
The content in this Thomson Reuters report does not constitute investment advice
or a recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
factor when making an investment decision.
Page 11 of 11

KPJ Healthcare (Kpj-Ku) : Average Score

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KPJ Healthcare (Kpj-Ku) : Average Score

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KPJ HEALTHCARE (KPJ-KU)

HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

PRICE AND VOLUME CHARTS

Earnings Fundamental Relative Valuation Risk Price Momentum

PEER ANALYSIS Currency in MYR

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

EARNINGS Currency in MYR

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

MHCARE MHCARE MHCARE

Last 4 Quarters Last 4 Weeks Last 120 Days

HIGHLIGHTS PRICE TARGET

EARNINGS PER SHARE

Earnings per share (EPS) is calculated 0.012 Quarterly 09-19 12-19

0.070 Annual 2019 2020

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

RELATIVE VALUATION INDICATORS

Price to Sales 1.2 Trailing PE 23.6 Forward PE 20.3

PRICE TO SALES TRAILING PE

FORWARD PE FORWARD PEG

MHCAR… MHCAR… MHCAR… MHCAR…

HIGHLIGHTS RISK ANALYSIS

PRICE MOMENTUM Currency in MYR

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

PRICE MOMENTUM INDICATORS

-1.7% - On 26/09/19, KPJ closed at 0.89, 21.7% below its 52-week

Mean Estimate Trend

Earnings Indicator Trend

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