PETALING JAYA : PMCK Bhd, a well-established private healthcare provider operating in northern Malaysia, is preparing to list on the ACE Market of Bursa Malaysia, with ambitions to solidify its regional presence and enhance long-term shareholder value.
As part of its post-listing strategy, PMCK has pledged to distribute a minimum of 20% of its net profit as dividends. According to TA Research, dividend payouts are projected to range between 20% and 44% across the financial years 2025 (FY25) to 2027 (FY27), with forward yields estimated at 1.3% to 2.1%.
At its initial public offering (IPO) price of RM0.22 per share, PMCK is valued at a trailing price-to-earnings (PE) ratio of 15.9 times based on FY24 earnings per share (EPS). TA Research has set a fair value of RM0.23 per share, derived from a target PE of 16 times FY26 EPS.
PMCK currently operates the Putra Medical Centre in Alor Setar, Kedah. With over three decades in the healthcare industry, the centre is supported by 40 consultants across 17 medical specialisations. Through its IPO, the group aims to raise RM60 million, earmarked for expansion efforts focused on strengthening its foothold in northern Malaysia—a region that continues to face limited access to private healthcare services. Kedah, in particular, has one of the lowest private hospital bed densities in the country.
A cornerstone of this expansion is the upcoming PMC Kulim facility, a 12-storey private medical centre slated to begin operations in the first quarter of FY28. The development includes a seven-storey adjoining complex featuring a four-storey hotel, a two-storey food court and dedicated parking facilities.
PMCK also plans to integrate RYM DX Laboratory Sdn Bhd, its diagnostics subsidiary, into PMC Kulim to meet rising demand for medical testing services. Concurrently, it will upgrade the medical laboratory and radiology facilities at its existing PMC Kedah site to improve service delivery.
Despite its long-term growth outlook, PMCK is expected to experience a near-term dip in earnings. TA Research anticipates a 24.8% contraction in net profit to RM11.3 million in FY25, primarily due to a projected 20% decline in patient volume. The reduction is attributed to severe flooding in Alor Setar and its surrounding areas between September and December 2024, which impeded patient access. Consequently, the profit after tax margin is forecast to fall to 12.1%, down from 14.4% in FY24, also weighed by increased administrative costs incurred during continued facility operations amidst the floods.
-The Star
