not vested
On-arrival testing to be relaxed– trimming estimates
Lowering TP
The Health Ministry yesterday announced a relaxation of on-arrival testing requirements, a development likely to impact utilisation of MyEG’s breath test services.
We trim our FY22-24E earnings by 10-18% to reflect lower testing volumes.
We now project FY22E earnings to fall by 9% due to lower Healthcare revenue, but to be partially cushioned by the Immigration and Transportation segments.
Maintain BUY while trimming TP to RM1.28, based on unchanged 28x FY23E EPS, (+1SD vs. 5-year average).
Source: Maybank
https://mkefactsettd.maybank-ke.com/PDFS/260080.pdf