• Established in 1995, Optimax is as one of the most reputable eye care providers, supported by the high volume of surgeries conducted over the years as well as its established network of eye specialist centres.
   
• We project its earnings to decline by 16.2% YoY to RM7.2m in FY20 due to the impact of Covid-19 outbreak and MCO, while the earnings is projected to grow at 57.0% YoY to RM11.4m in FY21, underpinned by its expansion plans with 2 additional surgeons on board by FY21.

• Optimax is valued by pegging its FY21f core EPS of 4.2 sen to 24x PE (c.30% discount to peers average of 34.8x), leading to a FV of RM1.00.

Source: Mplus Research - 1 Oct 2020