Results within expectation. KPJ's reported FY11 revenue and net profit of RM1,891.3m (+14.3% YoY) and RM131.7m (+10.8% YoY) were in line with net profit making up 102% of our forecast. Revenue growth was driven mainly by higher revenue intensity and patient volume. Operating margin also trended higher to 9.2%, from 8.7% in 2010. Final dividends are yet to be declared, but we expect total net dividends of 10 sen for FY11. Maintain Hold and target price of RM5.10.

Maybank Research 27 Feb 2012

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