KPJ Healthcare Bhd (May 21, 93.5 sen) Downgrade to hold with a lower target price (TP) of RM1: While KPJ finally charted a
strong recovery in inpatient volume growth in 2018, we think that the recovery could be short-lived, as we have seen weakness
in the consumer sentiment index, and there is a high correlation between KPJ’s inpatient volume growth and the index
movements.
Source: The Edge Financial Daily, Malaysia, Home Business.
