KPJ买的地在哪？

KPJ HEALTHCARE BERHAD - Acquiring Kuching Land for RM16.5m

KPJ announced that it is purchasing a piece of leasehold land in Kuching, Sarawak, measuring 1.9 hectares for a total cash consideration of RM16.5m. The purchase will be funded through internally generated funds. We understand that the Group plans to utilise the land for the development of a new 200-250 bed hospital as an extension to its Kuching Specialist Hospital, but maintain Neutral as we believe it will take time for the Group to digest its extra capacity in the next few years, which will affect profitability in the near term.

Land for new hospital. KPJ currently operates one hospital in Kuching, the 75-bed Kuching Specialist Hospital (KSH). The current bed utilisation rate at KSH has already reached an optimum level of 70-75%, hence the Group is looking to build a new hospital as an extension to KSH in order to cater for increasing demand. However, we understand that the acquired land is located approximately 20km away from the existing hospital, hence it would be more of a greenfield venture than mere capacity expansion. The Group expects construction to commence by next year, pending regulatory approval from the relevant ministries.

Purchase price seems fair at c.RM81psf, and the total consideration of RM16.5m is in line with Henry Butcher‟s valuation of the land‟s market value at RM16.6m. The purchase will be funded through internally generated funds. We understand that the new hospital will have 200-250 beds, which we estimate will cost the Group between RM150m to RM200m to build.

Maintain Neutral with unchanged TP of RM6.20. We are neutral on the acquisition, as the Group will face increasingly challenging times with rising healthcare costs and margin compression from its new hospitals. We believe it will take time for the Group to digest its extra capacity in the next few years (adding c.1500 beds), which will affect profitability in the near term. Maintain Neutral with unchanged TP of RM6.20 based on 30x FY14 P/E.

Source: PublicInvest Research - 7 Nov 2013

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目前的Kuching Specialist Hospital的生意看起来不错，医院也接近饱和状态，是时候进行计划扩充计划。

买地建医院固然是好事，但是这块地离目前的医院有20公里，20公里从古晋市可以去到很偏僻的地方了，依我的看法，把医院建在离市区这么远的地方似乎不是很理想。这块地真正会在哪里，希望公司将会在日后公布。