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Despite the anticipated near-term softness in FY26F arising from preoperating start-up costs for its four new IVF centres and the SST impact on foreign patients, we remain optimistic about the group’s FY27F outlook. TA expect the newly opened Alpha Kota Kinabalu and Alpha Manila to achieve profitability by 2HFY26. We maintain our Buy recommendation with an unchanged target price of RM0.37 per share.
Yeah, even though FY2027 Q1 starts on 1 May, there’s still a ramp-up period for hiring doctors and setting up facilities, which could weigh on near-term performance. That’s why it’s safer to expect a more meaningful improvement in FY2027 once things stabilise in my opinion
TA anticipate that the facility will achieve profitability by its second month of operations. In contrast, Alpha Manila may take slightly longer to reach breakeven, as patient volumes last December were affected by the Christmas and New Year holiday period in the Philippines
No need wait 2027, will break even within this year
