PETALING JAYA: Eye specialist Optimax Holdings Bhd
is poised to chart stronger earnings over the next few years from the opening of its new ambulatory care centres (ACCs).
Following a recent visit to the company’s new specialist ACC and Neumax clinic, which provides a wide range of aesthetic services, CGS International Research (CGSI Research) said it now expects a rebound and growth in Optimax’s core net profit.
“We forecast Optimax’s revenue to deliver a three-year compound annual growth rate (CAGR) of 14.5% for financial year 2023 (FY23) till FY26 on the back of a higher number of surgeries from the opening of new ACCs at Atria Mall in Selangor, Kota Kinabalu in Sabah, and Cambodia in FY24, as well as in Selgate Setia Alam in Shah Alam, and Kempas in Johor, between FY25 and FY26.”
The group was expected to have a total of 16 ACCs, along with seven satellite clinics and one specialist centre by the first half of 2024
“This should help its core net profit to rebound from a decline in FY23 to a new high of RM16mil and post a three-year CAGR of 20% for FY23 to FY26,” the research house added.
CGSI Research said the key highlight from the meeting was an update provided on the group’s new PRESBYOND system in its Atria ACC, which, according to the company, is the first of its kind in Malaysia and can provide laser refractive treatment for presbyopia or long-sightedness.
“Our understanding, based on a briefing by Optimax’s management, is that presbyopia refractive surgery has been gaining traction, with solid growth in customers over the age of 40.
“We are positive on this new PRESBYOND system and refractive surgery for presbyopia as this, according to Optimax, captures a different patient group than its existing Lasik procedures that appeal to those below 40.
“Given its first-mover advantage, we expect this to be a new growth driver as about 11.35 million people or 34% of Malaysia’s total population were aged 40 and above in 2023, based on data from the Statistics Department,” CGSI Research said.
Reiterating its “add” call on the company, the research house said downside risks for Optimax include delays in its expansion plans and a longer gestation period for its new centres.
