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KUALA LUMPUR, May 5 -- Hong Leong Investment Bank Bhd (HLIB) has maintained its “buy’’ call on UEM Edgenta Bhd (Edgenta) and raised the company’s target price (TP) to RM2.53 from RM2.
In a research note today, HLIB said following Edgenta’s foray into digital healthcare by launching QuickMed, a digital platform aimed at digitalising healthcare practices, it raised the company’s financial year 2021-2022 earnings forecast to between 52.7 and 65.5 per cent.
The investment bank said Edgenta’s core business currently involves facilities management for the healthcare and infrastructure sectors, which historically accounted for between 35 per cent and 45 per cent of revenue over the past five years.
"With Edgenta’s success in adopting technology in their healthcare support services operations, digital healthcare is the logical next step.
“However, we reckon that the company will need to acquire a sizeable user base before these ventures can be monetised effectively," it added.
At lunch break, Edgenta shares rose five sen to RM1.90 with 472,600 shares changing hands.