In line. KPJ’s FY12/09 core net profit of RM98.7m (+22.0%) came in within our but above consensus expectations, accounting for 101% and 107% of our and consensus full-year forecasts respectively. KPJ recorded a gain on disposal of hospitals to Al-Aqar REIT totaling RM3.1m in FY09 and RM4.7m in FY08. KPJ declared second interim gross DPS of 4 sen (less 25% tax), bringing full-year gross DPS to 8 sen (after adjusting for share split and bonus issue) or net payout of 32%. We expect KPJ to announce final dividend or dividend-in-specie in a separate announcement, which would bring total net payout to 12 sen (from 15.2 sen in FY08).
KPJ Healthcare Berhad : On Track To Meet Its 2012 Target - 01/03/2010
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