HLIB Downgrades Sunway Healthcare To HOLD

Hong Leong Investment Bank Bhd (HLIB) has downgraded Sunway Healthcare Holdings Bhd (SunMed) to HOLD from Buy, while maintaining its target price of RM2.05, saying the group's planned expansion in Johor supports its long-term growth strategy although the recent share price rally has limited further upside.

The research house said SunMed's proposed acquisition of four freehold land parcels in Sunway City Iskandar Puteri, Johor Bahru, for RM45.37 million is a positive move that strengthens its network of tertiary hospitals and expands its presence in Johor.

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