Technical tracker - HLIB Retail Research –24 Aug 2022 Cengild | HLeBroking

Technical tracker - HLIB Retail Research –24 Aug 2022

Cengild: Stomach for growth

Specialised healthcare service provider. Cengild Medical Berhad (CENGILD) is a healthcare service provider, providing tertiary care and specialising in diagnosing and treating gastrointestinal and liver diseases and obesity. It also provides other medical services, including the diagnosis and treatment of selected gynecology, urology, and oncology-related conditions, as well as general cardiology assessments. Majority of CENGILD’s patients are local patients, accounting for 95.3% of its revenue in FY20, while foreign patients contribute the remaining 4.7%

Riding on the growing prevalence of obesity. Obesity is among the factors that could raise the risk of a person developing gastrointestinal diseases and disorders, and the prevalence of obesity among Malaysians above the age of 18 has been on an increasing trend, from 15.2% in 2011 to 19.7% in 2019. According to the 2019 National Health and Morbidity Survey, Malaysia also has the highest prevalence of obesity among adults in Southeast Asia, with 50.1% of Malaysian adults reported to be overweight. This, in our view, allows CENGILD to capture and serve the growing market (c.4.3% market share in FY21).

Private healthcare, a growing pie. Generally, healthcare services in Malaysia is a two-tiered system, categorized as public and private healthcare service, with the former making up 46-49% market share while the latter making up 51-54% market share. On top of the growing population that serves as a baseline growth for private healthcare services, the better access and increasing availability of medical insurance packages in Malaysia can help to reduce reliance on out-of-pocket spending (73.6% of the source of financing in private healthcare) and encourage the transition from public to private healthcare services. Protégé projects the Malaysia private healthcare sector to grow at a 4-year CAGR of 9.5%.

Trading near uptrend support. Technically, CENGILD is trading near its uptrend channel support of RM0.42-0.45. In the wake of the higher high pattern, a decisive breakout above RM0.48 will spur prices higher towards RM0.50-0.52-0.55 territory. Cut loss at RM0.39.

Collection range: RM0.42-0.43-0.45

Upside targets: RM0.50-0.52-0.55

Cut: RM0.39

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Cengild：胃肠道的专科

专业的医疗保健服务提供商。 Cengild Medical Berhad (CENGILD) 是一家医疗保健服务提供商，提供三级护理，专门诊断和治疗胃肠道和肝脏疾病以及肥胖症。它还提供其他医疗服务，包括妇科、泌尿科和肿瘤科相关疾病的诊断和治疗，以及一般心脏病学评估。 CENGILD 的大部分患者是本地患者，占其 FY20 收入的 95.3%，而外国患者贡献了剩余的 4.7%

肥胖症日益流行。肥胖是可能增加一个人患肠胃疾病和失调风险的因素之一，而 18 岁以上马来西亚人的肥胖患病率呈上升趋势，从 2011 年的 15.2% 上升到 2019 年的 19.7%。根据 2019 年全国健康和发病率调查，马来西亚也是东南亚成年人肥胖率最高的国家，据报道有 50.1% 的马来西亚成年人超重。我们认为，这使 CENGILD 能够占领并服务于不断增长的市场（21 财年市场份额约为 4.3%）。

私人医疗保健，一个不断增长的馅饼。一般来说，马来西亚的医疗保健服务是一个两级系统，分为公共和私人医疗保健服务，前者占 46-49% 的市场份额，而后者占 51-54% 的市场份额。私人医疗保健服务市场除了随着人口的增长而扩大外，马来西亚更容易地获取和更多元化的医疗保险套餐可以帮助减少自付费用（私人医疗保健资金来源的 73.6%）并鼓励从公共医疗保健服务向私人医疗保健服务过渡。 Protégé 预计马来西亚私人医疗保健行业将以 9.5% 的 4 年复合年增长率增长。

在上升趋势支撑附近交易。从技术上讲，CENGILD 的交易价格接近其上升通道支撑位 RM0.42-0.45。在预计更高的高点下，若CENGILD突破 RM0.48 将推动价格上涨至 RM0.50-0.52-0.55 区域。止损 RM0.39。

买入范围：RM0.42-0.43-0.45

上行目标：RM0.50-0.52-0.55

止损点：RM0.39

Report: https://www.hlib.hongleong.com.my/Published/Download.ashx?ArticleId=19219&mode=view

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