FY18 rev/ad. NP grew 26%/20% YoY, in line with our estimates, thanks to strong increase in interest-earning assets （IEA, +34% yoy）。 Mgmt. maintained a 30% pay-out ratio
Co. has acquired 8 SOE hospitals （o/w 3 tier-III and 5 tier-II） with a total beds of c.5,700, covering 5 provinces. In 2019, mgmt. aims to continue to consolidate quality hospitals and expand footing nationwide amidst ongoing SOE hospital reform
We upgrade TP to HK$8.7 （from HK$8.3） and 2019/20E adj. earnings by 1%/2% on positive medical leasing outlook. Co. trades at 0.9x FY19E P/B, in par with Far East Horizon（FEH, 3360 HK, NR）， despite its historic premium to FEH for its healthcare-focused IEA mix; decent FY19E div yld （5%）， Maintain BUY