Despite the anticipated near-term softness in FY26F arising from preoperating start-up costs for its four new IVF centres and the SST impact on foreign patients, we remain optimistic about the group’s FY27F outlook. TA expect the newly opened Alpha Kota Kinabalu and Alpha Manila to achieve profitability by 2HFY26. We maintain our Buy recommendation with an unchanged target price of RM0.37 per share.

Alpha IVF reported a net profit of RM12 million, down about 20.5% from RM15.1 million last year, while revenue climbed 9.4% to RM47.3 million. The dip in profit was mainly due to pre-operational costs from its ongoing expansion. Still, the company is declaring a first interim dividend of half a sen per share

Financial Snapshot (Q2 2025 vs. Q2 2024)
-Revenue: RM 47.3 Million (Up 9.4% from RM 43.2M)
-Profit After Tax (PAT): RM 11.85 Million (Down from RM 15.3M)
-Dividend Declared: 0.50 sen per share (Totaling RM 24.3 Million)
-Half-Year Revenue: RM 99.4 Million (A strong 15.3% year-on-year increase)

The Malaysia Year of Medical Tourism (MYMT) 2026 is seen as a supportive catalyst for the local healthcare sector. With MYMT 2026, Malaysia is setting its sights on achieving about RM12bil in healthcare revenue by 2030. Alpha will be capitalize big on this.

Alpha IVF tar­gets North Sumatra with new Medan satel­lite clinic

Fer­til­ity care spe­cial­ist Alpha IVF Group Bhd has launched its Medan Satel­lite Clinic, mark­ing its third pres­ence in Indone­sia after Jakarta and Sura­baya.

In a state­ment on Monday, the group said the Medan expan­sion strengthens its regional patient acquis­i­tion and refer­ral strategy by extend­ing its front-end pres­ence into North Sumatra, one of Indone­sia’s most pop­u­lous regions.