To date, Optimax operates 13 eye specialist centres in Malaysia – including in Sarawak – offering a range of eye specialist services with a strong focus on refractive and cataract surgery.
KUCHING: Analysts at Affin Hwang Investment Bank Bhd (AffinHwang Capital) believe that Optimax Holdings Bhd (Optimax) will likely thrive in its eye specialist healthcare business as it prepares for listing on the ACE market of Bursa Malaysia.
In 1995, Datuk Tan Boon Hock, the major shareholder of Optimax, ventured into the through the opening of Optimax’s first eye specialist clinic in Taman Tun Dr Ismail, Kuala Lumpur.
The group has since expanded substantially. To date, Optimax operates 13 eye specialist centres in Malaysia – including in Sarawak – offering a range of eye specialist services with a strong focus on refractive and cataract surgery.
“Optimax’s ambulatory care centres and specialist hospital are equipped with eye operation theatres, procedure rooms, general and day care wards, and relevant equipment for surgical procedures,” AffinHwang Capital said in its review yesterday.
“Its operations are supported by 18 eye surgeons and 33 optometrists. Optimax has a dedicated team of resident eye surgeons in each of its eye specialist centres, except the eye specialist centre in Seremban that is currently undergoing renovation works. Notably, some of the key eye surgeons are stakeholders in their respective eye specialist centres.
“The eye specialist industry falls within the larger umbrella of the eye care industry. The eye specialists are medical practitioners who are registered ophthalmologists qualified to carry out surgery and to provide medical treatment pertaining to the human eye.
“The other section of the eye care industry relates to the provision of corrective lenses or other visual aids for correction of vision which are normally carried out by opticians.”
In Malaysia, AffinHwang Capital observed the number of ophthalmologists/population has increased over the years, but is still below the global average.
“In Malaysia, half of the ophthalmologists work in the public sector while the remaining work in the private sector, ie. standalone eye specialist centres, private medical centres, or eye specialist healthcare group,” it said.
To recap, there are four major healthcare groups specialising in the eye specialist healthcare services – namely ISEC Healthcare Ltd, Optimax, Vista Laser Eye Centre Sdn Bhd and TopVision Eye Specialist Bhd.
“We understand that ISEC Healthcare is the largest eye specialist healthcare group by revenue (2019) and number of eye surgeons. Meanwhile, Optimax has the most eye specialist centres in Malaysia,” AffinHwang Capital said.
“We observe that all four eye specialist healthcare groups are actively expanding their footprint through acquisitions and/or setting up new eye specialist centres.”
This falls back on structural, long-term demand drivers for eye specialist services including Malaysia’s growing population size and demographic; prevalence of lifestyle diseases; lifestyle changes and rising affluence.