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.