KUALA LUMPUR (Feb 4): AmInvestment Bank Research has initiated coverage of Apex Healthcare Bhd at RM3.35 with a "buy" recommendation and fair value (FV) of RM3.82. In a note today, the research house said its FV for Apex is based on a price-earnings (P/E) of 26 times earnings per share (EPS) forecast for the financial year ending Dec 31, 2022 (FY22F). It said the P/E of 26 times is slightly higher than the regional pharmaceutical industry’s average P/E of 24.4 times for FY22F. AmInvestment said Apex is a pharmaceutical company with strong growth prospects in the orthopaedics segment. It said although earnings contribution from this segment is still small at less than 10%, there is potential for growth.