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RAM Ratings affirms Qualitas
Published on 08 May 2026.
RAM Ratings has affirmed the ratings of Ameetaz Capital Sdn Bhd (Ameetaz Capital or the Group) and Qualitas Sukuk Berhad as follows:
The affirmation reflects RAM’s expectations of a gradual recovery in the Group’s operating performance and credit metrics in 2026 and 2027 following weaker than expected outcomes in 2025. The 2025 underperformance was mainly due to delayed deployment of proceeds from the Subordinated Perpetual Sukuk issued in July 2025, which was earmarked for brownfield acquisitions, as well as softer-than-expected growth at the Group’s existing clinics.
As the Group completed only SGD1.5 mil of acquisitions in 2025, after issuing RM220 mil (or about SGD67 mil) of Perpetual Sukuk in July, contributions from the new additions were minimal. Meanwhile, organic growth was also below plan, mainly due to an unexpected y-o-y decline in revenue from the Group’s Malaysian operations. Hence, while total revenue increased by approximately 4% to SGD243.5 mil, it was 13% lower than expectations. As a result, operating profit of about SGD45.7 mil fell short of the SGD58 mil projected. Credit metrics similarly trailed expectations, with gearing ratio at 0.89 times (expected: 0.84 times) and funds from operations (FFO) debt coverage ratio at 0.14 times (expected: 0.17 times).
With the funds in place Ameetaz Capital aims to accelerate earnings-accretive mergers and acquisitions (M&A), with SGD15 mil of acquisitions targeted this year. As at end-2025, the Group reported SGD78.2 mil of cash (including unutilised Perpetual Sukuk proceeds) and an M&A pipeline of about SGD60 mil, providing flexibility to exceed the 2026 acquisition target if execution conditions allow. Successful completion of brownfield acquisitions remains a key factor in improving the Group’s operating results and credit metrics.
Given slower M&A execution, Ameetaz Capital has revised its financial projections for 2026-2028. The revised revenue and operating profit are about 15%-20% lower than RAM’s initial expectations, resulting in leverage and debt-protection metrics that are less robust. Nevertheless, these are expected to remain consistent with the Group’s current ratings, with the gearing ratio staying below 1 time and FFO debt coverage at around 0.16 to 0.18 times over the next two years, although we highlight that headroom is limited given the proximity to downside triggers. Further delays in meaningful acquisitions or operating underperformance in 2026 would likely exert negative rating pressure.
The rating affirmation also considers the Group’s resilient healthcare-based operating profile and established record in executing earnings-accretive acquisitions. Through its operating subsidiary, Qualitas Medical Limited, Ameetaz Capital owns and operates one of the largest networks of primary care, specialist and allied health service centres across Australia, Singapore and Malaysia. As of end-2025, the Group owned 127 healthcare outlets in Malaysia, 53 in Australia and 29 in Singapore, along with another 156 affiliate and associate clinics in Malaysia.
Analytical contacts
Chuan Shyang Lin
(603) 2708 8209
shyanglin@ram.com.my
Ben Inn
(603) 2708 8290
ben@ram.com.my
Thong Mun Wai
(603) 2708 8255
munwai@ram.com.my
Media contact
Sakinah Arifin
(603) 2708 8212
sakinah@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
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