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IHH (5225) : IHH HEALTHCARE BERHAD
CNY2012
Member Star
Posts: 111
Joined: Dec 2011
Male, MYS
07 Nov 2013, 09:02 AMPost #1
Fair value: RM3.80
Hold (maintain)

AMRESEARCH has maintained its “hold” call on IHH Healthcare Bhd with an unchanged fair value of RM3.80 per share, based on a sum-of-parts valuation. The bank-backed research house had a meeting with the management and reaffirmed it believed that operations at new hospitals, besides its expansion plan, were coming along nicely. It also mentioned that IHH’s medium- to long-term catalysts were solid, underpinned by growing bed capacity expansion in Malaysia (+38% beds) and Turkey (+29% beds) that would drive growth for the next few years.

Turkey remains as the group’s biggest growth potential given the fairly fragmented healthcare industry. Following the recent breakeven at the earnings before interest, taxes, depreciation and amortisation (EBITDA) level for Mount Elizabeth Novena and Acibadem Ankara, IHH is looking forward to achieving the same for Acibadem Bodrum by this year.

Another catalyst would be the greenfield hospital in Hong Kong (expected to be operational in 2017), given a circa 25% higher healthcare cost than Singapore. More importantly, IHH could leverage on Hong Kong to penetrate the China market.

By AmResearch
FrancissC
Member Star
Posts: 9
Joined: Aug 2014
Male, MYS
28 Aug 2015, 01:40 PMPost #2
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