IHH Healthcare - CGS-CIMB Research 2022-02-24: A Good Ending To The Year; FY22 A New Growth Journey

IHH Healthcare - A Good Ending To The Year; FY22 A New Growth Journey

  • IHH Healthcare (SGX:Q0F)’s FY21 core net profit of RM1.6bn came in line with our forecast. Patient volume and revenue intensity improved q-o-q across most markets.
  • FY22F will see the tapering of COVID-19 revenue and higher operating costs, but this may be offset by the recovery of patient volume and cost savings. As a diversified healthcare provider, IHH Healthcare could see a lower impact from the decline in COVID-19 revenue vs peers.
  • We trim our FY22F net profit forecast for IHH Healthcare by 1.4% after updating its full-year numbers and reducing our FY22 COVID-19 revenue. Our SOP-based target price for IHH Healthcare is raised due to low er contribution from non-controlling interest.
  • IHH Healthcare’s growth in FY23-24F will be underpinned by the recovery of patient volume and cost savings, as well as existing and potential acquisitions.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.

EING Kar Mei CFA CGS-CIMB Research | TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-24
SGX Stock Analyst Report ADD MAINTAIN ADD 2.70 UP 2.690

Previous report by CGS-CIMB:
2022-01-06 IHH Healthcare - Litigation With Emqore

Relevant links:
IHH Healthcare Analyst Report,
IHH Healthcare Target Price,

IHH Healthcare Share Price History,
IHH Healthcare Announcements,
IHH Healthcare Dividends/ Corp Actions,
IHH Healthcare News Articles


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