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 2022-02-24
Previous report by CGS-CIMB:
2022-01-06 IHH Healthcare - Litigation With Emqore
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