IHH Healthcare - RHB Invest 2023-08-30: Still Thriving Despite Macro Challenges; Keep BUY

• IHH Healthcare’s 2Q23 core earnings were flattish y-o-y at MYR315m, bringing 1H23 numbers to 46% and 40% of our and consensus’ estimates. Weaker-than-expected results were mainly due to higher cost of operations and utilities, as well as increased spending on repairs and maintenance.
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IHH's 1H23 core earnings disappointed

• IHH Healthcare (SGX:Q0F)'s 1H23 core earnings disappointed, due to the consolidation of staff costs for its newly acquired entities, Ortopedia Hospital and Kent Health Group.
• - Read this at SGinvestors.io -
• Hospital revenue across key segments posted positive y-o-y growth, with total hospital and healthcare division revenue growth of 22% and 2% q-o-q. Key drivers were mainly the Turkey and Greater China divisions.

Segmental breakdown.

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Oong Chun Sung RHB Securities Research | https://www.rhbgroup.com/ 2023-08-30 SGinvestors.io

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