- IHH Healthcare (SGX:Q0F)'s 4Q23 core profit came off by 28% q-o-q to MYR266m (below expectations) amid a seasonally weaker quarter due to the holiday and festive seasons.
- We continue to like IHH Healthcare given its reputable regional footprint across key regions, its organic expansion target (+33% bed capacity by 2028), and resilient demand for healthcare services.
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Results overview.
- IHH Healthcare's FY23 full-year core earnings came in at 91% and 79% of our and Street’s estimates, which we deem as below expectations, no thanks to increases in staff and utilities costs, and a weakening TRY.
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- In 2023, IHH Healthcare’s operational beds grew to 12,307 (2022: 11,881 beds). Group bed occupancy rate (BOR) contracted slightly (69% vs 2022’s 70%).
Segmental breakdown.
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