IHH Healthcare - RHB Invest 2024-05-30: Earnings Supercharged By Strong Operating Stats; BUY

• IHH Healthcare (SGX:Q0F)'s 1Q24 core profit of MYR402.8m accounted for 25% and 24% of our and Street’s expectation. Results were in line, aided by sustained demand for healthcare services, a better case mix, and timely price adjustments to counter inflationary pressure.
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Results overview.

• Revenue from the hospital & healthcare (H&H) division reported 19% y-o-y growth to MYR5.6bn on consolidation of newly acquired entities Kent Health Group (Feb 2023) and Timberland Medical Centre (Feb 2024) on top of other factors. Sequentially, the H&H wing grew 8% q-o-q on higher revenue intensity across regions and inpatient admission volumes (except for Malaysia due to the Aidil Fitri festivities).
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• Operational beds were largely flat y-o-y and q-o-q at 12,166. IHH Healthcare’s bed occupancy rate (BOR) contracted slightly to 70% (1Q23: 71%).

Segmental breakdown.

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Oong Chun Sung RHB Securities Research | https://www.rhbgroup.com/ 2024-05-30 SGinvestors.io

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