- IHH Healthcare (SGX:Q0F)'s 1H24 core earnings of MYR839.8m were slightly ahead of our but missed consensus estimates – at 51% and 46% of FY24F earnings.
- The stronger-than-expected results were driven by sustained demand for healthcare services, better case-mix of more acute patients, and timely price adjustments to counter against inflation.
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Results overview.
- Revenue from the hospital and healthcare (H&H) division increased 18% y-o-y to MYR5.7bn, driven by organic patient growth across the countries IHH Healthcare has a presence in (all four countries’ hospitals reported positive y-o-y growth in operating metrics).
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- Staff costs rose notably by 39% y-o-y as IHH Healthcare ramped up its recruitment to align with its capacity expansion plan.
- Operational beds were largely flat y-o-y and q-o-q at 12,222. The bed occupancy rate (BOR) was flattish q-o-q at 70% (2Q23: 67%).
Segmental breakdown.
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