IHH Healthcare - RHB Invest 2024-11-29: Charting Stronger Growth Ahead; Keep BUY

• Maintain BUY with a higher SOP-derived IHH Healthcare's target price of MYR9.10 from MYR8.80, 26% upside.
• IHH Healthcare’s 9M24 core earnings of MYR1,367.8m beat estimates, accounting for 81% and 72% of our and consensus’ expectations. The stronger-than-expected results were driven by sustained demand for healthcare services, better case-mix of more acute patients, and timely price adjustment to counter against inflation.
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Results overview.

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• On a sequential basis, the H&H segment grew 1% q-o-q on the back of higher patients admission volume (except for Turkey due to summer break).
• Operational beds number was largely flattish y-o-y and q-o-q, at 12,222. Its bed occupancy rate (BOR) improved 3ppt q-o-q to 73%.

Segmental breakdown.

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Oong Chun Sung RHB Securities Research | https://www.rhbgroup.com/ 2024-11-29 SGinvestors.io

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