IHH Healthcare - Maybank Research 2025-03-28: Türkiye Under Fire?

• Imamoglu’s arrest has intensified political uncertainty in Türkiye, accelerating Turkish Lira (TRL) depreciation. We expect MFRS129 adjustments to compress reported earnings but not core earnings.
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MFRS129 impact likely but largely non-cash in nature

• Historically, hyperinflation due to the falling TRL has negatively impacted IHH Healthcare's group EBITDA and core net profit due to its treatment according to MFRS129 on 90%-owned Acibadem. MFRS129 impacted FY24A group EBITDA/core net profit by -MYR31m/-MYR508m.
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• We cannot quantify the impact of MFRS129 without access to Acibadem’s detailed financial statements but emphasise that the aforementioned are largely non-cash in nature.

Acibadem core earnings actually resilient, in our view

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Above is an excerpt from a report by Maybank Research.
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Previous report by Maybank:
2025-02-28 IHH Healthcare - FY24 Ends On A Firm Footing.

Price targets by 2 other brokers at IHH Healthcare Target Prices.

Listing of research reports at IHH Healthcare Analyst Reports.

Relevant links:
IHH Healthcare Share Price History,
IHH Healthcare Announcements,
IHH Healthcare Dividend Payout Dates & Corporate Actions,
IHH Healthcare News