We expect IHH Healthcare’s 3Q25 results to be broadly in line, with sequential improvements driven by the reopening of Mount Elizabeth Hospital (Orchard, Singapore), and new Acibadem Hospitals (Turkiye).
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cheaper alternative to Fortis Healthcare (FORN IN).
3Q25 results preview.
IHH’s 3Q25 results is scheduled for release on 26 Nov. We project a core profit of ~MYR521m (-1.4% y-o-y, +24% q-o-q), bringing 9M25 core net profit to MYR1.36bn (-0.2% y-o-y). This is broadly in line with our and consensus at 73% and 71% of 2025F.
Strong growth momentum offset by currency translation on stronger MYR.
We expect IHH’s constant-currency revenue and EBITDA of 17% and 11% y-o-y (in 1H25) to be sustained in 9M25. However, the appreciation of the MYR against key operating currencies is likely to moderate reported growth to 9% and 2.8%, respectively.
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3Q25 EBITDA margin is expected to inch up 0.2ppt q-o-q to 21.7%, underpinned by improved EBITDA contributions from Singapore, following the reopening of Mount Elizabeth Hospital (Orchard), and from Acibadem. Margins across the remaining markets are assumed to remain broadly stable q-o-q.
Earnings revision.
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Above is an excerpt from a report by RHB Securities Research. Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
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