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IHH Healthcare (SGX:Q0F)'s 1Q26 earnings met our expectations but missed consensus. Softness in Singapore persisted, but this was more than offset by Turkiye and Malaysia.
Within our expectations, but disappointed consensus.
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Turkiye operations were a standout as the softness in Singapore was offset by Malaysia.
Singapore drags, Malaysia shields.
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Top-line of its Singapore operations contracted sharply (-12.0%) due a structural shift in local patients opting for higher public healthcare utilisation and fewer Indonesian patients due to the depreciating rupiah. Inpatient admission declined 7.5% y-o-y amid easing revenue intensity (-3.5% y-o-y). This culminated in operational earnings contracting sharply by 18.1% y-o-y.
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Acibadem continues to deliver.
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