IHH Healthcare - Maybank Research 2026-05-28: Commendable Quarter On Same-Currency Basis

• IHH Healthcare's 1Q26 results were in-line at 22%/25% of our/consensus estimates, as core net profit jumped 5% y-o-y on the back of higher revenue intensity and EBITDA margins across geographies.

• - Read this at SGinvestors.io -

Türkiye and Europe leads; Singapore remains subdued

• Ex-MFRS129, 1Q26 core net profit of MYR545m (+5% y-o-y, -14% q-o-q) was driven by Türkiye/Europe at revenue/EBITDA growth of +21%/+48% y-o-y, lifting blended EBITDA margin to 22% (+1% y-o-y/ q-o-q).

• Malaysia and India both delivered strong y-o-y revenue/EBITDA growth of +7%/+16% and -1%/+6%, supported by strong ARIP (average revenue per inpatient) and medical tourism (Malaysia) and expanding volume (India).

• - Read this at SGinvestors.io -

• From the recent analyst briefing on 26 May, we understand that Singapore’s slow recovery is due to a combo of festivity seasonality and a structural shift towards favouring public hospitals amid payor and inflationary pressures.

Underlying momentum intact despite FX overhang

• On a constant currency basis, operational momentum across Türkiye/Europe and India yields even stronger at revenue/EBITDA growth of +45%/+73% and +18%/+26% y-o-y, respectively. However, the continued strengthening of Malaysian Ringgit against Singapore Dollar, India Rupee and Turkish Lira weighed on translated earnings, masking the actual pace of growth in reported operational numbers.

• On Singapore, we expect outlook to remain subdued near-term as the structural shift towards public hospitals persist, though management is optimistic that this is a cyclical pattern, rather than permanent demand loss.

Updating forecasts

• Read more at SGinvestors.io.

Nur Natasha Ariza Maybank Research | https://www.maybanktrade.com.sg/ 2026-05-28

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