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Results Note – IHH (ADD, maintain) - More complex cases boost revenue




Affin Hwang Investment Bank Bhd


26 Feb 2013





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Within our expectation but above street IHH’s FY12 core net profit of RM632.6m (+61% yoy) came in within our expectation but was 8% above street estimates. Our core net profit excludes: 1) valuation gain from investment properties (sale of 216 medical suites units at Mount Elizabeth Novena Specialist Centre) valued at RM164.2m, 2) write-back of impairment loss on financial assets amounting to RM41.7m, 3) loss on disposal of property at RM17.5m, and 4) fair value loss on contingent payable in relation to the acquisition of Acibadem of RM26.3m. As expected, no dividend was declared in FY12.

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