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Results Note – IHH Healthcare (REDUCE, downgrade) - Well appreciated; valuations are way above regional peers




Affin Hwang Investment Bank Bhd


26 May 2013





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Well appreciated; valuations are way above regional peers Below our expectation IHH reported a core net profit of RM137.5m (+17.2% yoy) in 1Q13 which came in below our expectation, accounting for only 15% of our full year forecast of RM872m and 19% of consensus FY13 forecast of RM705m. Our 1Q13 core net profit excludes various EI, including an exchange loss of RM10.2m, which relates to Acibadem’s loans which are not denominated in Turkish Lira. As expected, no dividend was declared for the quarter

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