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Results Note – IHH Healthcare (REDUCE, maintain) - Fuelled by organic growth and better margins




Affin Hwang Investment Bank Bhd


27 Aug 2013





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Below our expectation In 2Q13, IHH reported a core net profit of RM188.7m (+60.3% yoy), taking 1H13 core net profit to RM322.1m (+38.7% yoy). Annualised, this came in below our expectation, as it only accounts for 79% of our full year earnings forecast of RM872m and 89% of consensus FY13 forecast of RM710m. Our 2Q13 core net profit excludes various EIs, including a forex gain of RM58.6m, which relates to Acibadem’s loans which are not denominated in Turkish Lira. For us, the discrepancy was mainly due to our higher revenue/inpatient assumption for PPL Malaysia at RM4,923 vs. 1H13’s revenue/inpatient of RM4,444. Recap that, 1Q12 core net profit excludes the profit from sale of medical suites from Elizabeth Novena amounting to RM193.6m. As expected, no dividend was declared for the quarter (1H12: nil).

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