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Results Note – IHH Healthcare (REDUCE, maintain) - Positives well reflected in valuation




Affin Hwang Investment Bank Bhd


26 Nov 2013





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9M13 core net profit down 10.7%; below our expectation IHH reported a core net profit of RM138m (+63% yoy) in 3Q13, taking 9M13 core net profit to RM460m (-9.8%). This came in below our expectation, accounting for 59% of our full year FY13 forecast of RM815m but in line with consensus. The main discrepancy was due to higher-than-expected depreciation charges, compared to our estimate. Our 9M13 core net profit excludes various EI, including an exchange loss of RM136m. However, 9M13 reported revenue of RM4.9bn (- 8.4%) is within our estimate accounting for 78% of our FY13 forecast. As expected, no dividend was declared for the quarter.

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