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Results Note – IHH Healthcare (ADD, upgrade) - Premium healthcare




Affin Hwang Investment Bank Bhd


27 Feb 2014





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2013 core earnings came in within ours and consensus estimates IHH’s 2013 impressive 70.5% growth in core net profit to RM602.5m was within ours and consensus expectations. The growth was driven by a 17.5% growth in revenue as well as a 4.5%-pts increase in EBITDA margin. Our definition of core earnings excludes various EIs including the profit from the sale of Novena medical suites (RM216m) and earnings contribution from PLife REIT (RM49.5m). The higher revenue was driven by strong inpatient volume growth across its home markets; PPL Singapore +7.5%, PPL Malaysia +7.4% and Acibadem +6.8%. Similarly, EBITDA margin expanded on better operating leverage as well as higher revenue/inpatient; PPL Singapore +5.7%, PPL Malaysia +6.4% and Acibadem +3.8%. IHH has declared a dividend policy of not less than 20% of their PATMI, excluding EI. For 2013, IHH has declared a dividend payout of 2 sen (2012: nil)

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