Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.</li>
<li>Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.</li>
<li>IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.</li>
</ul>



IHH Healthcare (IHH MK) remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.
Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.


IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported highest ever quarterly revenue in 1Q24, with double-digit growth across key metrics. 1Q24 revenue increased 16%, while EBITDA grew at a faster pace of 19%.</li>
<li>Favorable patient mix, which was inclined to more acute and complex patients and price adjustments to counter inflation drove the growth. 1Q24 EBITDA margin (22.9%) improved from year-ago quarter (22.3%).</li>
<li>The company expects favorable tailwinds from secular trends in its core markets, which will underpin longer-term growth. IHH is on track to add ~4,000 beds (+33% capacity) by 2028.</li>
</ul>



IHH Healthcare (IHH MK) reported highest ever quarterly revenue in 1Q24, with double-digit growth across key metrics. 1Q24 revenue increased 16%, while EBITDA grew at a faster pace of 19%.
Favorable patient mix, which was inclined to more acute and complex patients and price adjustments to counter inflation drove the growth. 1Q24 EBITDA margin (22.9%) improved from year-ago quarter (22.3%).
The company expects favorable tailwinds from secular trends in its core markets, which will underpin longer-term growth. IHH is on track to add ~4,000 beds (+33% capacity) by 2028.


IHH Healthcare (IHH MK): Outstanding Performance in 1Q24; Looking for Business Expansion

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
</ul>



IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.</li>
<li>4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.</li>
<li>The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.</li>
</ul>



IHH Healthcare (IHH MK) reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.
4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.
The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.


IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)