Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 249% versus MSCI ASEAN’s 39%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 249% versus MSCI ASEAN’s 39%


Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.</li>
<li>We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.</li>
<li>In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.
We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.
In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.


Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.</li>
<li>We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.
We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


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)