DBS Vickers Starts IHH Healthcare At Buy

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DBS Vickers Starts IHH Healthcare At Buy

DBS Vickers initiates IHH Healthcare (Q0F.SG) at Buy with S$1.38 target.  "Current industry trends favor IHH's growth over the next few years. These include ageing population, developing healthcare markets in Asia, rising affluence and increasing medical tourism in the region."  It forecasts FY11-14 topline CAGR of 16.4%, on its expanding network and higher patient load and intensity, with robust net profit CAGR of around 55% as increased operating efficiencies boost margins and as interest expenses fall.  It believes the stock should command a scarcity premium as IHH offers growth and leading healthcare market exposure in various countries. The stock is flat at S$1.24.