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CIMB starts IHH Healthcare
(Q0F.SG) at Outperform with S$1.53 target. "IHH's extensive footprint in a
defensive sector is one of the best business models around.
It possesses
steady-growth profile, driven by unquenchable demands for better healthcare
needs. This is a direct play on the rising global healthcare costs." It notes
IHH operates an integrated healthcare business and related services, with market
leadership in its three home markets of Singapore, Malaysia and Turkey as well
as operations and investments in China, India, Hong Kong, Vietnam, Brunei and
Macedonia.
It adds, IHH's ability to capture the huge demand for medical travel
is a big plus, with its key home markets able to act as regional hubs for
medical travel. IHH's sponsorship of the Parkway Life REIT (C2PU.SG) also
provides opportunities not readily available to other healthcare players, with
possible further asset-recycling chances among its Malaysian assets, and with
freed capital likely redeployed to growth frontiers, it says. The stock is flat
at S$1.25.
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