IHH Healthcare - CIMB Research 2015-10-21: Turning upbeat on Hong Kong
IHH HEALTHCARE BERHAD Q0F.SI IHH Healthcare - Turning upbeat on Hong Kong
- IHH’s 60:40 500-bed Gleneagles Hong Kong (completion early-2017) will be the next Singapore success story and a significant earnings contributor in five years.
- Singapore has ~920 beds (16% of bed capacity) but forms 45% of group net profit.
- Management sees medical costs in Hong Kong being 30-50% higher than Singapore, but with similar normalised EBITDAR margins (c.30%). We agree.
- HK’s ageing population, wealth and acute bed shortage will support higher prices.
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