[%PYZl%]
Research by HLIB
Buy - TP RM7.70

"Steadily in line"

IHH reported 1H24 core PATMI (including MFRS 129) of RM840m (+30.3% YoY), which came in within ours (51%) and consensus’ (54%) full year forecast. We maintain our FY24f/25f/26f forecasts as the results were in line. Going forward, IHH is set for sustained growth, underpinned mainly by plans to increase bed capacity by 33% by 2028. Maintain BUY on IHH with a slightly higher SOP-derived TP of RM7.70 to reflect higher market cap of Indian-listed Fortis Healthcare (31.1%-ownership).

Analyst:
Chee Kok Siang
[%lBSB%]

$KLSE-IHH
Research by HLIB
Buy - TP RM7.70

"Steadily in line"

IHH reported 1H24 core PATMI (including MFRS 129) of RM840m (+30.3% YoY), which came in within ours (51%) and consensus’ (54%) full year forecast. We maintain our FY24f/25f/26f forecasts as the results were in line. Going forward, IHH is set for sustained growth, underpinned mainly by plans to increase bed capacity by 33% by 2028. Maintain BUY on IHH with a slightly higher SOP-derived TP of RM7.70 to reflect higher market cap of Indian-listed Fortis Healthcare (31.1%-ownership).

Analyst:
Chee Kok Siang
cheeks@hlib.hongleong.com.my