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medical stock that worth look upon
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Joelton
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24-Feb-2022 22:55
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IHH Healthcare Q4 net profit up 8%, declares higher final dividend
IHH Healthcare&rsquo s IHH: Q0F -0.98% net profit was up 8 per cent to RM453.6 million (S$145.7 million) for the fourth quarter ended Dec 31, 2021, from RM419.4 million the year before.
While the group is expecting short-term headwinds as Covid-19 services taper off along with rising staff costs and inflationary pressures, chief executive officer and managing director Kelvin Loh is bullish on the pick up in both domestic and foreign patient loads as the pandemic comes under control.
IHH is anticipating a slowdown in Covid-19-related services, which in FY2021, accounted for under 15 per cent of revenue. Meanwhile, its core operations and medical tourism will see improvement, according to Joerg Ayrle, IHH chief financial officer at a media briefing on Wednesdat (Feb 23).
Revenue for the fourth quarter was up 19 per cent to RM4.5 billion from the RM3.8 billion the previous year thanks to growth across the countries it operated in, with patient volumes picking up since June 2020. The acquisition of Bel Medic in Serbia in July 2021 and DDRC SRL in India in April 2021 also gave revenue a boost.
Ebitda (earnings before interest, taxes, depreciation and amortisation) was up 7 per cent for the latest quarter with revenue growth being partially offset by higher staff costs and operating expenses, lower government grant income and lower valuation gain on investment properties of Parkway Life Reit.
Net income and net operating income increased to RM453.6 million and RM440.8 million respectively on the back of increased patient volumes though this was partially offset by higher costs.
Earnings per share for the fourth quarter was 4.90 sen, up from 4.52 sen the previous year.
Even as IHH fought to overcome the challenges posed by the pandemic, it had continued to deepen its clinical capabilities, said Loh, adding that the group had undertaken several complex surgeries recently.
Beyond focusing on recovering from the impact of Covid-19, the group is looking towards boosting organic growth such as by increasing the number of beds across the group, said Loh.
" We will acquire strategic assets, develop and grow our laboratory business and drive digital transformation," Loh added.
For the full year, net profit came in at RM1.9 billion, from RM288.9 million the previous year. Revenue rose 28 per cent to RM17.1 billion, compared with a lower base of RM13.4 billion in FY2020 following several lockdowns in markets IHH operates in.
Full year earnings per share stood at 20.20 sen, versus 2.27 sen the year before.
The board has declared a a first and final dividend of 6 sen per share. IHH paid out a dividend of 4 sen in FY2020.
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Joelton
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29-Jan-2022 18:58
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IHH Healthcare files to dismiss suit
IHH Healthcare has filed to dismiss a suit brought against it by Emqore Envesecure Private Capital (Emqore) in an regulatory announcement on Friday (Jan 28).
The suit served to IHH Healthcare on Jul 26, 2021 by Emqore, sought damages in excess of US$6.5 billion for claims relating to the issuance of shares of Fortis Healthcare to IHH' s subsidiary in 2018. Emqore alleges that it has suffered losses as the defendants had allegedly conspired to frustrate a proposed share acquisition transaction between Fortis Healthcare and Emqore' s supposed predecessors.
The company was 1 of 28 named defendants in the suit. IHH Healthcare has filed a motion to dismiss the suit for lack of personal jurisdiction and failure to state a claim under the Federal Rules of Civil Procedure.
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Joelton
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08-Jan-2022 09:56
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DBS retains ' buy' on IHH with S$2.32 target despite US lawsuit
IT IS premature to determine the estimated potential liability that the legal spat between US fund Emqore Envesecure Private Capital Trust and IHH Healthcare IHH: Q0F -1.38% will have on the latter, as it involves a number of defendants and non-party defendants, said DBS Group Research.
Emqore is seeking over US$6.5 billion in damages in a lawsuit against the mainboard-listed company and other defendants.
The lawsuit involves the issuance of shares of India' s Fortis Healthcare to IHH' s subsidiary back in 2018.
Emqore alleges that it suffered losses as the defendants had purportedly conspired to frustrate a proposed share acquisition transaction between Fortis and Emqore' s supposed predecessors.
However, while the lawsuit of US$6.5 billion appears to be a large amount at first glance, DBS analysts noted that IHH is confident it has strong grounds to seek dismissal for Emqore' s claims.
And so long as IHH is successful in obtaining the dismissal swiftly, the near-term overhang on the company' s share price, as well as Fortis Healthcare, will be temporary, said DBS.
In a research note on Thursday (Jan 6), the analysts maintained " buy" on IHH' s stock with a target price (TP) of RM7.20 or S$2.32.
Aside from the legal challenges, DBS pointed out that Fortis Healthcare " has been delivering good operational performance since IHH took over management control" .
Its share price has risen about 50 per cent from the low before the pandemic, and rerated almost 3 folds since the low in Q3 2019, said DBS.
In a separate research note on the Malaysian healthcare sector on Friday, UOB Kay Hian named IHH as its top pick for the sector for its " resilient, attractive and defensive earnings and increasingly diminished risk tied to operations in emerging markets" .
Analyst Philip Wong has a " buy" call for the stock, with a TP of RM7.40.
He said the brokerage' s sum of the parts-based TP implies a multiple of 39.8 times its price-to-earnings (PE) estimates for FY2022, which is below its historical 5-year, 12-month forward PE of 45 times.
While the operational earnings drag at IHH' s North Asia operations have diminished, Wong noted that IHH Acibadem' s operations are being increasingly de-risked with an increasingly foreign patient mix.
About 40 per cent of the latter' s revenue is derived from its foreign patients and European operations.
Additionally, Wong believes that domestic impatient volume should recover, anchoring earnings for the healthcare group for 2022.
" The diminished risks and attractive valuations far exceed the uncertainty over Fortis and IHH' s initial 31 per cent stake that has been brought into question," he said.
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Joelton
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30-Nov-2021 10:48
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IHH Healthcare Q3 net profit up 77% to RM550m
MALAYSIAN hospital group IHH Healthcare' s third-quarter net profit jumped 77 per cent to RM550 million (S$177.6 million) year on year amid a steady return of patients to hospitals and the continued provision of Covid-19 support services.
For the 3 months ended Sept 30, revenue was up 26 per cent to RM4.4 billion while Ebitda increased 32 per cent to RM1.1 billion with stringent cost controls in place, said the group in a press statement on Monday (Nov 29).
Net operating income was up 49 per cent to RM354.6 million and return on equity reached 8.2 per cent in Q3.
IHH said its key markets - Malaysia, Singapore, India and Greater China - all saw improved performance. In Greater China, Gleneagles Hong Kong Hospital reported positive earnings before interest, taxes, depreciation, and amortisation (Ebitda) in Q3.
Overall, the positive earnings recorded was also due to the recognition of a previously unrecognised deferred tax asset by Acibadem Holdings.
IHH' s portfolio of healthcare brands in key markets comprise Acibadem, Mount Elizabeth, Prince Court, Gleneagles, Fortis, Pantai, Parkway and IMU.
For the 9 months ended Sept 30, revenue, Ebitda and net profit grew to RM12.7 billion, RM3.2 billion and RM1.4 billion respectively from a lower base a year ago, when major lockdowns across the group' s network had impacted its performance.
" Our efforts to optimise our capital structure and operations have started to pay off. Gleneagles Hong Kong Hospital delivered a positive Ebitda in the third quarter, while Turkey and India operations have recovered fully and are geared for continued expansion," said Kelvin Loh, IHH managing director and chief executive officer.
But with operations returning to normalcy, revenues from Covid-19 services is expected to gradually decrease.
Staff costs are also expected to rise as the group strengthens its clinical talent across its hospital services network with a strong return of core non-Covid business.
The group is looking to drive business performance by diversifying into new revenue streams and expanding into new or established clusters where they are earnings-accretive to IHH, among other plans.
" Our growth from here will be driven both organically and inorganically. We are also making innovation investments as part of our digital transformation roadmap to seize disruptive opportunities that will give patients better, faster and affordable care," said Loh.
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muifan
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09-Sep-2021 15:25
Yells: "Take the leap of faith dont regret 20 years later!" |
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medical bulls coming for swab test and vaccine business? |
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PhillipTan
Supreme |
01-Sep-2021 01:13
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' Buy' IHH Healthcare as it enters next growth phaseAnalysts from CGS-CIMB Research, DBS Group Research and UOB Kay Hian are positive on IHH Healthcare' s results, as it reverses out of the red for the 1HFY2021 ended June.On Aug 26, the healthcare group reported earnings of RM858.9 million ($277.1 million) for the half-year period, compared to its RM440.4 million loss in the 1HFY2020. CGS-CIMB analysts Eing Kar Mei and Tay Wee Kuang have kept their " add" recommendation on IHH Healthcare with an unchanged target price of RM6.91. The analysts have also kept their earnings per share (EPS) estimates unchanged for the FY2021 to FY2022 unchanged pending the company' s briefing. That said, the counter is now trading at an " attractive valuation" of more than 1 standard deviation (s.d.) below its five-year historical mean. " We continue to like IHH for its diversified geographical reach," write Eing and Tay in an Aug 27 report. " While revenue came in largely in line at 54% of our full-year forecast, we underestimated the EBITDA for India and Singapore as well as overestimated its net finance cost," they add. Although medical tourism has been curtailed and remains so in most places due to the Covid-19 pandemic, Eing and Tay expect patient volume to recover gradually on the back of growing Covid-19 vaccination rates. " Greater China remained the only market to report an EBITDA loss in 1HFY2021 but the losses narrowed from RM116 million in 1HFY2020 to just RM14 million in 1HFY2021. Gleneagles Hong Kong achieved EBITDA breakeven in May we see continuous EBITDA growth ahead as operating efficiency increases," they write. A re-rating catalyst for the stock is stronger-than-expected inpatient volumes and revenue intensity. Meanwhile, the converse is true, for downside risks to the counter. DBS analyst Rachel Tan has, too, kept " buy" on IHH Healthcare. At present, the counter is trading at a " very attractive" FY2022 EV/EBITDA of 14 times, close to -2 s.d. of its historical range. " [IHH] is positioned to ride on the strong pent-up demand from foreign patients when borders reopen," says Tan. Furthermore, IHH, with strong platforms in India and China, now has exposure to Asia' s two largest economies. India and China also have the highest growth potential in the healthcare sector, she adds. As such, Tan has raised her target price to RM7.20, or $2.32 from RM6.15 or $2 previously. Tan has also upped her forecasts for FY2021 to FY2022 by 45% to 55% based on sum-of-the-parts (SOTP) valuation methodology by geography. " We applied EV/EBITDA multiples ranging from 10-20 times based on its various geographical markets," she writes. To Tan, IHH' s medium-term outlook is bright as it rides out near-term headwinds and gestation periods for the new hospitals. Its exposure to the Indian and Chinese markets would further elevate its long-term prospects, she says. However, new waves of Covid-19 infections, a slowdown in the global economy, weaker-than-expected performances especially in new markets, as well as changes in government policies could be downside risks for IHH. Finally, UOB Kay Hian analyst Phillip Wong has maintained " buy" with a higher target price of RM6.40 from RM5.70 previously. " Our SOTP-based target price implies 42.6 times FY2022 P/E, below its historical 5-year, 12-month forward P/E of 46 times," he writes in an Aug 27 report. He has also raised his earnings estimates for the group by 20%, 9% and 6% for the FY2021, FY2022 and FY2023 respectively. The higher estimates include higher inpatient admissions and better margins. According to his estimates, IHH' s core profit for the 2QFY2021 " well exceeded expectations" for both the brokerage and consensus. To be sure, IHH' s core profit of RM463.6 million stood at 80% of UOB Kay Hian' s FY2021 estimates, and 73% of consensus' full-year estimates. " Non-COVID-19 patient admission was surprisingly robust while GHK achieved operational breakeven. While pandemic-related contributions are expected to normalise, this is balanced by turnaround in GHK and Acibadem' s operations have been de-risked significantly," he writes. Like his fellow analysts, Wong deems IHH' s valuations as attractive with " resilient yet defensive" three-year earnings compound annual growth rate of 25.6% from FY2020 to FY2023. IHH' s sound track record is also a contributor to Wong' s positive sentiment on the counter. " Earnings drag arising from its North Asia operations have been addressed while Acibadem' s operations are being increasingly de-risked with an increasing foreign patient mix. The diminished risks and attractive valuations far exceed the uncertainty revolving around Fortis and IHH' s initial 31% stake that has been brought into question," he says. That said, key downside risks, to Wong, are execution risk, a shortfall in turning around Fortis and heightened regulatory hurdles. As at 4.11pm, shares in IHH are trading 5 cents lower or 2.45% down at $1.99 on the SGX, or RM6.40 on Bursa Malaysia. According to DBS' s estimates, IHH is trading at an FY2021 P/B of 2.2 times with a dividend yield of 0.7%. |
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PhillipTan
Supreme |
28-Aug-2021 04:01
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IHH' s Ebitda creates buffer for occupancy cost at ParkwayLife REITOn Aug 26, IHH Healthcare announced revenue, Ebitda, and net income grew to RM8.2 billion, RM2.1 billion and RM858.9 million respectively in 1HFY2021, for the six months to June 30. Singapore' s Ebitda was RM890.3 million ($287 million), which comprises Parkway Pantai. ParkwayLife REIT is reported under its own segment.Assuming that the yield on Mount Elizabeth Novena is around 4.8% - IHH says its hospital capitalisation rates range from 4.8% to 6.7% - Mount Elizabeth Novena' s Ebitda is likely to be around $49 million, market watchers indicate. Parkway Pantai has around 45 clinics of which nine or so are in medical centres of the hospitals. Based on ParkwayLife REIT' s rental revenue from its Singapore hospitals of $34.9 million, its rent/Ebitda ratio is likely to be at approximately 15% in 1H2021. This is significantly below the levels of ParkwayLife REIT' s Japanese nursing homes, which are in the ' normal' 45% level, and the rent/Ebitda ratios of other healthcare REITs, market observers indicate. As such, IHH has a long runway for growth in Singapore, including when the new master lease is implemented, as this takes into consideration IHH' s own upside. ParkwayLife REIT' s manager indicated on July 14 that its the new master lease agreement is DPU accretive. DPU rises from an annualised 13.9 cents in 2021 to a projected 14.3 cents in FY2023. By year 4 of the new master lease, 2026, DPU rises to 18.26 cents, assuming no change in units. |
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Joelton
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27-Aug-2021 09:35
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IHH Healthcare posts 500% jump in Q2 earnings on Covid-19 efforts in Singapore, Malaysia
IHH Healthcare now operates four vaccination centres via its primary care arm Parkway Shenton.
SINGAPORE - Earnings rocketed 500 per cent at IHH Healthcare in the second quarter on the back of Covid-19-related efforts in Singapore and Malaysia.
Net profit came in at RM483.3 million ($156 million) for the three months to June 30, while revenue jumped 66 per cent to RM4.3 billion, it reported on Thursday (Aug 26).
IHH is the latest medical firm to reap benefits from the pandemic. Raffles Medical, Healthway Medical and Q& M Dental all recently reported improved revenue from the provision of Covid-19 vaccination, laboratory and diagnostic services.
IHH Healthcare managing director and chief executive Kelvin Loh said the company' s performance " rebounded beyond pre-Covid levels" , with more patients returning to its hospitals and the provision of services related to Covid-19.
He added that costs came under better control after Gleneagles Hong Kong Hospital broke even in May. Disposal gains from Apollo Gleneagles Hospitals in Kolkata, India, also helped to offset a substantive write-down of Parkway Yangon Hospital in Myanmar and Gleneagles Chengdu Hospital in China.
The bulk of the company' s second-quarter turnover came from its Singapore operations. Revenue improved 57 per cent to RM1.3 billion, buoyed by higher inpatient admissions at its Mount Elizabeth, Gleneagles and Parkway hospitals.
IHH Singapore also ramped up its lab and diagnostic capabilities to support the Government' s Covid-19 efforts. It now operates four vaccination centres via its primary care arm Parkway Shenton.
IHH Healthcare shares closed up 1.08 per cent at $1.88 yesterday. The company is also listed in Malaysia.
Earlier this month, Q& M Dental and Healthway Medical reported results from supporting Singapore' s Covid-19 testing efforts.
Q& M obtained a licence to open its Covid-19 medical laboratory last September, while Healthway Medical was commissioned by the Government to operate four vaccination centres.
Raffles Medical has expanded its operations beyond air-border screening and pre-event testing to include vaccination centres, pre-departure swabbing of cruise passengers, and operating dedicated polymerase chain reaction testing centres.
The moves helped to boost the company' s earnings and propelled executive chairman Loo Choon Yong onto the Bloomberg Billionaires Index.
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PhillipTan
Supreme |
26-Aug-2021 21:41
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IHH Healthcare swings back to profit in H1, rebounds beyond pre-Covid-19 levelsHospital operator IHH Healthcare Berhad has posted a net profit of RM858.9 million (S$276.9 million) for the first half of 2021, swinging from a loss of RM440.4 million for the corresponding period last year.For its second quarter ended June 30, net profit stood at RM483.3 million, compared with a loss of RM120.6 million in the year-ago quarter. IHH' s revenue for H1 rose 34 per cent to RM8.2 billion from the low base of FY2020, when lockdowns across the region hit its performance, the mainboard-listed company said. For Q2 alone, its revenue was RM4.27 million, compared with RM2.57 million in Q2 last year. For the half year ended June 30, IHH reported an earnings per share of 9.29 sen, reversing from a loss per share of 5.54 sen. No dividends were declared for the financial period ended June 30. IHH managing director and chief executive Kelvin Loh said the group' s performance rebounded beyond pre-Covid-19 levels due to three factors: " Firstly, our relentless focus on delivering excellent care to patients has seen more return to our hospitals secondly, our ability to provide Covid-19-related services in support of government healthcare efforts, especially by ramping up our laboratory and diagnostic services and thirdly, the strong cost discipline we continue to maintain." For example, the group supported governments in Covid-19 vaccination drives, which began in Q1 for its home markets of Malaysia, Singapore, Turkey and India. He added that the group has locked in business continuity in Singapore by extending a long-term lease for three hospitals - Gleneagles Hospital Singapore, Mount Elizabeth Hospital (Orchard) and Mount Elizabeth Novena Hospital - with PLife Reit. This includes a S$150 million infrastructure upgrade provided by the landlord, which will further improve its services, said Dr Loh. IHH shares closed S$1.88, up 2 cents or 1.08 per cent, before its announcement on Thursday. |
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PhillipTan
Supreme |
15-Jul-2021 01:23
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IHH to stretch balance sheet, on the lookout for acquisitionsWith a gearing ratio now of 0.26 times, the group CFO of IHH Healthcare Joerg Ayrle is aware that the healthcare giant' s balance sheet can be stretched. Barely half a year into this job, he is already helping to weigh options on how to make better use of the company&rsquo s capital. " Now, is it 0.8 times, or 1? I think we&rsquo ve not come to a final landing on that. But what is clear is 0.3 is not where we should be in the long term," says Ayrle in an interview with The Edge Singapore. |
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PhillipTan
Supreme |
15-Jul-2021 01:13
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Parkway Life Reit, IHH Healthcare extend lease agreements for 20 years, with S$150m capex injectionParkway Life Real Estate Investment Trust (Reit) and IHH Healthcare Berhad are extending their collaboration for another 20 years, with Parkway Life Reit also injecting up to S$150 million in renewal capital expenditure, and receiving the right of first refusal (ROFR) for Mount Elizabeth Novena Hospital.Parkway Life Reit trustee HSBC Institutional Trust Services (Singapore) has entered into new master lease agreements for Mount Elizabeth Hospital, Gleneagles Hospital and Parkway East Hospital with Parkway Hospitals Singapore Pte Ltd, a unit of IHH Healthcare unit Parkway Holdings. The three hospitals account for 60.2 per cent of Parkway Life Reit' s portfolio by asset value, and 58.9 per cent by net property income. The existing 15-year leases of the hospital expire on Aug 22, 2022. The new master lease agreements extend the term by about 20 years to Dec 31, 2042, with an option to renew for a further 10 years. Annual rent payable, rental escalation and other conditions were negotiated on an arm' s-length basis and based on normal commercial terms. The initial rent for FY2023 is S$97.2 million, with guaranteed rent step-ups till FY2025, of 2 per cent for the interim period through end-2022, and 3 per cent for the following three financial years. The extension maintains IHH Healthcare' s ability to continue operating the three hospitals, and provides a steady stream of rental income for Parkway Life Reit, both parties said in a joint statement on Wednesday. As part of the arrangement, Parkway Life Reit will inject a one-time renewal capital expenditure of up to S$150 million to revamp the hospitals. These renewal capex works are estimated to take three years, with the target being for work to start no later than Jan 1, 2023. A tiered rent rebate totalling S$60.9 million will be granted during this downtime. The proposed entry into the new master lease agreements, and the renewal capex agreement, will require the approval of Parkway Life Reit' s unitholders at an extraordinary general meeting. In conjunction with this proposed transaction, Parkway Holdings will grant Parkway Life Reit the ROFR for the sale, assignment or transfer of its ownership interest - or any part thereof - of Mount Elizabeth Novena Hospital, for a period of 10 years from the date of the ROFR. Units in Parkway Life Reit closed flat at S$4.77, and shares in IHH Healthcare close down S$0.01 or 0.55 per cent at S$1.80 on Wednesday before the news. |
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Joelton
Supreme |
01-Jun-2021 09:31
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IHH Healthcare reports 217% surge in earnings of RM375.6 mil in 1Q21
IHH Healthcare has reported a 217% y-o-y surge in earnings of RM375.6 million ($120.1 million) for the 1QFY2021 ended March, due to strong EBITDA growth.
This comes without the impairment for Global Hospitals in India and foreign currency translation losses for its joint venture project, Khubchandani Hospitals in India that was factored in during the corresponding period the year before.
Khubchandani Hospitals was deemed substantively liquidated in 1QFY2020.
Revenue during the quarter improved 11% q-o-q to RM3.9 billion due to the delivery of Covid-19-related services and contribution from Prince Court Medical Centre, and offset by the negative impact from the pandemic.
In its 1Q results update, the group says it is seeing a gradual return of local patients, including elective cases, to its hospitals.
Correspondingly, EBITDA increased 31% y-o-y to RM960.6 million.
Net operating income rose 77% y-o-y to RM335.8 million on the group&rsquo s stronger operating performance and higher share of profits from joint ventures and associates. During the 1QFY2021, the group registered lower depreciation and amortization expenses and net finance costs.
In the 1QFY2021, the group generated net cash from operating activities of RM0.57 billion.
Its balance sheet registered an overall cash balance of RM4.6 billion and net gearing of 0.26 times as at end-March, compared to the 0.28 times as at end-December 2020.
Looking ahead, the resurgence of cases across the group&rsquo s markets will see near-term headwinds.
To mitigate the impact, IHH says it will execute targeted strategies across each market to ensure &ldquo sustained&rdquo growth in its earnings.
It adds that it will align efforts to innovate and deliver healthcare digitally, as well as leverage synergies from IHH&rsquo s international network and build platforms for growth through its cluster strategy.
It also seeks to diversify into new revenue streams including Covid-19-related services.
Overall, it remains confident that its longer-term growth trajectory &ldquo remains intact&rdquo .
In Malaysia, IHH saw 1QFY2021 revenue grow 10% y-o-y to RM611.9 million due to the inclusion of contribution from Prince Court Medical Centre and increased contribution from Pantai Laboratory on performing more Covid-19 tests.
EBITDA in Malaysia grew 1% y-o-y to RM150.7 million.
IHH&rsquo s Singapore market saw revenue improve by 14% y-o-y to RM1.16 billion mainly due to Covid-19-related services rendered.
EBITDA was up 27% y-o-y to RM417.5 million.
IHH&rsquo s operations in Turkey and Europe saw revenue grow 11% y-o-y to RM1.1 billion, and EBITDA up 29% y-o-y to RM279.8 million.
Revenue in India grew 11% y-o-y to RM830.6 million due to Covid-19-related
services rendered and the recovery of non-Covid-19 inpatient admissions.
EBITDA rose 68% y-o-y to RM116.4 million.
IMU Health saw revenue decline 11% y-o-y to RM59.8 million mainly due to a higher base in 1QFY2020 from a one-off RM3.8 million income from its seminar.
Revenue also fell due to Malaysia&rsquo s movement restriction orders (MCO), which caused the segment to adjust its academic calendar. Student intake for certain courses also decreased. EBITDA fell by 21% y-o-y for the segment.
PLife REIT saw stable revenue at RM37.9 million. EBITDA was up 26% y-o-y to RM89.0 million due to a RM15.6 million gain on divestment of an investment property in Japan.
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Joelton
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27-Feb-2021 13:59
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IHH Healthcare Q4 gain up 28%, excluding exceptional items
Proactive cost tightening measures and better operational efficiency behind rise in profit
MAINBOARD-listed IHH Healthcare' s fourth-quarter underlying net profit was boosted by proactive cost tightening measures and better operational efficiency.
Chief executive officer and managing director Kelvin Loh said on Friday that the group is on track to doubling the firm' s return on equity (ROE) over five years from 2020 to 2024, with most of it driven by organic growth. In 2019, the group' s ROE stood at 2.5 per cent.
Excluding exceptional items, net profit for the fourth quarter of 2020 was up 28 per cent to RM371.8 million (S$122 million) mainly due to higher earnings before interest, taxes, depreciation, and amortisation (Ebitda), better operational efficiency and lower finance cost.
Its net profit surged more than 10 times to RM419.4 million in the fourth quarter of 2020, from RM40.6 million in the corresponding period of the previous year, attributable to one-off items in Q4 2019 and proactive management to reduce its non-lira debt borrowing exposure.
Revenue shrank 2 per cent to RM3.8 billion due to the delay of elective and non-urgent treatment amid the pandemic and as travel restrictions weighed on foreign patient volumes.
The fall in revenue, was however, partially mitigated by its involvement in Covid-19 related- services.
Dr Loh said that the group will continue to provide such services as the firm weans off help from the government' s Job Support Scheme in Singapore.
Also contributing to stronger financial performance was strict cost control measures including management of doctors' fees and a tighter rein on hiring non-clinical staff.
Forex volatility was also actively managed with non-lira debt reduced to 37 million euros (S$59.6 million) in FY2020 from 267 million euros at the end of 2019.
Earnings per share stood at 4.52 sen, up from 0.21 sen in Q4 2019.
Full-year net profit was RM288.9 million, down 48 per cent from RM551.5 million in FY2019. Revenue fell 10 per cent to RM13.4 billion, from RM14.9 billion a year ago.
Earnings per share for the year was 2.27 sen, versus 5.28 sen a year ago.
The board has declared a first and final cash dividend of four sen per share to be paid out on April 30. IHH paid out the same amount for FY2019.
Dr Loh said that in 2021, the group will continue to sharpen its strategy across the various markets it operates in.
This includes driving growth through expanding established clusters, particularly in Malaysia and Europe to leverage on inter-hospital synergies.
IHH will also review its asset portfolio and look to divest or turnaround underperforming assets to improve returns.
At the same time, efforts will be poured into innovation and digitalisation to respond to patient needs and adapt to a post-pandemic world.
Despite encouraging results, IHH chief financial officer Joerg Ayrle said that the firm is still " not out of the woods" in terms of topline development and will keep an eye on the impact of vaccine roll-out on the lifting of travel restrictions.
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joakim
Member |
03-Sep-2020 09:17
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thanks for sharing Do join our chat group with no hidden agendas on Telegram (www.telegram.org to download the social media app) http://t.me/sgHuat discuss SG and USA stocks, forex, property investments, commodities, etc.
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Joelton
Supreme |
03-Sep-2020 09:17
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IHH Healthcare completes acquisition of Prince Court Medical Centre for RM1.02b
HOSPITAL operator IHH Healthcare has completed its purchase of Prince Court Medical Centre for RM1.02 billion (S$330 million), almost a year after it first announced the proposed acquisition last September.
This is the group' s 16th hospital in Malaysia, where it already operates four Gleneagles hospitals and 11 Pantai hospitals, IHH announced on Tuesday.
Prince Court Medical Centre is a 277 single-bed private healthcare facility located in Kuala Lumpur.
The seller is a wholly-owned subsidiary of Malaysian sovereign wealth fund Khazanah Nasional.
The deal is deemed a related party transaction as Khazanah is a major shareholder of IHH, with a 26.04 per cent indirect interest in IHH as at Aug 23, 2019.
Said Jean-Francois Naa, IHH' s chief executive officer of its Malaysia operations division: " Prince Court Medical Centre will complement IHH' s cluster strategy of having specialised tertiary hospitals in Kuala Lumpur. There are currently three Pantai Hospitals and one Gleneagles Hospital serving the needs of the community in the city.
" We can effectively leverage our combined clinical excellence and expertise to deliver optimised, comprehensive care to both our local and foreign patients."
Mr Naa added that clinical services at Prince Court Medical Centre will run as usual and patients can continue with their existing care at the hospital.
IHH also said it will look into investing in Prince Court Medical Centre to " enhance the patient experience" .
Within Malaysia, IHH has more than 2,900 licensed beds, over 11,000 staff and over 1,000 resident and sessional consultants.
Globally, the group employs over 55,000 people and operates over 15,000 licensed beds across 77 hospitals in 10 countries.
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Joelton
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30-Jun-2020 12:43
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IHH Healthcare sinks into the red with RM319.8m loss
IHH Healthcare sank into the red for the first quarter to March, weighed down by impairment on an investment in India and foreign currency translation losses.
The Malaysia-registered hospital operator, which is dual-listed on both sides of the Causeway, reported a loss of RM319.8 million (S$104.3 million) for the FY2020 first quarter, against earnings of RM89.5 million a year ago. Loss per share was 3.9 sen, versus earnings per share of 0.78 sen for the preceding year.
IHH' s revenue was RM3.56 billion or marginally 2 per cent lower year on year than RM3.64 billion, said the operator in a regulatory filing to Singapore Exchange on Monday.
No dividends were proposed. Net assets per share stood at RM2.45 as at March 31, down from RM 2.55 three months ago.
Impairment of goodwill over Global Hospitals amounting to RM400.5 million and foreign currency translation losses amounting to RM60 million (from the substantive liquidation of Khubchandani Hospital) contributed to IHH' s losses. These hospitals are in India.
Balance sheet " remained strong" , with net cash generated from operating activities of RM463.3 million and an overall cash balance of RM5.4 billion, IHH added.
Net gearing edged up to 0.17 times from 0.15 times a quarter ago, as debts were taken to finance working capital and for capital expenditure.
IHH expects an impact from the Covid-19 pandemic for FY2020. Already, it reported that patients postponed non-urgent and non-essential treatment as well as made fewer visits to hospitals and healthcare facilities. Its foreign patient volume also fell, especially from March onwards, due to the various travel restrictions implemented across the countries that it operates.
The decrease in revenue as a result of lower patient volumes is partially mitigated by Covid-19-related services that IHH renders. It is in active collaboration with the public healthcare sector to provide Covid-19 screening services and laboratory testing in Malaysia and Singapore, to care for stable Covid-19 patients decanted from public hospitals to IHH&rsquo s Singapore hospitals and to perform temperature screening at the Singapore borders.
In addition, its hospitals in Turkey and India receive some walk-in Covid-19 patients. It also receives non-Covid-19 patients decanted from public hospitals.
The group expects higher costs of operations from the disruption in supply chains due to the pandemic, and wage inflation from continuing competition for skilled healthcare personnel in its home markets.
While such cost pressures may potentially reduce its Ebitda and margins, IHH expects to partially mitigate these effects through diversifying into new revenue streams, improvements in case mix and tight cost control. " The group also continues to drive efficient growth, unlock intrinsic value and drive cost savings through global shared services and procurement, " IHH said in the filing.
With the slowdown in patient volumes brought about by the pandemic, IHH has reviewed its capital expenditure to defer non-critical purchases and non-critical capital-expansion projects. In addition, the construction of Parkway Shanghai Hospital (formerly known as Gleneagles Shanghai Hospital) in China will be delayed as a result of halting of construction during the lockdown.
IHH expects an impact from the Covid-19 pandemic for FY2020, and believes that a prolonged fallout from Covid-19 may further dampen its performance. In particular, the Covid-19 infection curve has not peaked in certain markets like India.
However, with the gradual easing of movement restrictions from June, IHH has noted a recovery in local patient volumes. It expects patient volumes to continue recovering, save for any disruptions from subsequent waves of Covid-19 outbreaks and renewed lockdowns.
" The group has a strong cash balance and sufficient financing facilities to draw upon should the need arise, " said IHH.
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Joelton
Supreme |
03-Jun-2020 10:05
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IHH Healthcare CFO quits PSL Holdings CEO leaves earlyTUE, JUN 02, 2020 - 9:31 AM LOW Soon Teck, the chief financial officer (CFO) of IHH Healthcare, has quit " to pursue his own interests or other opportunities" . The 55-year-old Singaporean' s resignation will be effective on Aug 12, said IHH on Monday evening. Mr Low took on the role in January 2016 with the mainboard-listed healthcare heavyweight, after he had served as CFO of commodities supply chain management company RCMA Group. His direct interest in IHH as at Monday comprises 328,000 ordinary shares, 333,000 long-term incentive plan units, and 2.8 million options under the enterprise option scheme. The company did not announce a replacement for the CFO position on Monday. Shares of IHH were flat at S$1.80 as at 9.09am on Tuesday. Separately, mainboard-listed PSL Holdings has brought forward its chief executive officer (CEO) Lee Chee Tak' s effective date of cessation upon his request. PSL, which provides land logistics and support services, had announced on May 9 that Mr Lee would depart the firm on July 31 to pursue other career opportunities. On Monday, the company said it agreed to Mr Lee' s request for an early resignation to attend to " urgent personal affairs" . His effective date of cessation as CEO was thus changed to May 31. PSL added that it is making the necessary arrangements for the handover of Mr Lee' s responsibilities and obligations to its executive directors Richard Melati and Kee Siang Hui. Shares of watch-listed PSL last traded at 3.7 Singapore cents on May 12. https://www.businesstimes.com.sg/companies-markets/ihh-healthcare-cfo-quits-psl-holdings-ceo-leaves-early |
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Joelton
Supreme |
11-May-2020 09:35
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Healthcare giant IHH remains in good health despite pandemic MON, MAY 11, 2020 - 5:50 AM The impact on business will be short-lived, and the group is well prepared to handle the virus outbreak, says CEO Kelvin Loh. THE going must be tough for healthcare heavyweight IHH Healthcare as it faces the triple blow of withering medical tourism (once a sweet spot), overcapacity and lower volumes as many put off non-urgent treatments given travel bans and lockdowns to curb the Covid-19 pandemic. Yet, chief... https://www.businesstimes.com.sg/companies-markets/healthcare-giant-ihh-remains-in-good-health-despite-pandemic |
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Joelton
Supreme |
28-Mar-2020 13:45
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IHH Healthcare&rsquo s auditor issues qualified opinionThe external auditor for IHH Healthcare has issued a qualified opinion as ongoing probes relating to the group&rsquo s acquisition of Fortis Healthcare may have an impact on adjustments to be recorded in its financial statements. KPMG said that except for the Fortis deal, IHH&rsquo s latest full-year financial statements give a &ldquo true and fair&rdquo view of the financial position of the group as of Dec 31 last year. There was a similar qualified opinion in IHH&rsquo s 2018 audited financial statements, said the Kuala Lumpurbased hospital operator. IHH completed the acquisition of Indian hospital chain Fortis Healthcare and its units on Nov 13, 2018. Before the deal, an investigation by an independent legal firm for the former Fortis board had indicated systematic lapses and/or overriding of internal controls. The Fortis group had also initiated inquiries of the management of entities within the group. There are also investigations by the Securities and Exchange Board of India and the Serious Fraud Investigation Office under India&rsquo s Corporate Affairs Ministry. Owing to the ongoing inquiries &ndash including the need for any additional investigations by Fortis &ndash the external auditors for Fortis are unable to determine if there are any regulatory non-compliance, and if additional adjustments or disclosures may be required as a result of further findings of the investigations. IHH posted a 15 per cent drop in net profit, excluding exceptional items, for the fourth quarter of last year, as new loans were taken for the Fortis acquisition and for working capital while a unit&rsquo s euro bank loans and interest were swapped into the appreciating Turkish lira. IHH shares closed 4.14 per cent higher at $1.76 yesterday. https://www.straitstimes.com/business/ihh-healthcares-auditor-issues-qualified-opinion |
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teeth53
Supreme |
29-May-2015 08:39
Yells: "don't learn through life, learn to grow with life " |
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News report on IHH healthcare with positive result. Medical counter have positive potential. :)) | ||
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