On Feb 29, IHH, under the helm of new CEO Dr Prem Kumar Nair, reported revenue of RM20.9 billion, up 16% y-o-y. However, core earnings of RM1.3 billion for FY2023 was down by 7.3%, no thanks to higher staff costs and one-off items.
Rachel Tan of DBS Group Research has kept her "buy" call on IHH Healthcare (SGX:Q0F
) , citing growth prospects over the medium term following "normalised" FY2023 core earnings.
Her ringgit-based target price for the counter, listed on both the Singapore and Malaysia exchanges, has been raised from RM7.30 to RM7.60. Her Singdollar target price, on the other hand, has been trimmed to $2.18 from $2.20.
