Going forward, Wong expects IHH to sustain its upward operational earnings trajectory after the group’s established markets in Singapore and Malaysia sustained “impressive growth” over 1Q. This would be further boosted by added gestation of hospitals in Pantai Manjung, Kota Kinabalu and Medini in Malaysia, he adds.
SINGAPORE (May 31): UOB Kay Hian is maintaining “buy” on IHH Healthcare with a target price of RM6.30 ($2.07), which implies 32.8 times 2020F P/E – well below its historical five-year 12 month forward P/E of 57 times based on the stock’s performance on the KLSE.
This comes post the release of the dual-listed healthcare services provider’s 1Q19 earnings results, which exceeded consensus estimates and serve as a precursor to an exciting 2019, says UOB analyst Philip Wong in a Friday report.
