IHH Healthcare kept at ‘add’ by CIMB on strong organic growth

SINGAPORE (May 27): CIMB is maintaining its “add” rating on IHH Healthcare Bhd with a target price of RM7.46 ($2.52) on robust 1Q results, strong volume growth in Malaysia and Turkey as well as Singapore’s medical tourism showing signs of recovery.

“India is recovering nicely. Expansion plans are on schedule. Maintain Add,” says lead analyst Jonathan Seow in a Thursday report.

In 1Q16, IHH Healthcare posted robust organic growth of 16% for existing operations, even when revenue from new hospitals and ParkwayLife REIT were excluded.

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