reports
- Philip Wong
Healthcare - ESG Assessment Of Sector
ESG Assessment Of Sector ESG is gaining global prominence as stakeholders integrate it into their business models and risk frameworks. More recently listed healthcare companies will need to dedicate themselves to and embrace sustainability more holistically, which will increasingly impact their ESG reputation and success in the longer term. Duopharma, IHH and KPJ are ESG standouts in the healthcare sector, based on our study. Maintain OVERWEIGHT.
- Benyamin Mikael
- Claire Wang Kelai
- Ejann Hiew
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Ming San Soong
- Philip Wong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Tuesday, July 15, 2025
GREATER CHINA Economics Money Supply New credit jumps in June, but annual credit growth edges lower. Trade June data above expectations. Strategy Small-Mid Cap Monthly Maintain BUY on Crystal for its strong order growth momentum in 1H25; long-term wallet share gains intact. In...
5225 IHH HEALTHCARE BHD.
7090 APEX HEALTHCARE
02331 LI NING COMPANY LIMITED
3182 GENTING BHD.
MAG MAGMATIC RESOURCES
BST BERJAYA SPORTS TOTO BHD
KPJ KPJ HEALTHCARE BERHAD
GENM GENTING MALAYSIA BHD
DBB DUOPHARMA BIOTECH BHD
RGB RGB INTERNATIONAL BHD
2232 CRYSTAL INTERNATIONAL GROUP LTD
02161 JBM (HEALTHCARE) LTD
BTG BETAGRO PUBLIC COMPANY LIMITED
0303 ALPHA IVF GROUP
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
OTEK OILTEK INTERNATIONAL (OTEK SP)
9660 HK HORIZON ROBOTICS INC (9660 HK)
DEWA IJ DARMA HENWA (DEWA IJ)
QSG US QUANTASING GROUP LIMITED
- Philip Wong
Healthcare - Upgrade Premised On Earnings Momentum And Diminished Poli...
Upgrade Premised On Earnings Momentum And Diminished Policy Risk We upgrade the healthcare sector to OVERWEIGHT. Sector earnings are highly defensive yet attractive at 15.1% against a backdrop of diminishing policy risk. The sector is also supported by structural positives, robust rollouts and resilient domesticated demand. KPJ and Duopharma stand out as top picks, driven by the former’s multitude of levers to drive robust earnings growth and Duopharma's expected cost-led recovery in 2025.
IHH Healthcare Bhd: 1 director
A director at IHH Healthcare Bhd sold 1,000,300 shares at 6.901MYR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
- Philip Wong
IHH Healthcare (IHH MK) - 1Q25: Decent Performance Despite Ramadan Eff...
1Q25: Decent Performance Despite Ramadan Effect Within expectations. IHH Healthcare (IHH) posted a 1Q25 core profit of RM425m (34.1% qoq, 5.5% yoy). This is within our and consensus expectations, accounting for 22% of both our and consensus forecasts respectively. One-offs amounted to RM89m for the quarter, which is primarily attributed to the monetary gain from hyperinflationary economy (RM103m). The absence of Ramadan effects coupled with the completion of Mount Elizabeth Hospital should shore...
- Philip Wong
IHH Healthcare (IHH MK) - 4Q24: Earnings Sidelined By Spike In Tax Rat...
4Q24: Earnings Sidelined By Spike In Tax Rate Below expectations. IHH Healthcare (IHH) posted a 4Q24 core profit of RM317m (-40% qoq, +19% yoy), bringing 2024 core profit to RM1,685m (+31.6%). This is below both our and consensus expectations, accounting for 91% and 87% of our and consensus forecasts respectively. One-offs amounted to RM434m for the quarter, which is primarily attributed to the change in fair value of properties (RM239m) and monetary gain from hyperinflationary economy (RM166). ...
- Philip Wong
IHH Healthcare (IHH MK) - Raising Its Claim Against Daiichi Sankyo
Raising Its Claim Against Daiichi Sankyo Raising the stakes. IHH Healthcare's (IHH) subsidiary, Northern TK Venture (NTK), has increased its legal claim against Daiichi Sankyo (Daiichi) in the Tokyo District Court. Initially seeking ¥20b (RM634m) in damages back in Nov 23, NTK has now raised its claim to ¥199.8b (RM5.7b) based on an expert report. The claim is linked to NTK’s blocked open offer for Fortis Healthcare. NTK may further amend its claim, including legal costs
- Philip Wong
Healthcare - Policy Overhang But Sector Offers Other Jewels
Policy Overhang But Sector Offers Other Jewels Maintain MARKET WEIGHT on the healthcare sector due to limited upside in the hospital segment, with forecasted earnings growth at 7.6% amid elevated valuations. Despite structural positives from IHH’s and KPJ's brownfield focus, these are balanced by policy overhang. Alpha IVF and Duopharma stand out as top picks, driven by Alpha IVF's regional expansion and Duopharma's expected cost-led recovery in 2025.
- Jonathan Koh
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 02, 2025
GREATER CHINA Economics PMI A strong rebound for non-manufacturing PMI. Sector Macau Gaming Dec 24 GGR below expectations; expect 2025 GGR to recover to 82% of 2019’s level. INDONESIA Update Mitra Keluarga Karyasehat (MIKA IJ/BUY/Rp2,540/Target: Rp3,300) Expect a double-digit earnings growth in 2025 MALAYSIA Sector Heal...
KKP KIATNAKIN BANK
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
5225 IHH HEALTHCARE BHD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
544 CSE GLOBAL LTD.
7090 APEX HEALTHCARE
KTB KRUNG THAI BANK PUBLIC CO. LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TISCO TISCO FINANCIAL GROUP
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
C61U CAPITALAND COMMERCIAL TRUST
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
599A SANDS CHINA LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
Q5T FAR EAST HOSPITALITY TRUST
MIKA MITRA KELUARGA KARYASEHAT
SATS SP SATS LTD.
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
SASSR SASSEUR REAL ESTATE INVESTMENT TRUST
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
ELITE ELITE COMMERCIAL REIT
UHU UNITED HAMPSHIRE US REIT
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
AMOKD 3DX INDUSTRIES INC
CVL CIVMEC
TSVT 2SEVENTY BIO INC
SCB SCB X PUBLIC COMPANY LIMITED
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
AL2SI 2CRSI SA
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
Z29 029 GROUP SE
0303 ALPHA IVF GROUP
- Philip Wong
IHH Healthcare (IHH MK) - 3Q24: Healthy Prognosis; IHH Delivers Robust...
3Q24: Healthy Prognosis; IHH Delivers Robust Growth Above our but within consensus expectations. IHH Healthcare (IHH) posted a 3Q24 core profit of RM528m (20.8% qoq, 49.7% yoy), bringing 9M24 core profit to RM1,368m (+34.9%). This is above our but within consensus expectations, accounting for 83% and 72% of forecasts respectively. One-offs were minimal for the quarter at RM6m. The positive deviation is attributed to better-than-expected revenue and EBITDA margins.
- Philip Wong
IHH Healthcare (IHH MK) - Highly Visible And Attainable Growth Appears...
Highly Visible And Attainable Growth Appears Priced In IHH’s ACE framework drives growth through three pillars: align, challenge and empower. It focuses on aligning operations with its mission, challenging the organisation to innovate and improve efficiencies, and empowering localised growth in each key market. Earnings growth appears decent but valuations do not appear attractive to other non-cyclical stocks. Maintain HOLD. Target price: RM6.95.
- Benyamin Mikael
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- John Cheong Ming Chern
- Kitpon Praipaisarnkit
- Philip Wong
- Roy Chen Chengzhi
- Tham Mun Hon
Regional Morning Notes - Tuesday, October 15, 2024
GREATER CHINA Economics Money Supply: Generally below market expectations. Trade: Trade surplus narrows on weaker exports growth. Strategy China Construction And Property: Key beneficiaries of improved local government finances and an enhanced destocking policy. Sector Logistics: The logistics sector may stand to benefit should China successfully bolster its domestic consumption through fiscal stimulus. Upgrade to OVERWEIGHT with JDL as our top pick. Initiate Coverage JD Logistics Inc (2618 HK/B...
- Philip Wong
IHH Healthcare (IHH MK) - SPA For Island Hospital
SPA For Island Hospital Acquisition of Island Hospital. IHH Healthcare (IHH) announced that it has entered into a share purchase agreement (SPA) with Comprehensive Care to acquire a 100% equity interest in Island Hospital for a total consideration of RM3,923.7m.
- Philip Wong
IHH Healthcare (IHH MK) - 2Q24: Growth Across All Markets
2Q24: Growth Across All Markets Above our but disappointed consensus expectations. IHH Healthcare (IHH) posted a 2Q24 core profit of RM437m (8.5% qoq, 38.7% yoy), bringing 1H24 core profit to RM840m (+27.1%). This is above our but below consensus expectations, accounting for 58% and 46% of forecasts respectively. One-offs amounted to RM551m, largely attributed to deferred tax credits (RM379m) and net monetary gain from hyperinflationary economies (Acibadem) (RM273m). The positive deviation is at...
- Philip Wong
Healthcare - Defensive Position Is Unappealing For Now
Defensive Position Is Unappealing For Now Maintain MARKET WEIGHT on the healthcare sector. Despite tepid inpatient volume growth, hospitals' positive operating leverage is expected to boost earnings by 12.4% and 10.9% in 2024-25 respectively, though current valuations are lofty at 32.5x PE. Alpha IVF, with its impressive regional expansion, and Duopharma, poised for recovery after a challenging 2023, present more alluring prospects. However, amid a risk-on environment, we TACTICALLY UNDERWEIGHT ...
- Adrian Loh Tzum Yung
- Arsit Pamaranont
- Bella Lu Yifei
- Jonathan Koh
- Kate Luang
- Ken Lee
- Paula Ruth
- Philip Wong
- Singapore Research Team
Regional Morning Meeting Notes: Thursday, July 04, 2024
GREATER CHINA Strategy Small-Mid Cap Monthly Reiterate BUY on Plover Bay Technologies. Sector Automobile Weekly: Sales of top 12 EV brands up 38% wow last week, in line. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL and Tuopu. Top SELL: XPeng. INDONESIA Update Sarana Menara Nusantara (TOWR IJ/BUY/Rp745/Target: Rp890) Number of towers to jump 10% on a...
300014 EVE ENERGY CO. LTD. CLASS A
G13 GENTING SINGAPORE
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
5225 IHH HEALTHCARE BHD.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
TOWR PT SARANA MENARA NUSANTARA TBK
ALPHA ALPHA BANK AE
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
SPRC STAR PETROLEUM REFINING
VALUE VALUE8 N.V.
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
327 PAX GLOBAL TECHNOLOGY
FEHT FAR EAST HOSPITALITY TRUST
KPJ KPJ HEALTHCARE BERHAD
MINT MAPLETREE INDUSTRIAL TRUST
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
DBB DUOPHARMA BIOTECH BHD
TGIF 1933 INDUSTRIES
1772 PAX GLOBAL TECHNOLOGY LTD
FRKN GANFENG LITHIUM CO. LTD. CLASS H
300750 FRENCKEN GROUP LTD
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
603305 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 MARCO POLO MARINE LTD
CLI HUIZHOU DESAY SV AUTOMOTIVE CO LTD
2232 CAPITALAND INVESTMENT LTD
Z29 CRYSTAL INTERNATIONAL GROUP LTD
02015 029 GROUP SE
09868 LI AUTO INC
600699 XPENG INC
1523 NINGBO JOYSON ELECTRONIC CORP
PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Philip Wong
IHH Healthcare (IHH MK) - 1Q24: Growth Across All Markets
1Q24: Growth Across All Markets Largely within expectations. IHH Healthcare (IHH) posted a 1Q24 core profit of RM402.8m (51.7% qoq, 16.4% yoy). One-offs amounted to RM365m, largely attributed to deferred tax credits (RM293m) and net monetary gain from hyperinflationary economies (Acibadem) (RM146m). Core profit is within our and consensus expectations, with earnings accounting for 27% and 24% of full-year earnings respectively.
- Philip Wong
IHH Healthcare (IHH MK) - 4Q23: Quiet End To The Year
4Q23: Quiet End To The Year Within our expectations. IHH Healthcare (IHH) posted a 4Q23 core profit of RM266m (-24.8% qoq, -22.0% yoy). This brought 2023 core profit to RM1,279m (-7.4% yoy). One-offs amounted to RM1,673m, largely attributed to gain on disposal of subsidiaries (RM992m), RM704m of net monetary gain from hyperinflationary economies (Acibadem) and deferred tax credits (RM256m). Core profit is within our but below consensus expectations, with earnings accounting for 99% and 77% of fu...
- Philip Wong
IHH Healthcare (IHH MK) - Framework Outlines Future Growth
Framework Outlines Future Growth IHH unravels its ACE framework to deliver medium-term growth. The primary pillar of growth will be organic growth through 33% bed additions over the next five years. Expansion across the healthcare continuum in mature markets and development of other emerging core segments will supplement growth as IHH seeks out inorganic opportunities and turns around underperforming assets. IHH’s prospects appear priced-in at this juncture. Maintain HOLD and target price of RM6...
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Kong Ho Meng
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Notes - Thursday, December 14, 2023
GREATER CHINA Update Anta Sports (2020 HK/BUY/HK$71.90/Target: HK$128.00): Confident about achieving full-year sales targets; positive tone for 2024. iFlytek (002230 CH/BUY/Rmb49.66/Target: Rmb62.00): Launch of iFlytek Spark V3.0 model and personalised AI assistants. INDONESIA Update AKR Corporindo (AKRA IJ/BUY/Rp1,400/Target: Rp1,920): Upbeat guidance for 2024. MALAYSIA Sector Banking: The sector delivered a 3Q23 earnings growth of 14% yoy, but this was largely driven by lower tax expenses. M...
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