reports
- Philip Wong
IHH Healthcare (IHH MK) - Defensive Medicine In a Risk-On Market
Defensive Medicine In a Risk-On Market Highlights Neutral Budget 2026 impact on private hospitals, including IHH. 2H25 earnings should come in firmer, backed by various initiatives that were backloaded into the year. Open offer price for Fortis remains unchanged. Maintain HOLD and target price of RM8.05.
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Ken Lee
- Philip Wong
- Suryaputra Wijaksana
- Tanaporn Visaruthaphong
- Tham Mun Hon
- Thanawat Thangchadakorn
- Willinoy Sitorus
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, October 21, 2025
Greater China Economics | Economic Activity China’s 3Q25 GDP growth slowed to 4.8% yoy, 9M25 growth to 5.1%. Ytd FAI fell 0.5% yoy, dragged by property FAI (-13.9% ytd yoy). September's industrial production rose 6.5% yoy, but retail sales growth eased to 3.0% yoy. With the stronger-than-expected 9M25 growth, we raise the full-year real GDP growth forecast to 5.0% yoy. That said, further policy support is still needed and we expect proposals for the 15th Five-year Plan to provide further clu...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
5225 IHH HEALTHCARE BHD.
D05 DBS GROUP HOLDINGS LTD
01109 CHINA RESOURCES LAND LIMITED
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Philip Wong
Healthcare - Downgrade To Market Weight Following Impressive Run
Downgrade To Market Weight Following Impressive Run Highlights The valuation for the hospital segment is now at its five-year mean following the recent impressive run. Potential for further near-term upside but no longer compelling. Downgrade the sector recommendation to MARKET WEIGHT from OVERWEIGHT. We like Alpha IVF as the top pick for the sector.
IHH Healthcare Bhd: 1 director
A director at IHH Healthcare Bhd sold 20,000 shares at 6.930MYR and the significance rating of the trade was 52/100. 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 clear...
- Philip Wong
IHH Healthcare (IHH MK) - 2Q25: Disappointing Quarter But 2H Offers Be...
2Q25: Disappointing Quarter But 2H Offers Better Promise IHH’s 2Q25 earnings fell short of expectations, weighed by payer pressure in Singapore and Malaysia alongside the adverse impact of a stronger ringgit, offsetting Acibadem’s standout performance. Looking ahead, there should be an improvement in 2H25 with Mount Elizabeth Orchard reopening and two Acibadem hospitals commencing contribution after incurring start-up costs in 2Q25. Maintain BUY with a lower target price of RM7.90.
- Bella Lu Yifei
- Chong Lee Len
- Claire Wang Kelai
- Colin Lee
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Philip Wong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Ziv Ang Sze Champ
Regional Morning Meeting Notes: Tuesday, September 2, 2025
GREATER CHINA Sector Internet: Strong top-line growth and margins further hurt in 2H25 on heavy investments. Macau Gaming: Aug 25 GGR sets another post-pandemic high. Results China Merchants Bank (3968 HK/HOLD/HK$47.04/Target: HK$51.00): 2Q25: In-line earnings but PPOP misses expectations on muted fee and larger NIM compression. Downgrade to HOLD. Estun Automation (002747 CH/HOLD/Rmb23.63/Target: Rmb24.00): 2Q25: In line with profit guidance. Demand and profitability to improve in 2H25. Upgrade ...
1023 CIMB GROUP HOLDINGS BHD
601012 LONGI GREEN ENERGY TECHNOLOGY CO LTD CLASS A
M4B CHINA MERCHANTS BANK CO. LTD. CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
2747 ESTUN AUTOMATION
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
TWC TIONG WOON CORPORATION HOLDING
- 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.
- 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 ...
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