Malaysia Hospitals Where patients go next - Penang & Singapore field trip takeaways

Research evidence excerpt

Malaysia Hospitals Where patients go next - Penang & Singapore field trip takeaways

J P M O R G A N Asia Pacific Equity Research

14 May 2026

Malaysia Hospitals

Where patients go next - Penang & Singapore field trip

takeaways

Our recent Penang and Singapore hospital field trips reinforced three key Head of Malaysia Research,

observations: (1) medical tourism demand remains resilient for higher-acuity Healthcare, Construction, Consumer

procedures, with softness concentrated in lower-acuity electives mainly due to and Conglomerates

higher jet fuel prices and travel disruption, not Middle East exposure; (2) Yen Voo, CFA, CA AC

ambulatory/daycare shift is accelerating faster than many investors appreciate, (60-3) 2718 0914

as hospitals redesign workflows around shorter-stay pathways while managing yen.voo@jpmorgan.com

JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

balancing payor pressure with patient preference for inpatient care; and (3) X)

specialist depth and execution matter more than bed additions. We continue to ASEAN + India Healthcare

prefer operators with stronger specialist ecosystems, ambulatory capabilities and Bansi Desai, CFA

execution discipline, as these should better sustain utilization, revenue intensity (91 22) 6157 3581

and margins as care pathways evolve between life span and spend. Top pick: IHH. bansi.desai@jpmorgan.com

See the key highlights/photos for individual sites in the report. J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

• Medical tourism softer on electives, but intensity holding. Some hospitals Kae Pornpunnarath, CFA

with higher exposure to medical tourism flows had indicated softer inbound

(66-2) 684-2679