Malaysia Hospitals: 2Q26 preview – The second half matters

研报英文原文证据摘录

Malaysia Hospitals: 2Q26 preview – The second half matters

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

20 July 2026

Malaysia Hospitals

2Q26 preview – The second half matters

Malaysia-listed hospitals should deliver another quarter of defensive growth, with Head of Malaysia Research,

sector revenue/EBITDA rising 13/12% y/y in 2Q26 (Fig. 1). A stronger sequential Healthcare, Construction, Consumer

recovery after a softer festive 1Q should leave 1H26 earnings tracking ~45% of our and Conglomerates

FY26E, broadly in line with historical seasonality. Revenue intensity remains firm at Yen Voo, CFA, CA AC

4-8% y/y (Fig. 3), while bed occupancy has improved to 63-73% (Fig. 4). With 2Q (60-3) 2718 0914

earnings likely largely tracking expectations, we think investor focus will shift from yen.voo@jpmorgan.com

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

quarterly delivery to who can sustain earnings quality into 2027, by converting X)

capacity into higher-value case mix, revenue intensity and brownfield execution. ASEAN + India Hospital

Our latest channel checks remain constructive: (1) Specialist recruitment as at end Bansi Desai, CFA

June: IHH retains the deepest specialist franchise, while SUNMED continues to add (91 22) 6157 3581

bansi.desai@jpmorgan.com

specialists the fastest, reinforcing its earnings quality (Fig 6&7); (2) Medial tourism J.P. Morgan India Private Limited, J.P. Morgan

is normalising: Indonesian tourist arrivals into Malaysia remained above pre- Tower, Santacruz(E), Mumbai - 400098, SEBI

COVID levels in April-May, while arrivals into Singapore recovered 8% m/m in June, Registration: INH000001873, (91-22) 6157-3000.

supporting a gradual improvement in higher-value patient flows; (3) We expect the Kae Pornpunnarath, CFA

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