IHH Healthcare (IHHH.KL): Singapore Recovery Underway, Opening +ve CW

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IHH Healthcare (IHHH.KL): Singapore Recovery Underway, Opening +ve CW

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23 Jul 2026 08:53:24 ET │ 16 pages

IHH Healthcare (IHHH.KL)

Singapore Recovery Underway, Opening +ve CW

CITI'S TAKE

Buy We caught up with IHH recently. Top of mind is the SG ops, which is now

showing signs of inflection with a higher utilization/margin likely in 2Q26; Catalyst Watch: Upside

Mount Elizabeth Orchard in particular is doing well. In Malaysia, double- Price (23 Jul 26 17:00) RM8.39

digit topline/EBITDA growth momentum is expected to sustain, with Target price RM10.40↓

internal approvals received for ACC rollouts which will both de-cant from RM10.65

patients from hospitals with higher utilization (e.g., Johor/Penang), as well Expected share price return 24.0%

as cater to areas where IHH has no exposure in Klang Valley. India is Expected dividend yield 1.6%

broadly progressing per plan and remains a structural growth lever, albeit

Expected total return 25.6% with quarterly volatility from Glenagles India amid restructuring costs and

Market Cap RM74,135M other re-org exercises. Turkey was a key positive surprise in 1Q; some

margin moderation may play out into 2H, but outlook remains healthy. US$18,139M

Reaffirm Buy, new TP at RM10.40 (-2%), but we open a +ve CW as we

expect an inflection point for the SG ops.

Megat Fais, CFAAC

Singapore ops at inflection point — IHH's SG ops is seeing better trends post 1Q26. +60-3-2383-2940

Recall that SG has seen several quarters of challenges amid lower volume due to a megat.fais@citi.com

pivot to public hospitals as well upfront costs from the reopening of Mount Elizabeth

Orchard. SG utilization is picking up nicely, with 2Q26 utilization expected to

improve to 52% (+3ppt QoQ), with June utilization reaching as high as 54%. This is