SINGAPORE (Jan 8): CIMB is maintaining its "add" call on IHH Healthcare with higher target of $2.35 given the worst could be over for the newly-opened Gleneagles HK.
CIMB says Gleneagles HK's quarterly EBITDA losses have been narrowing, aided by a gradual shift from "bread and butter" services to higher intensity specifications, increasing line-up of insurance providers and greater awareness in the domestic market.
Meanwhile, strong Singapore and Malaysia hospital operations provide a sustainable earnings base for the group, underpinned by favourable macro trends.
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