IHH Healthcare Berhad $IHH (Q0F.SG)$/$IHH (5225.MY)$ has announced plans to acquire Island Hospital Sdn Bhd (IHSB) in Penang for RM3.92 billion. This acquisition will significantly expand IHH's presence in the northern region of Malaysia, with Island Hospital being a prime asset in the medical tourism sector. The hospital, with a 600-bed capacity, is strategically located to cater to patients from both Malaysia and nearby countries, such as Indonesia, further boosting IHH's regional influence.
Analysts from various research firms have weighed in positively on this development. MIDF Stock Broking House has maintained a BUY call with a target price of RM7.35, citing the hospital's strategic location and potential revenue synergies. Meanwhile, RHB Stock Broking House has also issued a BUY call, with a higher target price of RM8.00, reflecting optimism on the expansion of IHH's operational footprint and the synergies expected from this acquisition. Kenanga Stock Broking House supports this view, maintaining an OUTPERFORM rating with a target price of RM7.73, noting that while short-term earnings might be diluted, the long-term benefits are likely to outweigh any temporary setbacks. Last but not least, CGS International Stock Broking House reiterates an ADD rating for the company, with a target price of RM7.88.
Island Hospital, known for its top-tier facilities and high patient volumes, is seen as a valuable asset. With over 430,000 outpatient visits and 42,000 inpatient admissions annually, the hospital offers specialised services in cardiology, oncology, orthopaedics, gastroenterology, and general surgery. Furthermore, its proximity to Penang International Airport enhances its appeal for medical tourism, which is a key growth area for IHH.
The acquisition also includes a piece of adjacent land, valued at RM223 million, which has been approved for future development. This will allow IHH to increase Island Hospital's capacity, further cementing its role as a leading medical institution in Penang and the region.
Financially, the deal is expected to increase IHH's net gearing from 0.29x to 0.44x, assuming the acquisition is fully financed through borrowings. Despite this, the expected revenue synergies and cost savings from integrating Island Hospital into IHH's network are anticipated to boost IHH's overall performance from 2025 onwards. Revised earnings forecasts indicate a 15% increase in IHH's revenue by FY26, as the newly acquired hospital begins to contribute significantly to the group's financials.
While the acquisition comes with some risks, such as the potential difficulty in integrating Island Hospital into IHH's existing network and economic uncertainties affecting patient demand, analysts believe these can be mitigated by IHH's operational expertise. Consequently, the company's long-term growth prospects remain strong.
Source: MIDF, RHB, Kenanga, CGS
Title: Solidifying the Northern Hospital Cluster, Expanding Its Footprint In The Pearl Of The Orient; BUY, Acquiring Hospital in Penang, Acquisition of Island Hospital the right fit
IHH Healthcare Berhad宣佈計劃以39.2令吉的價格收購位於檳城的Island Hospital Sdn Bhd (IHSB)。此次收購將顯著擴大IHH在馬來西亞北部地區的影響力,島嶼醫院是醫療旅遊領域的主要資產。該醫院可容納600張牀位,地理位置優越,可滿足來自馬來西亞和附近國家(例如印度尼西亞)的患者,進一步增強了IHH的地區影響力。
來自多家研究公司的分析師對這一事態發展給予了積極的評價。MIDF Stock Broking House以該醫院的戰略位置和潛在的收入協同效應爲由,維持買入看漲期權,目標價爲7.35令吉。同時,RhB Stock Broking House也發出了買入電話會議,目標價上調至8令吉,這反映了人們對IHH擴大業務版圖以及此次收購預期產生的協同效應的樂觀情緒。Kenanga Stock Broking House支持這一觀點,維持跑贏大盤的評級,目標價爲7.73令吉,並指出,儘管短期收益可能會被稀釋,但長期收益可能超過任何暫時的挫折。最後但並非最不重要的一點是,CGS國際股票經紀公司重申了該公司的ADD評級,目標價爲7.88令吉。
島嶼醫院以其一流的設施和龐大的患者量而聞名,被視爲寶貴的資產。該醫院每年有超過430,000次門診就診和42,000名住院患者,提供心臟病學、腫瘤學、骨科、胃腸病學和普通外科方面的專業服務。此外,它靠近檳城國際機場,增強了其對醫療旅遊的吸引力,而醫療旅遊是IHH的關鍵增長領域。
此次收購還包括一塊價值22300萬令吉的鄰近土地,該土地已獲批准用於未來開發。這將使IHH能夠增加島嶼醫院的容量,進一步鞏固其作爲檳城和該地區領先醫療機構的作用。
財務方面,假設收購完全通過借款融資,該交易預計將把IHH的淨資產負債從0.29倍提高到0.44倍。儘管如此,預計將Island Hospital納入IHH網絡所帶來的收入協同效應和成本節約將從2025年起提高IHH的整體業績。修訂後的收益預測顯示,隨着新收購的醫院開始爲集團的財務做出重大貢獻,到26財年,IHH的收入將增長15%。
儘管此次收購存在一些風險,例如將Island Hospital整合到IHH現有網絡中的潛在困難以及影響患者需求的經濟不確定性,但分析師認爲,IHH的運營專業知識可以緩解這些風險。因此,該公司的長期增長前景仍然強勁。
資料來源:MIDF、RhB、Kenanga、CGS
標題:鞏固北方醫院集群,擴大其在東方之珠的足跡;買入,收購檳城醫院,收購島嶼醫院是合適的