Most active stock, 10% premium on simultaneous debut on Bursa and in
Singapore
WITH the dual listing debut of
IHH Healthcare Bhd (IHH) across two Asean exchanges yesterday, the group is
already looking to double its profitability and earnings in its expansion plans
over the next three to five years.
“IHH is well positioned and
poised as business will be able to grow by double digits year on year,” said
managing director Dr Lim Cheok Peng, referring to the bludgeoning demand in the
healthcare industry especially from midincome earners with higher disposable
income out for quality service.
Being the second-largest listed
private hospital operator in the world, IHH aims to top the list as it ventures
into acquiring assets in both greenfield and brownfield prospects in Egypt,
China, Hong Kong and Balkan countries, he added.
The world’s third largest listing
after Facebook and Felda Global Ventures Holdings this year, began trading on
the local bourse yesterday at RM3.07 for a 27 sen premium from its RM2.80
initial offer price, with 35.771 million shares transacted.
In Singapore, the shares opened
at S$1.22 (RM3.07) — about 9% higher. “IHH’s premium may be less than Felda
Global’s but its prospects over a three to five year holding period would
definitely be better,” said Linda Koh, an analyst with research house
InsiderAsia.
“We are quite happy with the
start of our stock trading even though it is just under a 10% premium, it shows
a vote of confidence from investors towards us,” said Dr Lim.
The stock was Bursa’s top gainer
to close at RM3.09 with 390.4 million shares traded — underlying its elevation
to become one of the FBM-KLCI index components.
It was also the most active in
Singapore, closing at S$1.225 with over a 100 million shares changing hands as
investors eager for exposure to the region’s growing healthcare sector chased
the world’s third largest listing this year.
With a market value of US$7.24
billion (RM23.5 billion), it is the world’s second-biggest listed healthcare
provider after US hospital operator HCA Holdings Inc.
The group plans to add 17 new
hospitals in the pipeline with another 3,300 beds by 2015, said Dr Lim. About
75% of the RM6.5 billion capital expenditure for the group’s expansion has been
taken up — leaving the remaining RM1.6 billion for ventures in China and the
Middle-East, he added.
IHH, the healthcare arm of the
Khazanah Nasional Bhd, now has a global network operating 4,900 licensed beds
in 30 hospitals.
The company owns Parkway Pantai
Ltd, which operates nine Pantai hospitals and two Gleneagles hospitals in
Malaysia, with Mount Elizabeth Novena, Mount Elizabeth, Gleneagles and Parkway
East hospitals in Singapore. It also has presences in China, India, Hong Kong,
Vietnam, Brunei, Macedonia in Europe, Turkey and owns IMU Health Sdn Bhd.
Cynthia Blemin
Business & Investment Opportunities
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