IHH HealthCare

IHH HealthCare: CIMB have results preview. House expecting a core EPS of 1.5c for 3Q12 and 4.6c for 9M12b (25% and 77% of FY13 estimates respectively). FY13 EPS has been reduced to factor in higher opex related items. Overall, reiterate Outperform rating and SOP target price, with catalysts expected from ramp-up of Novena Hospital, and revenue intensity in all three key geographies. House like the the sector’s defensive attributes and IHH’s size in this sector. Further, believe assetrecycling opportunities could emerge for its Malaysian assets in due course, with the freed capital to be redeployed to growth frontiers in Greater China.