IHH Healthcare

IHH Healthcare: Citi maintains Sell, noting weaker-than-anticipated set of 3Q12 results reaffirms house view that consensus expectation of a sharp pick-up in earnings is overly optimistic. House reiterate position that IHH is likely to undergo a transition phase where margins will see some compression owning to the slower ramp-up of new hospitals. FY13-14E earnings estimates remain 11-13% below the Street; and see a high likelihood of negative stock price catalysts arising from downgrades over the coming mths