IHH Healthcare

IHH Healthcare: DBSV downgrades to Hold. Note that IHH Healthcare’s net profit (ex-exceptional) of RM686.6m is line with house estimate of RM703m. Revenue was marginally below estimate due to slower contribution and lower revenue intensities from Acibadem. House SOTP remains at $1.38, implying FY13F/14F EV/EBITDA multiple of 21.4x/ 17.8x. Whilst believe the long term prospects for healthcare remains positive and IHH commands a premium due to its scarcity and geographical spread, share price has done well and currently offers just limited upside to house TP. Downgrade to HOLD. Prefer to accumulate at lower levels.