IHH Healthcare

IHH Healthcare: UOB Kay Hian initiates Coverage with Hold Call and $1.42 TP. While house find IHH Healthcare’s profile solid and growth prospects promising, believe these are reflected in its current valuations. House have a TP of $1.42, based on a SOTP model that values Parkway Pantai Ltd (PPL) (ex- Mount Elizabeth Novena Hospital) and Acibadem Holding (Acibadem) at 16x 2013F EV/EBITDA, pegged to its regional peers’ average.