International Healtcare Corp (IHC)

International Healtcare Corp (IHC): Voyage rates the stock as a "True Gem" with TP of $0.48, based on an economic profit valuation model. Notes IHC reported impressive revenue growth of 47% y/y to $17.8m in 1H14, driven by rental income from Japan's nursing facilities and Wuxi Hospital's medical services. To further entrench its medical services footprint in Asian countries, IHC has i) built up an extensive network of doctors overseas, ii) been acquiring or building integrated medical real estate projects in strategic locations which meet specific healthcare demand from China, Msia , Japan and Australia. This strategy allows IHC to capitalise on i) the rise of the affluent class in the PRC, ii) booming medical tourism in Msia, iii) the elderly healthcare market in Japan, and iv) ageing population in Australia.