IHC: Unrated note by Daiwa citing potential earnings growth from 2018, underpinned by pipeline projects, as well as a potential unlocking of value via a REIT spin-off.
IHC has three key projects in the pipeline:
1) IHC KLCC (Malaysia), a 33-storey integrated mixed-use development, which will include specialist medical suites (targeted completion in 2018)
2) IHC Chengdu (China), a proposed 150-bed tertiary hospital which will include a wellness-themed retail and lifestyle centre with medical suites (slated to be completed by 2018)
3) IHC Wuxi Hospital Expansion (China), an 800-bed, 19-floor hospital adjacent to its existing
Wuxi hospital (phase 1 to be completed by 2019).
Management intends to unlock value in its portfolio through REIT listings for its 12 nursing homes in Japan and three mixed-use assets (including medical suites) in Australia.
Finalised plans for its Japanese assets are expected over the next 6-9 months, which it believes could see a significant revaluation from $260m currently, based on existing yields of similar healthcare-based REITs in Japan.
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