Health Management International - Maybank Kim Eng (Unrated Note)
-Operations consist of two tertiary hospitals in Malaysia - Malacca & Johor
-Adopts SG's private hospitals' business model - proven to attract and retain top doctors
-accelerating growth - core earnings grew at 3-yr CAGR of 57% as at FY6/16
-healthy balance sheet - Operating cash flow grew at 3-yr CAGR of 44%, declared first dividend in five years
-Growth plans - Doubling capacity of Johor hospital by mid-2019, increase avg bill size at Malacca hospital, explore inorganic options
-trading at 27x forward P/E, 34% discount to peers, despite stronger ROE and comparable growth
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