In the statement, IHH said Acibadem was acquiring 100% of the Tokuda Group for RM286.13mil, while simultaneously acquiring nearly one-third of the existing stake in City Clinic from its existing operating partners for RM48.29mil, with an allotment of shares equivalent to RM102.87mil to shareholders who will take part in the merged entity. The remaining stake in City Clinic will be rolled over into a new combined entity, which will have 76.5% of the newly created holding company
KUALA LUMPUR: AmInvestment is retaining its Hold call on IHH Healthcare Bhd
with an unchanged sum-of-parts based fair value of RM7.20 a share.
It said on Wednesday it remains upbeat on IHH’s newest hospital, Gleneagles Medini, following its visit recently.
Gleneagles Medini, which occupies 15 acres, is the only tertiary hospital operating in Medini. The hospital offers world-class specialist treatments using state-of-the-art medical equipment to cater to both local and foreign patients.
Opened since November 2011, the RM400mil hospital is operating with 40 beds. It has treated more than 1,000 patients including Singaporeans and delivered 32 babies. The hospital will have a maximum capacity of 300 beds and 162 medical suites.
AmInvestment said currently, there are 32 specialists and centres of excellence in cardiology, oncology, orthopaedics, women and children, and ophtmalmology.
Other features of the hospital include 18 intensive care units (including isolation units), eight neonatal intensive care unit beds, six labour and delivery suites and a 24/7 emergency room.
Its latest medical equipment include a 640-slice CT scanner, believed to be first in Johor. Compared to conventional scanners, this machine offers ultrafast scan times, superior 3D images while emitting less radiation.
“Notably, the hospital offers single-bed and double-bed rooms, as well as junior suites at competitive prices.
“This is especially attractive to Singaporeans to access to world-class medical treatments and boarding at cheaper prices. For example, the health screening packages are 30% cheaper than those offered in Singapore,” it said.
The hospital has been approved for Singaporeans to use their Medisave savings scheme – making it one of only three in Malaysia. This approval is positive to attract more Singaporeans given the close proximity to the Tuas Second Link.
“To this end, we understand the management is looking to offer free shuttle buses to transport patients across the Causeway.
“Given its location, we believe the hospital is a strong draw to Singaporeans as well as those (locals and expats) living in the Nusajaya area. The hospital is in the midst of increasing medical coverage by insurance companies.
“All in, we opine the hospital is likely to achieve breakeven faster given its world-class services and facilities, and close proximity to Singapore. We maintain Hold on IHH as we deem it be fairly valued at this juncture. Our fair value implies a target price to earnings of 50 times,” AmInvestment said.
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