It said FY20 core net profit of RM715mil makes up 128% and 134% of its and consensus full-year expectations.
Moving forward RHB expects IHH's other markets' operations to show significant earnings improvement in FY21.
As vaccination efforts reach a larger percentage of the population, the research house expects Covid-19 to be gradually contained in 2H21.
"The trend of Singapore’s 4Q20 earnings, which outperformed even the pre-COVID quarter of 4Q19 shows that management’s strategy to improve ROE has started to bear fruit.
"This can be replicated in other markets that IHH is operating in," it said.
RHB raised FY21-22 earnings forecasts by 4-14% as it factored in higher patient volume and revenue intensity for Singapore and Greater China due to good performance from Gleneagles Hong Kong.
It raised the target price to RM6.15 from RM5.50 previously on 18.5x FY21 forecast EV/Ebitda or negative-0.5 standard deviation from its five-year mean.