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Joelton
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29-Aug-2026 13:29
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IHH positions for India healthcare boom as it consolidates Fortis investment IHH Healthcare&rsquo s plan to raise its stake in Fortis Healthcare from 31.17% to 51% in four years&rsquo time is underpinned by surging demand for quality healthcare in India, as the ageing population, rising cases of chronic diseases and a shortage of hospital capacity fuel the sector&rsquo s growth. Following the completion of a mandatory open offer last November, IHH&rsquo s stake in Indian-listed Fortis rose marginally to 31.17% from 31%. By increasing its stake in Fortis by up to five percentage points annually, IHH would reach its target 51% in about four years. This could be done through a primary infusion, where IHH injects fresh capital into Fortis in exchange for new shares, or through the purchases of existing shares in the secondary market. &ldquo We are quite comfortable with our current [shareholding], but we would like to see it go up to at least 51%,&rdquo said IHH Healthcare group chief corporate officer Ashok Pandit during a recent media visit to Fortis Memorial Research Institute (FMRI) in Gurgaon, south of New Delhi. He added that IHH has no plans to take Fortis private as it is comfortable with keeping the hospital operator listed. Private equity investment in Indian healthcare surged to INR4,900 crore (US$572 million or $726.62 million) across 33 deals spanning hospitals, pharmaceuticals, healthtech and other segments in the second quarter of 2025, reflecting strong interest from global and domestic investors. India&rsquo s hospital sector accounts for about 80% of total healthcare spending, with the remaining 20% comprising pharmaceuticals, diagnostics and medical equipment. According to Indian credit rating agency Brickwork Ratings, the hospital market is expected to grow at a compound annual growth rate (CAGR) of 10.6%, from US$122.3 billion in 2025 to US$202.5 billion by 2030, driven by the rising prevalence of non-communicable diseases such as cardiovascular disease and cancer, longer life expectancy and growing demand for chronic and age-related care. Major hospital groups are hoping to capture the lucrative market by investing in new beds, facilities and specialised services. &ldquo Within the next five to 10 years, we can easily expand very, very comfortably. About 15% sort of a growth [in revenue is] expected annually [for Fortis], which is quite healthy. We have healthy operating margins in India. Ebitda (earnings before interest, taxes, depreciation and amortisation) margin is also expected to rise to around 25% in the next few years from 22%,&rdquo said Ashok. With about 11% of India&rsquo s 1.46 billion population covered by private voluntary health insurance (including retail and employer-sponsored plans) while another 28% &mdash largely the middle class &mdash uninsured and relying on out-of-pocket payments, healthcare service providers like Fortis see potential to expand into markets with strong demand for specialised care as the number of people who can afford and seek private healthcare rises along with economic growth. The remaining 60% fall under government subsidised health insurance schemes. &ldquo Another area where Fortis is excelling [in], and which differentiates it from some of its competitors, is the clinical talent it is able to attract, supported by the capex (capital expenditure) that Fortis has invested. Fortis also has a large laboratory, Agilus Diagnostics, which is quite different from some of the other hospital groups. This allows the laboratory and the hospital to work closely together on more targeted therapies, particularly in oncology,&rdquo he added. According to Ashok, Fortis has delivered consistent double-digit revenue and Ebitda growth in recent years, with IHH seeing significant room for further expansion, driven by capacity additions, higher case complexity, operational efficiencies and rising demand for quality healthcare services. Fortis&rsquo financial performance has also strengthened the case for IHH&rsquo s investment. For the first quarter ended June 30, 2026 (1QFY2027), Fortis&rsquo profit after tax (PAT) rose 2.2% to INR273 crore from INR267 crore a year earlier, while revenue grew 17.5% to INR2,545 crore from INR2,167 crore. The growth was supported by higher average revenue per occupied bed, which rose to INR2.71 crore per annum from INR2.64 crore per annum, as well as a 16.7% increase in occupied beds. Recent acquisitions, including hospitals in Punjab and Bengaluru and a leased facility in Delhi-NCR, also contributed. Operating Ebitda margin stood at 22.3%, compared with 22.6% a year earlier. For its financial year ended March 31, 2026 (FY2026), Fortis&rsquo PAT rose 31.5% to INR1,064 crore from INR809 crore in FY2025 when earnings were affected by impairment charges. Revenue increased 17.3% to INR9,128 crore from INR7,783 crore, driven by higher patient volumes. The latest results mark a significant turnaround from FY2019 (before the Covid-19 pandemic) when Fortis recorded a net loss of INR299 crore. Revenue has also more than doubled from INR4,469 crore in FY2019. Legal battle resolved The mandatory offer followed the resolution of a seven-year legal process surrounding IHH&rsquo s investment in Fortis, enabling the company to focus on expanding its Indian operations. India was IHH&rsquo s fourth-largest market in FY2025, after Tü rkiye/Europe, Singapore and Malaysia, contributing about 16% of group revenue for the year ended Dec 31, 2025. Fortis currently operates about 6,100 beds across 36 hospitals in India, making it the country&rsquo s fourth-largest hospital operator. It has a presence across 12 states, mainly in Tier 1 and Tier 2 cities, and also manages several Gleneagles hospitals. By bed capacity, Fortis trails Temasek- backed Manipal Health Enterprises, Apollo Hospitals Enterprise and Max Healthcare Institute. Manipal leads with 13,037 beds across 49 hospitals, followed by Apollo with 10,970 beds across 78 hospitals and Max Healthcare with 6,131 beds across 21 hospitals. Fortis plans to add about 3,900 beds by 2031, taking total capacity to roughly 10,000 beds, or about 64% more than its current base. The expansion will be split between brownfield projects, greenfield developments and acquisitions. Fortis managing director and CEO Dr Ashutosh Raghuvanshi said the company expects to spend about INR700 crore a year over the next few years to support the expansion. Rather than entering unfamiliar markets, Fortis plans to expand its presence in existing clusters &mdash Punjab and Delhi-NCR, Mumbai, Bengaluru and Kolkata &mdash where it can extract synergies in manpower, supply chain and other operations. &ldquo Any acquisition must complement our existing operations and have a clear path to adding value,&rdquo Ashutosh said. The expansion comes as Fortis&rsquo larger rivals are also adding capacity. Manipal plans to add about 2,400 beds over the next three to four years, taking its capacity to 15,437 beds, while Apollo Hospitals plans to add 5,800 beds, taking its total capacity to 16,770 beds by FY2031. Max Healthcare, meanwhile, plans to add 4,262 beds, lifting its capacity to 10,393 beds in the next few years. Funding Fortis&rsquo next phase Fortis expects to fund its planned addition of about 3,900 beds through a combination of internal accruals, debt and potential new equity. Each bed is estimated to cost about US$250,000, or roughly US$975 million for the full expansion, according to Ashutosh. Brownfield expansion at existing hospitals would primarily be funded through internal accruals, while some debt and equity may be required for greenfield projects and acquisitions, he says. &ldquo But then we have big support from the IHH&rsquo s parent. As you know, they have already stated their intent that they want to double down on the opportunity. It&rsquo s a very large opportunity, and since the operations of this company are already mature, building this platform further makes a lot of sense,&rdquo Ashutosh said. &ldquo If there is a need for equity within Fortis, we will inject equity in the company. But we can also do what&rsquo s called a creeping acquisition, where we go and buy the stock from the secondary market,&rdquo Ashok added. As at end-June, Fortis&rsquo debt stood at INR2,580 crore, while cash and cash equivalents amounted to INR347 crore, resulting in net debt of INR2,233 crore, up from INR1,869 crore a year earlier. For the period in review, its net debt-to-Ebitda ratio rose to 1.01 times from 0.92 times, while net debt-to-equity edged up to 0.21 times from 0.20 times. Net fixed assets, including intangibles and capital work-in-progress, rose 15.8% to INR8,021 crore from INR6,928 crore a year earlier. Breaking the Indian investment jinx IHH&rsquo s bigger bet on Fortis comes despite the mixed track record of Malaysian companies in India, where regulatory hurdles, intense competition and changing business conditions have challenged some investors. Among the more prominent cases was the late T Ananda Krishnan&rsquo s Aircel-Maxis venture, which ended with his exit after suffering substantial losses. Among other Malaysian companies, TH Heavy Engineering and Mudajaya Group encountered difficulties in the oil and gas and power sectors respectively. IJM Corp, meanwhile, has been among the more successful Malaysian investors in India, having built up its highway business before eventually cashing out. Against this backdrop, IHH&rsquo s increasing stake and continued capital commitment to Fortis raises the question of whether it can buck the trend. Ashok, however, dismissed the view that India remains a particularly challenging market for IHH, pointing to Fortis&rsquo performance and the value generated since the group first invested in the hospital operator. This marks a different experience from some of IHH&rsquo s earlier investments in India, including Apollo Hospitals and Continental Hospitals, which faced difficulties. &ldquo When we invested in Fortis in 2018 the stock was around INR170 a share. Today, the stock was around INR950 a share. We had a good outcome,&rdquo he said. Fortis&rsquo shares were trading at INR908.75 as at Aug 24, giving the hospital operator a market capitalisation of about INR693.96 billion (US$7.25 billion). &ldquo I think we are actually very happy with our investments. If you go to a new market, there&rsquo s always some time for adjustment in terms of getting used to the lay of the land, some of the regulatory issues. I would call them mini speed bumps. As the largest shareholder of Fortis, as and when they need the capital, we are there to back them,&rdquo he added. IHH holds its stake in Fortis through its indirectly wholly owned subsidiary, Northern TK Venture. HDFC Asset Management Co is the second-largest shareholder with a 6.42% stake, followed by Kotak Mahindra Asset Management Co with a 5.81% stake, according to Bloomberg. Fortis looks to Africa to grow medical tourism Fortis is also seeking to grow its medical tourism business, with international patients currently accounting for about 8% of revenue. The Middle East is currently its largest source market. Ashutosh expects the segment to grow by 11% to 12% annually, but said its contribution to overall revenue is unlikely to reach 20% as the domestic business is expanding faster, driven by rising patient volumes and capacity additions. &ldquo Not all of our hospitals receive international patients. Only about six hospitals receive them. With the geopolitical tensions, especially the unrest in the Middle East and flight disruptions, this business is not stable it keeps going up and down,&rdquo he said. Fortis is targeting more patients from Africa, where limited access to specialised care and lower treatment costs make India an attractive destination. &ldquo We focus a little more on Africa because African patients find that the availability of treatment is low over there and they are also price-conscious. We are able to provide services at lower cost than what other options they have. We feel the size of that market is huge,&rdquo Ashutosh said. According to him, Fortis has information centres in Kenya, Ethiopia, Nigeria and Tanzania, focusing on oncology, advanced cardiac care and neurosciences. Its doctors also visit these markets to engage with local physicians and discuss cases, helping build referral networks. |
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Joelton
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28-Aug-2026 14:19
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IHH Healthcare' s 2QFY2026 patmi up 29% y-o-y IHH Healthcare has reported patmi of RM573 million for its 2QFY2026, up 29% y-o-y. This brings its half year ended June patmi to RM1.1 billion, an increase of 15%. Revenue in 1HFY2026 was up 17% to RM13.4 billion, led by higher inpatient and daycase volumes as well as more complex case mix. Stripping out effects of currency movements, IHH' s core 2QFY2026 patmi was up 28% to RM674 million, bringing 1HFY2026 core patmi to RM1.2 billion, up 16%. " As a uniquely diversified, multinational network, IHH is able to navigate uncertainties through targeted strategies for each of our 10 countries, while ensuring group-level synergies on cost, systems and operational excellence," says group CEO Dr Prem Kumar Nair. " We remain confident on reaching double-digit ROE by 2028," he adds. IHH plans to achieve this target via multiple prongs. In Malaysia, it will aim to keep growing its daycase and medical tourism segments, strengthen payor partnerships and conduct brownfield expansion selectively. In Singapore, IHH wants to strengthen payor partnerships, grow medical tourism from nontraditional markets, sustain quaternary excellence and optimise and scale network effects. In India, the company will continue to drive scale and leverage from further integration and will also accelerate strategic brownfield expansion to meet demand. In Tü rkiye & Europe, Acibadem, the brand of its hospitals there, will focus on maintaining market leadership while staying capital-light and driving operational resilience. IHH Healthcare' s Singapore quoted shares closed at $2.65 on Aug 27. |
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Joelton
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27-Aug-2026 10:27
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IHH seeks larger Fortis stake, 10,000 bed capacity in India as it expands global reach [NEW DELHI] IHH Healthcare : Q0F 0% is ramping up the expansion of its Indian healthcare business Fortis Healthcare, with the aim to nearly double the Indian hospital operator&rsquo s capacity to about 10,000 beds by 2030. Fortis currently operates at a capacity of about 6,100 beds across 36 facilities in India. According to Fortis&rsquo managing director and chief executive Dr Ashutosh Raghuvanshi, the expansion strategy relies on a two-pronged approach. Fortis will expand its existing hospital capacity to about 7,500 beds, while the remaining new beds will come from building new hospitals or potential mergers and acquisitions. Parallel to the operational scale-up, IHH also plans to increase its stake in Fortis to at least 51 per cent &ldquo in the next few years&rdquo , according to Ashok Pandit, IHH&rsquo s chief corporate officer. The Malaysian-listed healthcare group currently owns 31.1 per cent of Fortis, having acquired the controlling stake in 2018. The Indian market remains significantly underserved despite rapid investment by private hospital operators, with shortages persisting even in major metropolitan areas, said Dr Raghuvanshi during a media briefing in Delhi in early August. &ldquo The addressable market is very significant,&rdquo he said. &ldquo Public healthcare is not able to take care of all the people.&rdquo &ldquo While the ability of people to access healthcare economically has improved, there is a shortage of beds, and that makes it a great opportunity,&rdquo he added. Ritu Garg, Fortis&rsquo chief of growth and innovation, pointed to expanding insurance coverage as a key demand catalyst. She said about 28 per cent of Indian patients, typically small business owners and shopkeepers, are not covered by either government healthcare schemes or employer-provided insurance. Accordingly, rising demand for retail insurance in this segment is turning more patients towards private healthcare. To support the growth trajectory, Fortis will deploy about seven billion rupees (US$73.3 million) in 2026 to add 400 beds to its existing hospitals. The company plans to maintain this level of annual capital expenditure over the next three to four years to add about 400 beds each year through brownfield expansion, while greenfield expansion and potential acquisitions would come on top of this. Most of that spending can be funded through internal cash generation, considering the company&rsquo s healthy balance sheet, he said. Its current debt-to-Ebitda ratio stands at a &ldquo slightly conservative&rdquo 1.08 times, but Dr Raghuvanshi said that the company could take on debt amounting to as much as 2.5 times Ebitda (earnings before interest, taxes, depreciation and amortisation) if necessary. &ldquo If there were a large acquisition, then perhaps additional equity would be required,&rdquo he added. Global growth India remains behind IHH&rsquo s other major markets in revenue contribution, with Turkey and Europe as the group&rsquo s largest contributors in Q1 2026, followed by Singapore, Malaysia and India. But Dr Raghuvanshi said that India&rsquo s healthcare market offers substantial room for expansion for at least another decade. Apart from the domestic patient market, he noted that medical tourism contributes about 8 per cent to Fortis&rsquo revenue across its hospital network. Fortis is particularly targeting patients from Africa, as the continent&rsquo s limited availability of advanced treatments and greater price sensitivity make India an attractive destination. The company is targeting annual revenue growth of at least 15 per cent, while aiming to lift its Ebitda margin from around 23 per cent currently to about 25 per cent over the next few years. In contrast to India&rsquo s growth market, however, IHH has opted to take more organic growth strategies in its mature markets, such as Malaysia and Singapore. Pandit said that the group&rsquo s strategy in these markets will focus far more on ambulatory care centres, or outpatient medical facilities. This shift comes as Malaysia&rsquo s government is pushing reforms for more affordable private healthcare insurance to combat rising medical inflation. Meanwhile, there is a limited scope for hospital expansion in Singapore, where IHH is unlikely to receive licences for new hospitals, Pandit said. He explained that the emphasis on ambulatory centres will allow the group to expand its care offerings without focusing solely on increasing bed capacity. &ldquo Costs are lower, and what we charge patients also is lower, so it&rsquo s a win-win on both sides,&rdquo Pandit said. |
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stockpicker
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27-Aug-2026 08:11
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Will this news lift the price which has dropped from 3 to now about 2.5 due to drop of visitation from Middle East. The PE was high at 36 but the current ratio was low. Heavy buying yesterday may be due to release of this news. https://www.businesstimes.com.sg/companies-markets/ihh-seeks-larger-fortis-stake-10000-bed-capacity-india-it-expands-global-reach |
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Joelton
Supreme |
11-Jul-2026 13:05
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Preventive health offers new opportunities in private healthcare as patient needs develop: IHH [SINGAPORE] Preventive healthcare is emerging as a new frontier for Singapore&rsquo s healthcare sector. This comes as providers shift from treating illness after it occurs to helping patients detect risks earlier and stay healthier for longer. This was the message by Dr Peter Chow, CEO of IHH Healthcare Singapore, as the private healthcare provider announced a new programme across its Singapore operations. IHH Healthcare Singapore is the local subsidiary of its Singapore Exchange-listed parent company IHH Healthcare Group : Q0F -2.88%, which is headquartered in Kuala Lumpur. The programme, named Healthspan, was unveiled on Friday (Jul 10) at the FutureHealth.Now conference, the healthcare group&rsquo s flagship thought leadership event. Healthspan will be integrated throughout the IHH ecosystem in Singapore, which comprises four private hospitals, more than 50 clinics and over 1,500 specialists. Services include baseline health profiling, early risk identification, personalised care programmes, nutrition and exercise guidance, as well as ongoing tracking of health indicators to adapt interventions over time. Individuals can enrol through five tiers of screening packages, ranging from the S$169 AgeQ assessment to a S$19,620 Pioneer programme that includes full-body magnetic resonance imaging and cognitive assessments. AgeQ, one of the key features of the programme, is described by IHH as a first-in-market clinical assessment that estimates an individual&rsquo s biological age based on seven blood biomarkers through a proprietary algorithm. Healthspan clinical director Kristine Xie said the programme was developed to help individuals better understand how they are ageing, and translate clinical data into practical recommendations. Living longer and better The launch of Healthspan comes as more players within multiple sectors tap into trends that have an impact on healthcare needs, Dr Chow told The Business Times during the conference. As life expectancy increases globally, businesses and healthcare providers are offering services that emphasise healthy longevity, rather than simply treating diseases as they occur. These services range from offering cold-press juices to smartwatches that track fitness indicators. &ldquo We are living longer than our parents and grandparents, but the challenge is also for us to achieve a longer number of years without illness and disabilities,&rdquo said Dr Chow. Associate Professor Daniel Ting, director of the SingHealth artificial intelligence office, observed during a panel discussion that services optimising longevity have traditionally been expensive and catered to affluent customers. But investments can be made in suitable technologies to democratise such offerings to a wider group of patients, he said. This could include developments in AI technology, said Prof Ting. AI tools are already being adopted in healthcare delivery, panellists noted, with use cases from nurse rostering to radiological diagnoses. Prof Ting added that AI tools are likely to accelerate other advancements in the medical field, including drug discovery, or agentic AI systems which provide services such as triage, counselling or education. He said that national priorities towards public health have evolved in line with private healthcare&rsquo s technological shifts. On Thursday, the Republic announced the initiative Singapore Medical Foundation AI Model (Simfoni), which would integrate AI models tailored specifically for Singaporean patients and medical practices into public healthcare systems. Prof Ting added that healthy longevity is likely to become a critical part of the country&rsquo s public health strategy in future. For IHH, Chow said that Singapore&rsquo s societal needs can also offer the company new opportunities to drive revenue through products that focus on preventive healthcare, beyond reactive models of care. Traditionally, episodic care provided by a private hospital tends to generate its revenue only when a patient is in the hospital, Dr Chow noted. But evolving demand for preventive care and healthy longevity open up opportunities for a more steady revenue stream, he said. &ldquo From a societal perspective, we think this is what patients want,&rdquo he said. &ldquo This also matches what is good for the business.&rdquo |
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Joelton
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10-Jul-2026 09:20
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IHH hospitals in India, Singapore saw fewer patients from Middle East due to war [SINGAPORE] IHH Healthcare hospitals in India admitted fewer patients from the United Arab Emirates and Saudi Arabia due to conflict in the Middle East, CEO Prem Kumar Nair said in an interview at the Reuters NEXT Asia conference in Singapore. IHH&rsquo s hospitals in Singapore have also been affected by the conflict as the company has long-term contracts with Middle-Eastern health authorities to take in critical cases. IHH is one of the world&rsquo s largest private healthcare groups. It operates more than 80 hospitals across 10 countries including Malaysia and Turkey. The US-Israeli conflict with Iran has created one of the most uncertain periods for business in recent history, some corporate executives said at the conference, due to soaring energy prices, fractured supply chains and trade routes severed by disruption in the Strait of Hormuz. On Wednesday, the US military launched strikes on Iran to keep the Strait of Hormuz open to shipping, triggering Iranian attacks on Kuwait and Bahrain where the US has military bases. IHH in May said the impact of geopolitical developments was limited and largely mitigated by its diversified geographic footprint. Nair, a physician and healthcare executive with over three decades of experience in the sector, took the helm of IHH in late 2023. IHH has a market capitalisation of around US$18 billion, LSEG data showed. It is one of the world&rsquo s biggest private healthcare providers with hospital brands including Acibadem and Gleneagles, its website showed. |
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Joelton
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27-Jun-2026 11:33
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Explaining IHH Healthcare&rsquo s India expansion plans, medical inflation in Singapore and a natural hedge IHH Healthcare is the sponsor and major unitholder of ParkwayLife REIT (PLife REIT). In 2021, PLife REIT and IHH signed new master lease agreements for three Singapore hospitals, Mount Elizabeth Orchard, Gleneagles and Parkway East Hospital for 20 years to end-December 2042. The agreements include a $150 million renewal capex agreement, which will be used mainly for Mount Elizabeth Orchard. Included in the new agreement is a right of first refusal (ROFR) agreement for Mount Elizabeth Novena Hospital. When The Edge Singapore caught up with Dilip Kadambi, group CFO of IHH, and asked whether IHH planned to offer Mount Elizabeth Novena to PLife REIT, he indicated that IHH does not need capital at present. &ldquo From a stakeholder perspective, and my leverage was so little, what reason would I have to sell it? Even if I sell it, what will I do with the capital?&rdquo he asks. &ldquo We still have headroom on our balance sheet. I can still borrow. From a stakeholder perspective, can we do this? Sure, we can think about it. Is it something that we need to do now? We don&rsquo t need capital our cash flows are strong our debt headroom is high our debt levels are low, so we still have a lot of leg to run on,&rdquo Kadambi says. IHH&rsquo s net debt-to-equity ratio as at March 31 stood at 0.4 times. &ldquo Never say never, but nothing, at least in the immediate future that I can see.&rdquo That could disappoint PLife REIT&rsquo s unitholders. As Kadambi tells it, IHH owns or operates 190 healthcare facilities, including 89 hospitals, clinics and ambulatory care centres in 10 countries. IHH owns 100% of Parkway Pantai, which, in turn, owns 32.94% of PLife REIT and 31.17% of Fortis. Parkway Pantai has a network of 60 hospitals in Malaysia, Singapore, Brunei, India and Greater China. Fortis remains listed in India. The healthcare group also owns 90% of Acidadem, Tü rkiye&rsquo s leading private healthcare provider. Through Acidadem, IHH owns and operates 29 hospitals in Tü rkiye, North Macedonia, Bulgaria, the Netherlands and Serbia. &ldquo I would probably dare say that IHH is the most global healthcare provider in the world. Fundamentally, each of these businesses in each of these countries has to be a strong and resilient business,&rdquo Kadambi says. IHH&rsquo s largest market by revenue and ebitda is Turkey, followed by Singapore, Malaysia and India. IHH is dual-listed in Singapore and Malaysia and its reporting currency is the ringgit. IHH&rsquo s global business came at a cost. IHH acquired India-based Fortis in 2019 and spent several years turning it around. Kadambi concedes that Fortis had been badly managed by the former founders. &ldquo We spent a good part of the last three to four years resurrecting the business and turning it around. We&rsquo ve got the right management team in place in India to run Fortis and we&rsquo re building on it,&rdquo he claims. In 1Q2026, India&rsquo s ebitda margin was 20%, contributing around 14% to total ebitda compared with just 7% in FY2020. &ldquo We can grow the business because the need for healthcare in India is undersaturated. The need for private beds is huge and our ability to ramp up capacity in India is strong. We had completed the mandatory tender offer required by the Securities and Exchange Board of India. There were some disputes, for example, with Daichi. All that got settled and this allows us to pump in more capital. We will keep it listed,&rdquo Kadambi says. &ldquo We can exercise a preferential placement ourselves at 5% every year. Based on that growth, we can infuse capital. Our stated long-term vision is to increase our stake to 50%,&rdquo he adds. IHH took full control of Global Hospitals in India in 2023 and rebranded it to Gleneagles. &ldquo That has stabilised and turned around. Last year, once the mandatory tender offer was done, we got Fortis to manage Gleneagles in India. At some point in time, we would like to merge Fortis and Gleneagles since we own 99.7% of Gleneagles,&rdquo Kadambi indicates. Between Fortis and Gleneagles, IHH has 35 hospitals with 6,000&ndash 6,500 beds. Fortis has mapped out a strategy to add another 500 beds, bringing the total to 8,000. In FY2025, Fortis acquired a 228-bed Shrimann Superspecialty Hospital in Jalandhar, India, now called Fortis Hospital Jalandhar. &ldquo In India, we aim to reach 10,000 beds in five to six years. It is a big growth market for us. We would like to deploy more capital. Many brownfield projects of Fortis have ramped up very quickly. Fortis has been doing tactical M& A, such as the one in Manesar near Delhi, which is a big cluster region,&rdquo Kadambi says. Scaling up Kadambi explains that IHH sees two types of &ldquo inorganic opportunities&rdquo . Tactical opportunities are small hospitals or small acquisitions such as Timberland Medical Centre in Kuching. &ldquo It has a big piece of land where we are currently building a 200-bed facility, Gleneagles Hills Kuching,&rdquo he says. Strategic acquisitions include Island Hospital in Penang, which cost a tad below US$1 billion ($1.3 billion). This hospital has 600 beds and IHH may add 400 beds. &ldquo Island Hospital is just across the road from Gleneagles Penang, which is full. We can grow capacity and Island Hospital has established a name for itself in medical tourism. Almost 60% of the island&rsquo s revenue is from medical tourists coming into Malaysia,&rdquo Kadambi says. Of the tourists, only 30% are from Medan, with the remaining 30% from Jakarta and Surabaya, he indicates. Is Penang eating Singapore&rsquo s lunch? &ldquo If you look at Singapore, I would say at the fringes, there are people from Indonesia who cannot afford Singapore, who would much rather go to Malaysia and get treatment in Malaysia. There are also the top 1%, 2% or 4% of Indonesians, Cambodians, Vietnamese, Filipinos or Indians who still want to come to Singapore to seek treatment because there is cutting-edge technology and very skilled and trained clinicians here,&rdquo Kadambi explains. Compared with Island Hospital, IHH&rsquo s Singapore hospitals generate around 16%&ndash 18% of revenue from tourism, Kadambi estimates. For IHH, though, it made sense to strengthen its Northern cluster in Penang. &ldquo In Malaysia, the healthcare tourism market share is going up y-o-y. Medical tourism is growing by double-digit CAGR in Malaysia compared to 3% to 5% a couple of years ago,&rdquo Kadambi says. Natural hedge IHH adopts a natural hedge strategy for its foreign subsidiaries, such as Acidadem and Fortis. &ldquo All our businesses are run in local currency. I translate all of them into ringgit at the end of each quarter for financial reporting. We don&rsquo t repatriate any funds. We would have lost growth by translating one currency into another. Most of our balance sheet and revenue are denominated in the local currency in each country. Our costs are also quoted in the local currency of each country. A lot of equipment, supplies, etc, are all billed in local currency. Our borrowings are also in local currency,&rdquo Kadambi says. In terms of targets, Kadambi has told his shareholders that IHH will reach a double-digit return on equity (ROE) by 2028 from 9% in FY2025. The dividend payout ratio will be lifted to 30% of patmi and Mount Elizabeth Orchard&rsquo s performance should stabilise by 2H2026. In a recent report, JPMorgan noted that IHH&rsquo s bed occupancy rate in Singapore in 1Q2026 was just 50% compared with 68% overall. Out of all IHH&rsquo s geographies, Singapore appears to be the most challenging. It was the only sector in which revenue and ebitda fell in 1QFY2026. Inpatient admissions fell by 8% y-o-y, reflecting higher public healthcare utilisation and softer medical travel given higher airfares and rupiah depreciation. Also, in 1Q2026 vs the prior year, there were more public holidays, notes DBS Group Research in a report dated May 28. Medical inflation in Singapore has led IHH to work closely with its ecosystem, including payers such as insurance companies, hospitals and clinicians, to agree on certain fixed-price packages. In 2023, as part of an effort to defray rising medical costs for patients, IHH introduced ambulatory care centre (ACC) services in Singapore with the launch of Parkway Medicentre Woodleigh. Since then, IHH opened Mount Elizabeth Royal Square, providing hospital-equivalent surgical and endoscopic procedures. DBS points out that IHH&rsquo s management &ldquo reaffirmed FY2026 revenue growth guidance of 10%&ndash 12% and 22%&ndash 24% ebitda margin range, underpinned by recovering volumes, tighter cost control and better use of existing assets&rdquo . Cost inflation is also being monitored closely, particularly for drugs, consumables, shipping and insurance. However, one- to two-year rate contracts, group procurement and longer-term energy contracts provide some near-term protection. &ldquo Forex remains more of a reporting headwind, as earnings translation is unhedged,&rdquo the DBS May 28 report adds. UBS points out that, on a constant-currency basis, IHH continues to see significant revenue increases in its Turkey, Europe, India and Hong Kong operations of 45%, 18% and 2%, respectively. &ldquo The daycare model remains key in managing payer pressure while improving capital efficiency. Moving lower-acuity, high-volume procedures from inpatient wards to daycare settings helps IHH offer a more cost-efficient care model, which should ease some insurer concerns over medical inflation and rising claims. It also frees hospital capacity for more complex, higher-intensity procedures that can support revenue intensity and margins. In addition, the daycare model also reduces capex intensity, freeing cash for debt reduction and structurally higher ROE over time,&rdquo DBS notes. DBS has a buy rating on the stock, with a 12-month price target of $3.39 and RM10.50 ($3.27). UBS also has a buy rating on the stock with a 12-month price target of RM10.80. |
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Joelton
Supreme |
20-Jun-2026 13:27
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IHH strives to lower medical costs, attract medical tourists Dual-listed IHH Healthcare ranks among the largest private healthcare providers in Singapore. Through its subsidiary, Parkway Pantai, IHH owns Parkway Holdings &mdash which, in turn, owns 32.9% of ParkwayLife REIT &mdash and Parkway Shenton Medical Group. ParkwayLife REIT (PLife REIT) owns Mount Elizabeth Orchard, Gleneagles Hospital and Parkway East Hospital. As part of an effort to defray rising medical costs for patients, IHH introduced ambulatory care centre (ACC) services in Singapore in 2023 with the launch of the Parkway Medicentre Woodleigh. Since then, IHH has opened Mount Elizabeth Royal Square, providing hospital-equivalent surgical and endoscopic procedures. Today, ACCs are in various parts of the island, including Shenton Way, Boon Lay, Bidadari and The Heeren. &ldquo Starting from primary, ambulatory and tertiary care, we have a big ecosystem in Singapore, and that makes us dominant and our business resilient,&rdquo says Dilip Kadambi, group CFO, IHH. According to Kadambi, medical inflation in the city-state continues to rise. &ldquo We, like any responsible corporate citizen, said: &lsquo Let&rsquo s see what we can do to curtail rising costs.&rsquo Hence, we&rsquo ve been actively working with the payers, such as insurance companies, to develop packages, and the ACC is part of trying to curtail costs.&rdquo An additional leg for IHH is medical tourism. Last year, it acquired Island Hospital in Penang, where medical tourism accounts for 60% of the new hospital&rsquo s revenue. In Singapore, though, medical tourism&rsquo s percentage of revenue is lower, around 16% to 18%. This was partly because Mount Elizabeth Orchard was undergoing extensive asset enhancement initiatives in partnership with PLife REIT. &ldquo There are people from Indonesia who cannot afford Singapore, who would much rather go to Malaysia and get treatment. There are also the top 2% to 4% of Indonesians, Cambodians, Vietnamese, Filipinos or even Indians who still want to come to Singapore to seek treatment. This is because there is cutting-edge technology and very skilled and trained clinicians,&rdquo says Kadambi. &ldquo From a revenue contribution standpoint, out of $100, the medical tourism in Singapore still continues to be $16 to $18.&rdquo Still, &ldquo more acute cases&rdquo have begun arriving in Singapore, adds Kadambi. For instance, cancer patients who need proton beam therapy can only receive that treatment at Mount Elizabeth Novena. Now that Mount Elizabeth Orchard has fully reopened, it is attracting patients from new geographies, including the Philippines, Vietnam, Cambodia and Bangladesh. &ldquo The strategy for [our] Singapore [brands] is to go big on medical tourism and bring back some of the medical tourists. Secondly, it is to work actively with our payers to devise packages to bring back patients in,&rdquo Kadambi says. For instance, IHH&rsquo s Singapore entities are offering healthcare concierge services. &ldquo We are trying to make healthcare seamless for high-net-worth individuals wherever they are. They can be based in Singapore or Jakarta. People want to come in and avail of our services because they&rsquo re part of these privileged banking networks. Recently, one of the partnerships we announced was with HSBC for their Diamond [clients]. We tied up with them across Singapore, Malaysia, Hong Kong and India &mdash across our entire network,&rdquo Kadambi says. Thirdly, it is to look at bringing health-conscious services to privileged banking centres, given Singapore&rsquo s wealth hub status. To drive efficiency, Kadambi says IHH has turned to technology. One of the initiatives is implementing IHH&rsquo s unified data platform across its different geographies, to observe inventory levels, reduce wastage and promote clinical excellence. An IHH subsidiary, iXchange, is what Kadambi calls his secret weapon. It is a third-party administrator (TPA) that brings together clinicians, corporate clients and 1,500 panel clinics to offer customised healthcare solutions for employees. &ldquo We have been using iXchange as a TPA, bringing primary care, ambulatory care and tertiary care together no other private hospital has this combination in Singapore,&rdquo Kadambi says. |
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Joelton
Supreme |
20-Jun-2026 13:25
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IHH strives to lower medical costs, attract medical tourists Dual-listed IHH Healthcare ranks among the largest private healthcare providers in Singapore. Through its subsidiary, Parkway Pantai, IHH owns Parkway Holdings &mdash which, in turn, owns 32.9% of ParkwayLife REIT &mdash and Parkway Shenton Medical Group. ParkwayLife REIT (PLife REIT) owns Mount Elizabeth Orchard, Gleneagles Hospital and Parkway East Hospital. As part of an effort to defray rising medical costs for patients, IHH introduced ambulatory care centre (ACC) services in Singapore in 2023 with the launch of the Parkway Medicentre Woodleigh. Since then, IHH has opened Mount Elizabeth Royal Square, providing hospital-equivalent surgical and endoscopic procedures. Today, ACCs are in various parts of the island, including Shenton Way, Boon Lay, Bidadari and The Heeren. &ldquo Starting from primary, ambulatory and tertiary care, we have a big ecosystem in Singapore, and that makes us dominant and our business resilient,&rdquo says Dilip Kadambi, group CFO, IHH. According to Kadambi, medical inflation in the city-state continues to rise. &ldquo We, like any responsible corporate citizen, said: &lsquo Let&rsquo s see what we can do to curtail rising costs.&rsquo Hence, we&rsquo ve been actively working with the payers, such as insurance companies, to develop packages, and the ACC is part of trying to curtail costs.&rdquo An additional leg for IHH is medical tourism. Last year, it acquired Island Hospital in Penang, where medical tourism accounts for 60% of the new hospital&rsquo s revenue. In Singapore, though, medical tourism&rsquo s percentage of revenue is lower, around 16% to 18%. This was partly because Mount Elizabeth Orchard was undergoing extensive asset enhancement initiatives in partnership with PLife REIT. &ldquo There are people from Indonesia who cannot afford Singapore, who would much rather go to Malaysia and get treatment. There are also the top 2% to 4% of Indonesians, Cambodians, Vietnamese, Filipinos or even Indians who still want to come to Singapore to seek treatment. This is because there is cutting-edge technology and very skilled and trained clinicians,&rdquo says Kadambi. &ldquo From a revenue contribution standpoint, out of $100, the medical tourism in Singapore still continues to be $16 to $18.&rdquo Still, &ldquo more acute cases&rdquo have begun arriving in Singapore, adds Kadambi. For instance, cancer patients who need proton beam therapy can only receive that treatment at Mount Elizabeth Novena. Now that Mount Elizabeth Orchard has fully reopened, it is attracting patients from new geographies, including the Philippines, Vietnam, Cambodia and Bangladesh. &ldquo The strategy for [our] Singapore [brands] is to go big on medical tourism and bring back some of the medical tourists. Secondly, it is to work actively with our payers to devise packages to bring back patients in,&rdquo Kadambi says. For instance, IHH&rsquo s Singapore entities are offering healthcare concierge services. &ldquo We are trying to make healthcare seamless for high-net-worth individuals wherever they are. They can be based in Singapore or Jakarta. People want to come in and avail of our services because they&rsquo re part of these privileged banking networks. Recently, one of the partnerships we announced was with HSBC for their Diamond [clients]. We tied up with them across Singapore, Malaysia, Hong Kong and India &mdash across our entire network,&rdquo Kadambi says. Thirdly, it is to look at bringing health-conscious services to privileged banking centres, given Singapore&rsquo s wealth hub status. To drive efficiency, Kadambi says IHH has turned to technology. One of the initiatives is implementing IHH&rsquo s unified data platform across its different geographies, to observe inventory levels, reduce wastage and promote clinical excellence. An IHH subsidiary, iXchange, is what Kadambi calls his secret weapon. It is a third-party administrator (TPA) that brings together clinicians, corporate clients and 1,500 panel clinics to offer customised healthcare solutions for employees. &ldquo We have been using iXchange as a TPA, bringing primary care, ambulatory care and tertiary care together no other private hospital has this combination in Singapore,&rdquo Kadambi says. |
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Joelton
Supreme |
29-May-2026 10:40
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DBS maintains ' buy' on IHH Healthcare with slightly raised target price of $3.39 Amanda Tan of DBS Group Research has maintained her " buy" call on IHH Healthcare following its 1QFY2026 results, which showed " steady" core earnings growth, although somewhat blemished by unfavourable forex. For the three months to March, IHH reported earnings of RM545 million, an increase of 5% y-o-y, in line with expectations. Revenue in the same period was up 3% y-o-y to RM6.5 billion. In Malaysia, the company recorded a 16% improvement in its ebitda, with revenue up 7%. Even though inpatient admissions dropped 3% supposedly due to a longer holiday season, ebitda margin was held at 26% and IHH is guiding for this metric to maintain at the mid-20s. IHH was able to generate a 12% increase in inpatient revenue per admission, supported by higher-acuity cases, growing foreign patient demand and continued double-digit daycare growth. Foreign patients contributed 15% of Malaysia revenue in 1Q26. India did well with ebidta up 26% and revenue up 18%, due to more inpatient admissions and more revenue on average. IHH' s two hospital brands in India, Gleneagles and Fortis are seeing better integration which suggests further upside from procurement, IT and management synergies. Turkey & Europe recorded strong growth with revenue and ebitda up 45% and 73% respectively in constant currency. Hong Kong was more muted with revenue up 2% and ebitda down 8%. In Singapore, the numbers were affected by what Tan calls a " structural shift" towards public healthcare, softer medical tourism numbers because of more expensive airfares and a weaker rupiah. Revenue was down 7% and ebitda down 13%. Even so, with the refurbishment of Mount Elizabeth completed and occupancy set to improve, IHH' s Singapore operations are seen to bottom out and recover in the second half of the year. IHH' s management reaffirmed overall FY2026 revenue growth guidance of 10&ndash 12% and ebitda margin of between 22&ndash 24%, underpinned by recovering volumes, tighter cost control and better use of existing assets. Cost inflation is also being monitored closely, particularly for drugs, consumables, shipping and insurance, though one-to-two-year rate contracts, group procurement and longer-term energy contracts provide some near-term protection. Forex remains more of a reporting headwind, as earnings translation is unhedged, says Tan. All in, Tan has adjusted her target price slightly from $3.26 to $3.39. IHH Healthcare' s Singapore quoted shares closed at $2.85, down 2.06%, while its Bursa quoted shares were up 0.11% to RM8.99. |
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Joelton
Supreme |
27-May-2026 13:45
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IHH Healthcare Q1 net profit edges up 3% to RM528 million Foreign currency translation differences set the group back by RM796 million during the quarter [SINGAPORE] Integrated healthcare operator IHH Healthcare : Q0F 0% on Tuesday (May 26) reported a 3 per cent year-on-year rise in net profit to RM528 million (S$170.1 million) for its first quarter ended Mar 31. Revenue came in at RM6.6 billion, up 4 per cent year on year. The group attributed this to &ldquo sustained demand for quality healthcare services, a case mix of more acute patients and price adjustments to counter inflation&rdquo . It added that the consolidation of Bayindir Healthcare, which it acquired in July 2025, also factored in the top-line growth. Earnings per share came in at RM0.0598, up from RM0.0583 in Q1 FY2025. No dividend was declared, unchanged from a year earlier. IHH Healthcare incurred a loss of RM796 million in foreign currency translation differences from foreign operations in Q1, reversing from a gain of RM53 million a year earlier. The sum arose &ldquo mainly from the translation of the net assets of its Singapore, India, Turkey and Europe operations&rdquo , it explained. The group has a presence in 10 countries. The group added that its reported financial position as at Mar 31 was affected by movements in the ringgit it noted that the Malaysian currency had strengthened against the Singapore dollar and Turkish lira during the period. Nonetheless, the &ldquo strength of (its) diversified portfolio mitigated translation impact from a stronger ringgit&rdquo , it said. IHH Healthcare highlighted that, on a constant-currency basis and excluding exceptional items, its Q1 core net profit would have been RM545 million, up 5 per cent year on year. Dr Prem Kumar Nair, the group&rsquo s chief executive officer, said that the group&rsquo s &ldquo steady growth&rdquo during the quarter came &ldquo on the back of strong performances in Malaysia, Turkey and Europe, and India&rdquo . Malaysia was a key growth driver in Q1, as the group &ldquo continued to increase medical tourism share and improve revenue intensity, while expanding its capital-efficient daycare model&rdquo in the country. Turkey and Europe, meanwhile, booked &ldquo strong growth across all key metrics, experiencing strong local and foreign demand despite a full month of Eid impact&rdquo . Tackling headwinds in Singapore Singapore, however, faced headwinds from &ldquo structural shifts towards public healthcare utilisation&rdquo . IHH Healthcare said that it has introduced measures aimed at stabilising its performance in the Republic, with recovery expected in the second half of 2026. These include &ldquo refined patient targeting&rdquo , with Mount Elizabeth Hospital focusing on higher-valueh, high-intensity care, while Gleneagles Hospital and Parkway East Hospital seek to drive patient volumes. The group is also expanding its daycare and ambulatory care offerings to support a broader out-of-hospital care strategy. At the same time, IHH Healthcare is looking to boost patient volumes in Singapore with &ldquo more tie-ups with corporates, more competitive insurer packages, (and efforts to) grow medical tourism beyond traditional catchments&rdquo while maintaining strict cost controls. In June 2025, insurer Great Eastern temporarily suspended pre-authorisation certificates for IHH Healthcare&rsquo s Mount Elizabeth hospitals, citing higher costs compared to other private hospitals. Dr Nair said that a &ldquo continued strategic execution of organisation-wide transformation initiatives&rdquo will support the group&rsquo s target of achieving double-digit return on equity by 2028. Earlier this month, IHH Healthcare announced a partnership with Oracle to consolidate its finance, human resources and supply chain systems in a single artificial intelligence-enabled cloud platform. In April, the group said it would ramp up its use of AI in operations and clinical care at Mount Elizabeth Hospital. Shares of IHH Healthcare closed flat at S$2.91 on Tuesday, before the results were announced. |
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Joelton
Supreme |
17-May-2026 22:31
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IHH bags S$250 million green loan from DBS to promote safe use of antibiotics The deal shows that sustainable financing can go beyond traditional environmental metrics, says DBS [SINGAPORE] IHH Healthcare has secured a S$250 million sustainability-linked loan from DBS to tackle the misuse and overuse of antibiotics. One of the key performance indicators tied to the loan is for IHH to promote the responsible use of antibiotics in its four Singapore hospitals: Mount Elizabeth, Mount Elizabeth Novena, Gleneagles and Parkway East. This is the first known use case in which sustainable financing has been linked to strengthening antibiotic stewardship, IHH and DBS said in a statement on Friday (May 15). Excessive and wrong usage of antibiotics have led to drug-resistant bacterial infections, which are harder to treat. They also strain healthcare systems and threaten ageing populations. In response, IHH is strengthening its tracking of antibiotic &ldquo time-outs&rdquo . These are follow-up reviews within 72 hours of starting treatment to assess whether the course of the drug should be continued or adjusted. The healthcare sector currently does not track antibiotic time-out compliance rates consistently. The loan is &ldquo breaking new ground in what sustainable finance can achieve in the healthcare sector&rdquo , said IHH&rsquo s chief financial officer Dilip Kadambi. It also demonstrates how sustainable finance can evolve beyond traditional environmental metrics to address social and public health challenges, said Dr Eugene Hong, head of healthcare and pharmaceuticals at DBS&rsquo institutional banking group. IHH&rsquo s initiative is in support of Singapore&rsquo s National Strategic Action Plan on Antimicrobial Resistance. |
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Joelton
Supreme |
25-Apr-2026 10:29
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IHH Healthcare&rsquo s $350 mil upgrade of Mt Elizabeth Hospital necessary to tap future demand Mount Elizabeth Hospital, the flagship institution of IHH Healthcare, completed its multi-year, $350 million refurbishment. It added new facilities, redesigned workspaces, reconfigured rooms, made extensive use of technology and now sports an overall fresh new look. The completion of Project Renaissance, as this costly endeavour is called, will put capacity previously taken out during the extensive works back into operation, leading analysts to project a steady pickup in IHH Healthcare&rsquo s Singapore earnings later this year. However, the completion comes amid growing competition for the regional healthcare dollar as hospitals in Malaysia and Thailand raise the bar. At the same time, changes in Singapore&rsquo s healthcare insurance market mean the free-flowing consumption of private medical services will be curbed. From the perspective of Dr Peter Chow, CEO of IHH Healthcare Singapore, the $350 million investment &mdash split roughly equally with associate Parkway Life REIT, which owns the physical property &mdash is necessary for the company to meet the expected long-term demand of healthcare not only in Singapore but across the region, which is similarly facing an ageing population issue. Chow points out that the headline number for this refurbishment is significant. Still, it has to be seen in the context that hospitals need to make regular investments to maintain their facilities over the years. &ldquo While we have invested every year in improvements, sometimes you just need to do a big renovation. Some of the things could not have been done on an incremental basis,&rdquo says Chow in an interview withThe Edge Singapore. &ldquo We will look at what we can do while ensuring that we can continue to run the hospital, to serve patients better, to meet some of the regulatory standards and ensure that we are up to level with the latest standards of care,&rdquo says Chow, describing the investment akin to spending sinking funds collected regularly by condo management committees that are not used in equal tranches but the occasional one large spending. When asked, Chow says that the patient load following completion of the refurbishment is &ldquo a little bit lower&rdquo than before. Still, he points out that a direct comparison cannot be made because of changes in the rooms&rsquo configuration, as the total number of beds has been reduced to make space for more single-bed rooms rather than four-bed rooms. Chow is unfazed by the increased competition in Singapore&rsquo s medical tourism industry. For him, a near-term reason is the appreciation of the Singdollar, as well as geopolitical uncertainties. However, he stresses that running this business is a long-term commitment. &ldquo We need to ask ourselves, in the next 10 to 20 years, will Singapore continue to be a hub for not just medicine, but a hub in Southeast Asia? If the answer is yes, then I think we need to invest in that longer term continually,&rdquo he reasons. In Singapore, tourism receipts have been growing and are on track to reach a new record of $29 billion to $30.5 billion last year. Chow believes that healthcare should be seen as &ldquo part of the entire proposition&rdquo for Singapore, as it is for the region as a whole. &ldquo You cannot be a financial and a commercial hub without being able to have good private health care for your business travellers or your high-net-worth people,&rdquo he says. Flexible use, consistent message Meanwhile, in the domestic market, there are ongoing changes to the insurance system aimed at curbing rising medical bills, which, under previous plans, were predominantly covered by insurers, leading to unnecessary treatments and procedures. Chow says that the government&rsquo s message is &ldquo very consistent&rdquo in urging more shared responsibility between patients and their insurers. As changes take place over the next couple of years, coupled with a growing, ageing population and higher expectations for healthcare standards, demand will continue to rise. To support the growing demand, the hospital has been more flexible about space, given its location within a very densely built-up area right next to the country&rsquo s premier shopping street. Over the years, it has been shifting some of its functions to nearby buildings, rather than confining everything to the hospital proper. For example, Paragon Medical Centre across the road houses other doctors&rsquo clinics, as well as extensive radiology and health screening service providers. The Hereen, another nearby mall cum office space, houses the Fertility Centre and also the Haematology & Stem Cell Transplant Centre. Tong Building, meanwhile, houses some administrative offices and ambulatory care services, while Lucky Plaza is home to the Rehabilitation Robotics Centre. &ldquo We like to call ourselves a campus not all care needs to be in the hospital,&rdquo says Yong Yih Ming, CEO of Mount Elizabeth Hospital. As for the hospital&rsquo s own refurbishment, the motivation is to make operations more efficient and more patient-friendly. Changes were made to both the building&rsquo s structure and the furnishings of individual rooms. For example, new corridors running the entire length of the hospital, stretching 100 metres, were created on each floor. Coupled with various lifts along the way, this means much better ease of access. Another thoughtful touch was to provide different types of lifts for patients who need to be moved between floors. Previously, because of shared lifts, some patients, as they lie in bed and are being transferred to other parts of the hospital, may find themselves looking up at members of the public in the same lifts. Instead of providing actual safes in patients&rsquo rooms for storing valuables, cabinets with digital locks were installed, so that anything from Birkins to laptops can be secured. &ldquo If you take this bed away, it won&rsquo t look like a hospital room,&rdquo quips Yong. Rooms are also equipped with AI-enabled CCTV cameras that can detect motion and determine whether a patient is at risk of falling. &ldquo Fall risks are a key metric of any hospital,&rdquo says Yong. No details are too small to matter. For example, instead of curtain tracks wrapping around the entire bed, they are split into two to minimise the distance nurses need to walk &mdash everything adds up. The hospital, taking inspiration from Krisworld, Singapore Airlines&rsquo in-flight entertainment system, has introduced &ldquo LizWorld&rdquo &mdash Liz, of course, is &ldquo Elizabeth&rdquo for short. Around a third of the patients are from outside Singapore. The language selection of the LizWorld interface reflects this. Besides English, there are options for Bahasa Indonesia and Vietnamese. Chinese and Khmer will soon follow. Patients&rsquo requests for additional amenities via the app can be fulfilled directly by housekeeping, rather than summoning nurses in the wards to take the orders and relay them, which distracts them from their actual clinical work. &ldquo We&rsquo ve effectively eliminated the nurses from this whole process,&rdquo says Yong. &ldquo If nurses don&rsquo t go to you so often, we can have headcount savings.&rdquo The refurbished hospital has several uncommon features. For example, to complement the hospital&rsquo s full suite of oncology treatment capabilities, there is a lead-lined room for patients receiving nuclear medicine. As the patients will be emitting radiation for a few days following the administration of the dosage, they need to be confined to their rooms. The toilet bowl is different, too, featuring a storage space for radioactive waste, allowing its half-life to decay to a point where it can be flushed into the general sewage to avoid contamination. A commonly cited reason for medical inflation is the cost of buying new equipment. The flipside is that the new equipment can improve efficiency and outcomes. The hospital is equipped with a hybrid computed tomography angiography (CTA) system, also known as Angio-CT. This machine combines a high-end CT scanner and a catheterisation laboratory, enabling doctors to map real-time 3D CT images and perform interventional, minimally invasive procedures in the same setting. In addition to better precision &mdash knowing, for example, which specific blood vessel feeds a tumour &mdash the use of this hybrid machine also reduces patient transport time. So instead of one visit for scanning and another for treatment, both procedures are done in one go. &ldquo Project Renaissance is an opportunity for us to upgrade our specialised clinical capabilities as well,&rdquo says Yong. Non-profit hospital? As part of the overall bid to increase healthcare capacity to meet structural growth in demand, the government is considering another non-profit private hospital, in addition to Mount Alvernia. One key trait of this model is to ensure some control over bill size. In return, according to Chow, the government will, for one, ensure that land costs are controlled, making it more sustainable for operators. In 2008, IHH Healthcare bid $1.25 billion for the land to build Mount Elizabeth Novena, more than half of the total cost. Chow, as CEO of IHH Healthcare Singapore, was involved in the consultation for the non-profit hospital two years ago. However, he is not sure what the specific conditions for the proposed new hospital will be and thus prefers to provide more comments when available. &ldquo We will definitely study it very carefully and assess it,&rdquo he says. While IHH Healthcare has a significant presence in Malaysia, Turkey and India too, Singapore remains a market, contributing ebitda of RM385 million in the most recent 4QFY2025, or 26.1% of the total. In the past year, IHH Healthcare shares have gained around 40% to trade at around $2.80. Meanwhile, with Mount Elizabeth&rsquo s multi-year refurbishment done and dusted, is IHH Healthcare looking at undertaking similar works at its three other hospitals here? Mount Elizabeth Novena, opened in 2012, is relatively new the building where Parkway East Hospital is sited was built in 1982 Gleneagles Hospital, founded in 1957, underwent a $150 million modernisation in the early 1990s. Chow says IHH Healthcare will &ldquo definitely&rdquo assess such undertakings but will need to take into consideration the timing, the sequence, and the bigger picture, such as countrywide hospital bed capacity. He points out that IHH&rsquo s hospitals helped meet the surge in demand during the pandemic, allowing proper patient isolation. The extensive refurbishments on the scale of Project Renaissance will take the capacity out of service during the period. &ldquo If we do another hospital just like what we have done here, we need to think about how healthcare will change in the next 20 years? We are not trying to rush into it, but we are definitely looking, and it&rsquo s not a matter of if,&rdquo says Chow. |
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Joelton
Supreme |
23-Apr-2026 11:32
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In IHH&rsquo s hospitals, leadership starts with the people no one sees Every role matters &ndash empathy, not strategy alone, determines success, says group CEO The strategies and stories that shape today&rsquo s leaders [KUALA LUMPUR] Dr Prem Kumar Nair did not grow up dreaming of a career in only medicine. Law too appealed to him for the same reason healthcare eventually did: both are, at heart, about people. That instinct, more than any grand doctrine, now sits at the centre of how he runs IHH Healthcare : Q0F -1.06% &ndash one of the world&rsquo s largest private-hospital operators. The group, which has a market capitalisation of RM77.2 billion (S$25 billion), reported a revenue of RM25.7 billion last year, up nearly 6 per cent from FY2024. It operates 89 hospitals and more than 140 healthcare facilities across 11 markets. For Dr Nair, leadership is not an abstract management theory but one that is intensely human. It is about whether one can speak with equal ease to a specialist, a patient&rsquo s family member and the cleaner keeping a ward safe. &ldquo I like being with people,&rdquo said the group chief executive of IHH. &ldquo Ask me to speak to anyone, from the office cleaner to a specialist, and I am very comfortable. I enjoy it.&rdquo His entry into medicine was, by his own telling, almost accidental. After pre-university studies, he applied for medicine, dentistry and law, not entirely certain where he belonged. Medicine came through. &ldquo I stumbled into medical school,&rdquo he recalled, noting that his parents were more certain about the choice than he was. Dr Nair was serving national service in Singapore when the enrolment letter arrived. He called his parents -&ndash who were in Malaysia &ndash to inform them of his acceptance into medical school. &ldquo I still remember my mother&rsquo s reaction. She said: &lsquo You don&rsquo t sound very happy about it,&rsquo &rdquo he laughed. That has since hardened into one of his bluntest pieces of advice for young people considering healthcare as a career: If you do not like dealing with people, it is probably the wrong industry. &ldquo When youngsters ask me for advice, I ask them what they do in their free time. Are they out playing sports and meeting people, or are they focused solely on technology? It&rsquo s a quick assessment, but a vital one. Even at the most junior level (in a healthcare setting), your day is filled with talking to patients and families. You have to be comfortable in those moments.&rdquo People-first policy While training as a family physician, Dr Nair, a Singapore citizen, became drawn to the machinery around medicine &ndash how healthcare systems are organised, financed and delivered at scale. That interest eventually pulled him beyond clinical care and into management, leading him to pursue a Master of Business Administration (MBA) &ndash a step he now sees as career-defining. &ldquo Most doctors are not naturally managers their training is intensely specialised, focusing on narrow sub-specialities,&rdquo observed the 64-year-old, who grew up in Malaysia. Drawing from his own dual perspective as a National University of Singapore-trained physician and a Manchester Business School MBA holder, he understands the rare balance required to lead a global healthcare giant. Dr Nair believes leadership in healthcare cannot be reduced to strategy alone. &ldquo One thing I&rsquo ve learnt is that leadership is far more about people than anything else.&rdquo While business schools emphasise financial metrics and strategic frameworks, he argues that the most critical skill &ndash people management &ndash is often underplayed. Empathy, he noted, is the constant across all levels of leadership. &ldquo In a hospital, even cleaners are critical. Without them, the system simply cannot function.&rdquo Resilience overcomes forex volatility Despite the group&rsquo s strong revenue performance, currency headwinds had an impact on its bottom line in the 2025 financial year, with net profit declining by 21 per cent to RM2.1 billion. This decrease was largely attributed to a stronger ringgit leading to unrealised forex losses, alongside rising depreciation and staff expenses. Dr Nair said IHH&rsquo s core earnings have expanded at double-digit rates in recent years, both at the top line and bottom line, when measured in local currencies across its operating markets. The group&rsquo s diversified footprint spanning Asia, Europe and the Middle East &ndash provides a natural hedge against volatility in any single market, although reported earnings can fluctuate due to foreign-exchange movements. IHH &ndash which is dual-listed on the Singapore Exchange and Bursa Malaysia &ndash reports in ringgit. Thus, currency-translation effects, particularly from markets such as India, Turkey and Singapore, can result in non-cash translation losses, even when underlying operations remain strong. &ldquo We emphasise our core earnings,&rdquo the group CEO said, noting that this is the metric most closely watched by investors and analysts. IHH&rsquo s scale also allows it to extract efficiencies, particularly through centralised procurement. Almost all major capital expenditures, including for magnetic resonance imaging or MRI scanners, linear accelerators and patient-monitoring systems, are negotiated at the group level, allowing IHH to secure some of the most competitive pricing across its markets. &ldquo That has become a very important lever,&rdquo he pointed out, as hospitals face constraints in passing on rising costs to patients. Expansion pace continues Even in uncertain times, IHH remains on the hunt for growth opportunities. According to Dr Nair, the focus is on economies of scale and targets that add immediate or near-term value to earnings. Key requirements include scalability and the potential for operational synergy in areas such as IT and procurement. Yet, he maintains a flexible approach, noting that since every market is different, there is no &ldquo one size fits all&rdquo strategy. In emerging markets such as Malaysia, India and Turkey, the group continues to drive organic growth by expanding bed capacity and upgrading facilities to meet rising demand. The chief highlighted the 2024 acquisition of Island Hospital in Penang as a pivotal turning point. This initially boosted Malaysia&rsquo s contribution to IHH&rsquo s medical tourism business, from low single digits to nearly 10 per cent last year. &ldquo That contribution has since climbed to approximately 15 per cent, closing the gap with more established markets.&rdquo He emphasised that Malaysia&rsquo s growth potential remains significant, and that the company continues to seek strategic opportunities. &ldquo Klang Valley and Johor remain attractive hubs. While we have a dominant presence in Penang, we aren&rsquo t everywhere yet. We are also seeing robust growth in Melaka, fuelled by medical tourism from Sumatra.&rdquo Unlike emerging markets, mature markets such as Singapore and Hong Kong have strict regulatory caps on new private hospital licences. In such places, IHH has chosen to focus on community-based care, by adding numerous ambulatory centres, including surgical, medical, endoscopy and comprehensive facilities, such as its new one in Shanghai. &ldquo This aligns with a global healthcare trend towards right-siting care outside capacity-strapped hospitals, and improving patient experience,&rdquo he added. Complementing this localised approach is a push towards consolidating IHH Laboratories&rsquo regional businesses into a unified platform, enabling the lab services division to expand into high-value genomics and precision medicine. &ldquo Currently, many of these tests are sent abroad to institutions such as the Mayo Clinic. To capture this, we are establishing our own reference and genomic laboratories &ndash starting in India, with plans to expand across South-east Asia.&rdquo Shifting landscape Even as IHH expands, it continues to navigate a complex operating environment shaped by geopolitical tensions, rising costs and shifting patient behaviour.
Dr Nair noted that such pressures are affecting medical tourism flows, particularly through travel disruptions and affordability constraints. However, the sector&rsquo s underlying resilience remains intact. &ldquo You can defer, but you cannot avoid many treatments,&rdquo he added. This dynamic supports relatively stable demand, with patient volumes typically rebounding once external pressures ease. Insurance coverage is also strengthening the industry&rsquo s resilience, with more patients covered across key markets, reducing reliance on out-of-pocket spending. From business to healthcare leadership For Dr Nair, the evolution of IHH is not just about scale or financial performance, but about redefining leadership in healthcare. When he took on the role in 2023, the group was widely seen as a strong business operator. But he pushed for a broader identity. &ldquo We needed to be seen as a healthcare leader,&rdquo he said, noting that the leadership requires setting global standards and expanding patient access rather than merely chasing growth. In an industry where margins, manpower and expectations must be balanced, Dr Nair&rsquo s philosophy remains unwavering. &ldquo Behind every number is a patient. Healthcare, at its core, is always about people.&rdquo Three questions with IHH Healthcare group CEO Dr Prem Kumar Nair Q: Was there a pivotal moment in your career or personal life that changed your approach to leadership? It evolved over time. My background &ndash growing up in Malaysia during the 1960s and 1970s, and my time in national service and studying medicine in Singapore &ndash all of that shaped me. I have always taken the view that it&rsquo s very difficult for one individual to know everything. When I took over this role, I also had a hard look at how IHH was perceived. We were seen as a strong business leader, but I felt that wasn&rsquo t enough. We needed to be seen as a healthcare leader. Q: What is one piece of &ldquo unconventional wisdom&rdquo you swear by that most business schools would tell you is wrong? Business schools teach you strategy, financial results and growth, but they don&rsquo t teach people management very well. People skills are one of the most important things you can&rsquo t really pick them up in a 15 or 18-month MBA course. I have to be very honest, many doctors may not be good managers because their training is very narrow and focuses on sub-specialities. To be a leader, you need to have strong people-management skills, and also different types of leadership skills as you move up the career ladder. Q: When you feel burnout creeping in, what&rsquo s your non-business-related routine that helps you reset? I have always believed in staying active and resting well. Healthcare is a relentless 24/7 business. I urge my staff to rest whenever possible and pursue hobbies to de-stress. I&rsquo m lucky enough to be able to sleep anywhere &ndash hotels, planes or home &ndash and I only need about four or five hours of solid rest. I maintain my energy through daily walking and weekend cycling, but it&rsquo s my passion for football that truly allows me to disconnect. It is the perfect way for me to shift gears and relax. |
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Joelton
Supreme |
17-Apr-2026 10:46
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IHH rolls out AI across Mount Elizabeth as S$350 million upgrade delivers on savings, efficiency gains AI-driven overhaul reduces workload and trims resource use, with savings set to benefit patients [SINGAPORE] IHH Healthcare is ramping up its use of artificial intelligence across operations and clinical care at Mount Elizabeth Hospital, as its S$350 million transformation project is seen delivering early gains in cost savings, efficiency and patient outcomes. AI deployment in areas such as claims processing, nurse rostering and patient monitoring is already reducing administrative workload and freeing up frontline staff time, noted Peter Chow, chief executive officer of IHH Healthcare Singapore. &ldquo Even at the first steps and whatever we have done now, we are already able to realise the benefits (of AI),&rdquo he told the media during a briefing on Thursday (Apr 16), where the healthcare group unveiled the completion of its first major campus overhaul since opening in 1979. The transformation project called Project Renaissance was first announced in 2023, and is a S$350 million three-year transformation &ndash jointly invested by IHH Healthcare and Parkway Life Reit, targeting upgrades to core infrastructure, clinical environments and digital systems. The project is part of a broader group-wide transformation at IHH Healthcare, with AI adoption and digitalisation central to its long-term competitiveness. Use of AI in operations, clinical space IHH is taking a deliberate, staged approach to AI adoption. &ldquo In healthcare, we generally tend to be very conservative because we recognise that there has to be a lot of safety and quality considerations,&rdquo said Dr Chow. In the claims office, AI and automation have already replaced manual processes, saving the equivalent of at least one headcount daily, he added. In the ward, high fall-risk patients can opt for CCTV monitoring, with AI detecting falls in real time to balance safety with privacy. Mount Elizabeth Hospital&rsquo s patient platform, LizWorld, consolidates digital wayfinding, in-room services, patient information and self-service requests into a single system, with augmented reality guiding patients through ward facilities. &ldquo Besides enhancing safety, these can reduce nurse time &ndash and a lot of resources are saved in the process,&rdquo said Yong Yih Ming, chief operating officer of IHH Healthcare Singapore. &ldquo That would stack up in terms of cost management.&rdquo The hospital also uses AI in its day to day operations, with a Patient Intelligence Centre (PIC) that integrates bed management, operating theatre and endoscopy scheduling using live operational data. NurseShift.ai, an AI‑ powered nurse rostering system, further reduces administrative workload, saving 51 per cent of the time spent on rostering, and allows nurses to spend more time on direct patient care. On top of the existing infrastructure, Dr Chow indicated that the next step that the group is looking at would be to deploy AI to help its doctors improve on quality. Currently, the hospital is focusing on delivering complex, high-acuity specialist care, with the use of AI‑ enabled solutions such as Annalise.ai, Lunit and SenseCare Chest CT in medical imaging. &ldquo We want to use AI to assist in the diagnosis, but we are not replacing the doctors totally &ndash we are using AI to support them,&rdquo said Dr Chow. Beyond Mount Elizabeth Hospital, these digital and AI initiatives are also being deployed to support clinicians and frontline teams with the tools needed across IHH Singapore&rsquo s hospitals. Cost savings from AI would be passed to patients As AI and digitalisation drive efficiencies, Yong said that the cost savings from the transformation could be transferred to patients. With the use of robotics, for example, it could replace two or three staff doing manual work across shifts, which cuts manpower cost. This, alongside other initiatives, could potentially lead to about 10 per cent in savings and naturally bring down healthcare costs. &ldquo We always talk about healthcare costs going up. What we are trying to do is do the reverse,&rdquo said Yong. Better clinical outcomes, he added, creates a virtuous cycle. &ldquo The better the clinical outcome, the shorter the length of stay, the healthier you get, (and) the lower cost it is from an inpatient perspective.&rdquo |
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Joelton
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30-Jan-2026 11:13
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IHH Healthcare beefs up cancer-care capability with investment in US firm TibaRay
The Malaysian healthcare services provider will also work with the medtech firm on clinical evaluation, knowledge sharing and use of radiation technology in key markets
[KUALA LUMPUR] Malaysia&rsquo s IHH Healthcare will invest in US-based medical technology firm TibaRay, gaining access to radiotherapy technology as it seeks to strengthen its cancer-care capabilities, the company said on Thursday (Jan 29).
The investment gives it exposure to TibaRay&rsquo s radiotherapy technology, which enables a &ldquo flash&rdquo therapy that delivers radiation doses at speeds faster than conventional treatments, while limiting damage to the surrounding healthy tissue.
IHH did not disclose the size of the investment.
As part of the collaboration, it will work with TibaRay on clinical evaluation, knowledge sharing and potential future deployment of the technology across key markets.
The move supports IHH&rsquo s push to build centres of excellence in oncology across its hospital network in Asia, as it steps up spending on advanced-cancer-treatment technologies.
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Joelton
Supreme |
27-Nov-2025 12:01
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IHH Healthcare&rsquo s Q3 net profit rises 15% to RM616 million
Revenue is up 16% at RM6.6 billion, on the back of strong performances from key markets Malaysia and India
[SINGAPORE] IHH Healthcare on Wednesday (Nov 26) posted a net profit of RM616 million (S$194.3 million) for its third quarter ended Sep 30, a 15 per cent increase from RM534 million in the prior year.
Earnings per share stood at RM0.0697, up from RM0.0606 in the year-ago quarter.
Q3 revenue was up 16 per cent on the year at RM6.6 billion, from RM5.6 billion, on the back of strong performances in the company&rsquo s key markets &ndash particularly Malaysia and India.
&ldquo Malaysia made significant headway in containing payor pressure, cost inflation and transitioning to a more capital-efficient, daycare-focused model,&rdquo IHH Healthcare noted in a bourse filing.
&ldquo It also increased its medical tourism share on contribution from Island Hospital.&rdquo
In India, an operations and maintenance services agreement between Fortis Healthcare and Gleneagles India led to greater efficiency and growth opportunities.
Meanwhile, the Singapore segment posted a 6 per cent fall in earnings before interest, taxes, depreciation and amortisation to RM422 million, compared with RM449 million in Q3 FY2024.
IHH Healthcare attributed the decline to headwinds from cost inflation and Mount Elizabeth Orchard&rsquo s phased opening during the period.
It added that Singapore operations expected to progressively improve &ldquo as contributions from Mount Elizabeth Orchard ramp up, and as the pivot to extend ambulatory care services bears fruit&rdquo .
The company declared an interim single-tier cash dividend for the financial year ending Dec 31 of RM0.05 per share, which was paid out on Oct 30.
Cash and cash equivalents stood at about RM1.47 billion for Q3 FY2025, down slightly from RM1.51 billion the year before.
The group has a &ldquo confident&rdquo growth outlook amid rising healthcare demands across its key markets of Malaysia, India and Singapore.
It also noted: &ldquo As the first private healthcare group to be fully participative in (Singapore&rsquo s National Electronic Health Record system), IHH will also benefit from faster, better-informed decisions and more seamless operations, for its patients&rsquo benefits.&rdquo
IHH Healthcare added that contributions from Mount Elizabeth in Singapore should stabilise by the second quarter of 2026.
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Joelton
Supreme |
30-Aug-2025 13:24
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IHH Healthcare Q2 net profit falls 28.9% on higher staff costs
The lower earnings come despite revenue for the quarter inching up 3.4% from the year-ago period
[SINGAPORE] Integrated healthcare provider IHH Healthcare : Q0F -0.49% posted a 28.9 per cent drop in net profit to RM443 million (S$134.7 million) for its second quarter ended Jun 30, 2025, from RM623 million in the previous corresponding period.
This comes despite revenue inching up 3.4 per cent to RM6.3 billion for Q2 2025, from RM6.1 billion in the year-ago period.
In a bourse filing on Friday (Aug 29), IHH Healthcare said the higher revenue was offset by larger staff costs, other operating expenses such as utilities, as well as startup and pre-opening costs of two hospitals in Turkey that opened in the first half of the year.
Staff costs for Q2 2025 increased by RM145 million to RM2.45 billion, from RM2.31 billion a year earlier. The increase comes as the group &ldquo expands its capacity to cater for higher demand for its services and annual increment&rdquo .
Earnings per share dropped 29 per cent to 5.02 sen, from 7.07 sen for Q2 2024.
An interim single-tier cash dividend of five sen per share was declared for Q2 2025, up from 4.5 sen in the corresponding quarter the year before. The dividend will be paid on Oct 30, after close of business on Sep 30.
The group said its hospital and healthcare revenue growth in Q2 2025 was &ldquo driven by sustained demand for quality healthcare services, a case-mix of more acute patients and price adjustments to counter inflation&rdquo .
Revenue was also boosted by its consolidation of Island Hospital, acquired in November 2024.
While hospital inpatient admissions in Singapore for the quarter fell some 9 per cent, those in Malaysia grew around 4 per cent. India, Turkey and Europe figures increased as well.
For H1 2025, net profit fell 31.2 per cent to RM957 million from RM1.39 billion in the year-ago period. Revenue for the six-month period rose 4.5 per cent to S$12.6 billion, from S$12 billion a year earlier.
Earnings per share for H1 2025 stood at 10.85 sen, down 31.3 per cent from 15.79 sen for H1 2024.
Noting that the healthcare landscape is &ldquo continually evolving&rdquo , IHH Healthcare said: &ldquo Advancement in medical technology and improved clinical outcomes have spurred the demand for day surgeries while shortening inpatient length of stay.&rdquo
That said, it added that payer pressures from public and private insurers alike &ldquo continue to shape reimbursement dynamics in the industry&rdquo .
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Rocket888
Member |
18-Jun-2025 03:41
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mount E has been overcharging patients for years...now tua dai chi
?Significantly higher costs?: Great Eastern suspends pre-authorisation certificate for admission to Mount Elizabeth hospitals The insurer says it is prioritising facilities that deliver the same care with higher transparency and cost effectiveness |
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Rocket888
Member |
18-Jun-2025 03:38
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hoho...siao liao..GE suspends Mt E
Insurer Great Eastern pauses pre-authorisation certificates for Mount Elizabeth admissions https://www.straitstimes.com/singapore/insurer-great-eastern-pauses-pre-authorisation-certificates-for-mount-elizabeth-admissions |
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