Singapore Stock Market News

IHH Healthcare - Turkish bittersweet treats

StockFanatic
Publish date: Tue, 18 Jun 2013, 12:18 PM
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As the Turkish unrest enters its third week, news reports are now focussing on the political implications of the Prime Minister's crackdown on protestors. We see potential damage to the country's image, but expect minimal adverse impact on IHH's Acibadem unit.

Our conversation with IHH's management and channel checks revealed no immediate cause for concern yet. Its share price pullback since late-May was driven by market fears, rather than a reaction to the Istanbul civil unrest. We retain our EPS estimates, SOP target price and Outperform rating as we see a more robust ramp-up of group's global operations going forward.
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