5.37

December 2, 2019

IHH Healthcare (IHH MK) HOLD Share Price MYR 5.37 Growth offset by higher 12m Price Target MYR 5.80 (+9%)

interest expense Previous Price Target MYR 6.30 Shariah Compliant Shariah

Uncertainty lingers; maintain HOLD Company Description IHH Healthcare Bhd. is an investment holding 3Q19 results were below our and market’s expectations. Operational company, which engages in the provision of earnings growth in 4Q could be slower given the start-up loss at healthcare services. Gleneagles Chengdu. We reduce our FY19-21E EPS by 5-8%. Consequently, our SOTP-based TP is trimmed to MYR5.80 (-8%). Maintain HOLD as the

share price has already fallen 8% in 3 months, potentially pricing in the Statistics weak 3Q19 results. Key downside risk may come from an unfavourable 52w high/low (MYR) 5.91/5.19 outcome of ’s court hearing in Feb 2020, which may see IHH 3m avg turnover (USDm) 5.2 reversing its acquisition of 31% stake in Fortis. Prefer KPJ (KPJ MK, Free float (%) 28.6 MYR0.91, BUY, TP MYR1.08) for the better risk-reward. Issued shares (m) 8,774 Market capitalisation MYR47.1B HealthCare Below expectations USD11.3B Excluding net positive EIs (totalling MYR34m), 3Q19 core PATMI of Major shareholders: MYR202m (-16% QoQ, -35% YoY) brought 9M19 core PATMI to MYR631m (- Mitsui & Co., Ltd. 32.9% Bhd. (Investment Compa 26.0% 8% YoY), making up 66%/61% of our and street’s full-year forecasts. The Employees Provident Fund 7.0% shortfall was due to the recognition of MYR65m fair value loss on forward contracts (to hedge against exchange rate exposures on its net debt). Price Performance

3Q19: Acquisition-led EBITDA growth 6.40 130 6.20 125 On a YoY basis, 3Q19 revenue and EBITDA jumped 36% and 22%, based on 6.00 120 a constant currency and excluding the MFRS 16 impact. The stronger YoY 5.80 115 growth was mainly acquisition-led and partially due to organic growth at 5.60 110 its existing hospitals. Note that Fortis (acquired in Nov 2018) accounted 5.40 105 for 14% of Group’s EBITDA in 3Q19. However, core PATMI fell 35% YoY due 5.20 100 5.00 95 to the higher net interest expense and higher tax expense. On a QoQ 4.80 90 basis, 3Q19 EBITDA grew 7% on better earnings from , Malaysia 4.60 85 and India (including Fortis), which more than offset for weaker earnings 4.40 80 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

from North (including GHK). ’s 3Q19 EBITDA was stable QoQ. IHH Healthcare - (LHS, MYR) Lower FY19-21E EPS by 5-8% IHH Healthcare / Composite Index - (RHS, %) -1M -3M -12M We lowered our FY19E EPS by 5% to reflect the fair value loss on forward Absolute (%) (6) (7) (2) contracts in 3Q19. Our FY20-21E EPS is also lowered by 8% p.a. as we Relative to index (%) (5) (5) 6 reduce our EBITDA margin assumption by 1-ppt at Singapore, Malaysia Source: FactSet and Turkey, to factor in the wage inflation as a result of increased competition for trained healthcare personnel at home markets. IHH: Core PATMI breakdown (9M19) FYE Dec (MYR m) FY17A FY18A FY19E FY20E FY21E Revenue 11,143 11,521 15,102 16,842 18,636 (9%) Others EBITDA 2,280 2,478 3,271 3,368 3,723 (6%)Others (PPL) Core net profit 595 1,028 904 1,081 1,289 Core FDEPS (sen) 7.2 12.4 10.3 12.3 14.7 REIT 8% Core FDEPS growth(%) (31.3) 71.5 (16.9) 19.6 19.2 IMU Health 8% Net DPS (sen) 3.0 3.0 3.0 3.0 3.4 (9%)India Core FD P/E (x) 81.3 43.6 52.2 43.7 36.6 HK P/BV (x) 2.2 2.0 2.1 2.0 2.0 (26%) Net dividend yield (%) 0.5 0.6 0.6 0.6 0.6 (5%) ROAE (%) 4.4 2.9 4.1 4.8 5.5 Turkey 7% ROAA (%) 1.6 2.4 2.0 2.3 2.8 Malaysia 43% EV/EBITDA (x) 23.2 21.8 17.9 17.2 15.2 Net gearing (%) (incl perps) 3.0 10.5 17.8 14.9 9.3 Singapore 88% Consensus net profit - - 1,040 1,257 1,511 (50%) 0% 50% 100% MKE vs. Consensus (%) - - (13.1) (14.0) (14.7) Source: Company

Lee Yen Ling lee.yl@-ib.com (603) 2297 8691

THIS REPORT HAS BEEN PREPARED BY MAYBANK INVESTMENT BANK BERHAD PP16832/01/2013 (031128) SEE PAGE 9 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS IHH Healthcare

Figure 1: Results summary Quarterly Cumulative Comments on 3Q19 results FY Dec (RM m) 3Q19 3Q18 % YoY 2Q19 % QoQ 9M19 9M18 % YoY Turnover 3,788.4 2,840.9 33.4 3,645.3 3.9 11,076.4 8,355.6 32.6 Constant currency and ex-MFRS 16: +36% YoY. Jumped 33% YoY due to consolidation of Fortis’ accounts (since Nov 2018), acquisition of Amanjaya, ramp-up of new hospitals (GHK, Acibadem Altunizade and Acibadem Maslak. Improved 4% QoQ after the Ramadan and Eid Holiday in 2Q19. EBITDA 828.9 616.8 34.4 773.7 7.1 2,416.4 1,753.6 37.8 Constant currency and ex-MFRS 16: + 22% YoY. Jumped 34% YoY due to MFRS16 and stronger topline. Dep.’n & amort.’n (335.2) (229.4) 46.1 (334.5) 0.2 (1,000.0) (680.9) 46.9 Jumped 46% YoY due to MFRS16 EBIT 493.8 387.4 27.4 439.3 12.4 1,416.4 1,072.7 32.0 Interest income 12.5 66.1 (81.1) 53.3 (76.5) 101.2 146.0 (30.7) Plunged 81% YoY due to: (i) lower cash balance post acquisition of a stake in Fortis in Nov 2018; (ii) absence of fair value gain of financial instruments (3Q18: MYR33m) Interest expense (202.2) (64.4) >100.0 (165.0) 22.6 (535.1) (216.3) >100.0 Jumped 3x YoY due to: (i) higher debt post acquisition of a stake in Fortis in Nov 2018; (ii) conversion of Euro debt to Lira debt, which has higher interest rate; (iii) fair value loss of financial instruments in 3Q19 (MYR65m) JVs & associates 4.1 1.0 >100.0 4.0 n.m. (15.1) 3.2 n.m. Other income 19.9 49.9 (60.0) (0.3) n.m. 48.7 23.0 >100.0 Mainly FX difference Exceptional items (EIs) 66.1 (189.9) n.m. (65.7) n.m. (156.4) (1,089.1) (85.6) Key EIs in 3Q19: (i) FX gain on net borrowings (MYR83m); (ii) gain on disposal of an associate, The Medical and Surgical Centre Limited (MYR23m) PBT 394.3 (316.7) n.m. 265.6 48.4 847.0 (60.4) n.m. Tax (112.4) (37.8) >100.0 (63.7) 76.4 (372.2) (160.4) >100.0 Higher YoY due to non-taxable income, non- tax deductible expenses and unrecognised tax losses arising from the Group’s new hospitals and hospitals under construction. Higher QoQ as IHH is still fine tuning the deferred tax liability arising from MFRS 16. Minority interest (MI) (45.5) 250.4 n.m. (16.9) >100.0 36.0 339.1 (89.4) Higher negative MI QoQ due to MI of Fortis PATMI 236.3 (104.1) n.m. 185.0 27.8 510.8 118.3 >100.0 Less: Net EIs 34.0 (413.1) n.m. (55.1) (161.7) (120.0) (567.8) (78.9) EIs after tax and minority interests Core PATMI 202.3 309.0 (34.5) 240.1 (15.7) 630.8 686.0 (8.0) Weaker YoY/QoQ due to higher net interest expense, fair value loss on forward exchange contracts and higher tax. 9M19 core PATMI was also cushioned by: (i) trustee management fee income from RHT relating to disposal of RHT assets in 1Q19 (MYR29m); (ii) the reversal of accrued interest prior years’ tax payable in 2Q19 (MYR22m). Management does not treat these items as EIs.

Margins and Tax 3Q19 3Q18 +/- ppt 2Q19 +/-ppt 9M19 9M18 +/-ppt EBITDA margin (%) 21.9 21.7 0.2 21.2 0.7 21.8 21.0 0.8 Despite MFRS16, EBITDA margin only improved marginally YoY as overall EBITDA margin was dragged by Fortis’ lower EBITDA margin of 17%. EBIT margin (%) 13.0 13.6 (0.6) 12.0 1.0 12.8 12.8 (0.1) Core PATMI margin (%) 5.3 10.9 (5.5) 6.6 (1.2) 5.7 8.2 (2.5) Tax rate (%) 28.8 n.m. n.m. 24.4 4.5 43.9 n.m. n.m. Higher QoQ as IHH still fine tuning the deferred tax liability arising from MFRS 16.

Source: Company data, Maybank Kim Eng

December 2, 2019 2

IHH Healthcare

Figure 2: Earnings breakdown by segments Quarterly Cumulative Comments on 3Q19 results 3Q19 3Q18 % YoY 2Q19 % QoQ 9M19 9M18 % YoY Revenue 3,788.3 2,841.0 33.3 3,645.3 3.9 11,076.4 8,355.6 32.6 Singapore 1,091.1 986.9 10.6 1,065.9 2.4 3,180.9 2,863.3 11.1 QoQ : Higher volume and revenue intensity. Malaysia 605.9 503.1 20.4 565.6 7.1 1,712.3 1,468.8 16.6 QoQ : Higher volume offset lower revenue intensity. Acibadem 913.5 922.5 (1.0) 895.5 2.0 2,776.1 2,736.2 1.5 QoQ: Lower volume and lower revenue intensity. India (Fortis) 712.0 n.a. n.a. 671.4 6.0 2,058.1 n.a. n.a. QoQ: Higher occupancy of 72% (2Q19: 66%). India (PPL) 163.6 161.8 1.1 140.5 16.4 446.1 494.5 (9.8) QoQ: Driven by new doctors and has changed strategy to multi-specialty (from niche service offering). North Asia (PPL) 39.3 45.7 (14.0) 47.8 (17.8) 131.4 162.2 (19.0) QoQ: Weaker due to relocation. N. Asia (HK, China) 111.3 72.6 53.3 110.9 0.4 324.4 197.9 63.9 QoQ: Higher revenue intensity offset lower volume PPL - Others 50.9 49.4 3.0 45.9 10.9 147.9 138.1 7.1 IMU Health 64.2 64.4 (0.3) 66.7 (3.7) 192.6 193.1 (0.3) PLife REIT 35.5 33.5 6.0 34.5 2.9 104.0 99.4 4.6 Constant currency: +5% YoY

EBITDA 828.7 616.8 34.4 773.7 7.1 2,416.0 1,753.6 37.8 Singapore 358.6 301.5 18.9 346.0 3.6 1,050.3 822.5 27.7 QoQ: Driven by topline Malaysia 177.8 150.0 18.5 163.8 8.5 504.2 411.6 22.5 QoQ: Driven by topline Acibadem 186.1 140.0 32.9 186.9 (0.4) 606.6 437.1 38.8 Constant currency and ex-MFRS 16: +18% YoY. However, weaker QoQ on lower inpatient volume and lower revenue intensity. India (Fortis) 118.2 n.a. n.a. 83.3 41.9 274.8 n.a. n.a. QoQ: Driven by topline India (PPL) 8.1 0.6 >100.0 (8.3) n.m. (4.9) 4.2 n.m. QoQ: Driven by topline North Asia (PPL) 3.9 (4.6) n.m. 12.3 (68.3) 25.3 0.6 >100.0 QoQ: Weaker due to relocation. N. Asia (HK, China) (50.3) (55.0) (8.5) (42.0) 19.8 (131.9) (154.8) (14.8) QoQ: Weaker as demonstrations have affected GHK’s operation. Also, Gleneagles Chengdu recognised higher start-up cost. PPL - Others 5.0 4.2 19.0 8.9 (43.8) 22.6 2.1 n.m. IMU Health 23.2 25.4 (8.7) 24.8 (6.5) 73.7 75.3 (2.1) Excluding MFRS 16, EBITDA fell 13% YoY on higher staff & marketing costs. Also recognised MYR1m pre-operation expenses for IMU Hospital (to open in 2021). Plife REIT 71.6 67.6 5.9 70.4 1.7 211.3 201.5 4.9 Constant currency: +4% YoY Eliminations (53.0) 0.0 n.m. (51.8) 2.3 (156.3) 0.0 n.m. Only introduced eliminations since 1Q19

EBITDA margin (%) 3Q19 3Q18 +/- ppt 2Q19 +/-ppt 9M19 9M18 +/-ppt Singapore 32.9 30.6 2.3 32.5 0.4 33.0 28.7 4.3 QoQ: Better operating leverage Malaysia 29.3 29.8 (0.5) 29.0 0.4 29.4 28.0 1.4 QoQ: Better operating leverage Acibadem 20.4 15.2 5.2 20.9 (0.5) 21.9 16.0 5.9 QoQ: Lower operating leverage India (Fortis) 16.6 n.a. n.a. 12.4 4.2 13.4 n.a. n.a. India (PPL) 5.0 0.4 4.6 n.m. n.m. (1.1) 0.8 n.m. North Asia (PPL) 9.9 n.m. n.m. 25.7 (15.8) 19.3 0.4 18.9

Source: Company data, Maybank Kim Eng

Figure 3: Key operating metrics Quarterly Cumulative Comments on 3Q19 metrics Inpatient volume (No.) 3Q19 3Q18 % YoY 2Q19 % QoQ 9M19 9M18 % YoY Singapore 20,069 19,217 4.4 19,714 1.8 58,901 57,590 2.3 Driven by organic growth. Foreign patients accounted for 25% of revenue. Malaysia 57,437 49,988 14.9 52,209 10.0 161,475 148,223 8.9 Driven by organic growth and acquisition of Amanjaya in Oct 2018. Foreign patients accounted for 6% of revenue. Acibadem 51,445 54,798 (6.1) 54,153 (5.0) 163,962 172,203 (4.8) Lower local patient volume following the inflation-led price hike of c.29% in 1Q19. Foreign patients accounted for 16% of revenue. India (Fortis + PPL) 97,162 16,266 >100.0 88,178 10.2 270,005 49,583 >100.0 Consolidated Fortis’ volume since Nov 2018.

Average revenue per inpatient (MYR) Singapore 32,634 31,528 3.5 32,424 0.6 32,452 31,031 4.6 Higher YoY on more complex cases taken. Malaysia 6,965 6,678 4.3 7,128 (2.3) 7,000 6,602 6.0 Lower QoQ on less complex cases. Acibadem 8,682 7,733 12.3 8,836 (1.7) 8,537 6,971 22.5 Steep hike YoY due to inflation-led price adjustment and more complex cases taken. India (Fortis + PPL) 6,306 7,990 (21.1) 6,429 (1.9) 6,521 7,980 (18.3) Lower YoY because revenue intensity at Fortis is lower than that of PPL.

Source: Company data, Maybank Kim Eng

December 2, 2019 3

IHH Healthcare

Updates on GHK and 2 new hospitals in China

In 3Q19, EBITDA loss at GHK widen to MYR39m (2Q19: MYR35m EBITDA loss) as its bed occupancy rate fell to 58% (2Q19: 62%). This was due to the ongoing demonstrations in , where some patients (especially from mainland China) deferred non-urgent procedures. However, this was partially mitigated by the higher revenue intensity given the more complex cases handled (e.g. Figure 4: GHK’s quarterly EBITDA (MYRm) oncology cases). We understand that revenue pre inpatient was around

MYR33,000 in 3Q19, 10% higher than that of 1Q19 (MYR30,000).

4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 0 In QTD-4Q19, total operational beds at GHK have been raised to 180 (+20%). Despite the lower occupancy rate, we believe IHH went ahead with the opening (10) of the additional beds because it has already hired the relevant personnel (i.e. (20) nurses) and engaged the specialists before the demonstrations started in Jun (30) 2019. Hence, given the additional variable cost for the new beds added in 4Q19, we think EBITDA loss at GHK could widen in 4Q19, if there is no strong pick-up in (40) (33)(35) (38) (39) (39) patient volume. (50) (43) (47) (49) In China, Gleneagles Chengdu Hospital has opened in Oct 2019 with 100 (60) operational beds (total capacity: 350 beds), 24 doctors and 200 employees. IHH (70) (65) (68)(69) has already booked in start-up costs of around MYR10m in 3Q19 and we expect (80) the start-up loss to increase substantially in 4Q19. That said, the magnitude of (81) (90) the EBITDA loss would be smaller than GHK’s initial start-up loss (1Q17: MYR81) given Gleneagles Chengu’s smaller scale and lower operational cost in China. Note: GHK was opened in Mar 2017 Source: Company As for Gleneagles Shanghai, the construction work is ongoing and is slated to open in 4Q20.

Our earnings model assumes: (i) GHK - EBITDA loss of MYR140m in FY19E and breakeven in FY20E; (ii) Gleneagles Chengdu – EBITDA loss of MYR80m and MYR180m in FY19 and FY20E respectively; and (iii) Gleneagles Shanghai – EBITDA loss of MYR80m in FY20E.

In total, our earnings model has imputed a total EBITDA loss of MYR220m/ MYR260m/MYR230m in FY19-21E for GHK and the 2 new hospitals in China.

Figure 5: IHH: SOTP valuation (assumed 57% stake in Fortis Healthcare) MYRm Basis

Hospital business 55,799 DCF on all hospital businesses across all markets % of total DCF: Singapore (38%), Malaysia (22%), Turkey (10%), India (12%), HK (5%), China (3%) - Fortis Healthcare 6,368 57% equity stake of our DCF valuation for Fortis Healthcare (WACC: 10%, terminal growth: 3%)

ParkwayLife REIT 2,147 35.8% stake in ParkwayLife REIT at current share price of SGD2.83/shr

Less: Net debt (4,789.7) As at end-FY19F Less: Perpetual securities (2,157.9) As at end-FY19F

Equity value 50,998 Fully diluted no. of share 8,771 Target price (MYR) 5.80

Source: Company, Maybank Kim Eng

December 2, 2019 4

IHH Healthcare

Figure 6: Healthcare: Sector comparison Stock B'berg Rec Mkt cap Shr px TP PER (x) EV/EBITDA (x) P/B (x) ROE (%) DY (%) ticker (USD m) (Local) (Local) CY19E CY20E CY19E CY20E CY19E CY19E CY19E

IHH Healthcare IHH MK Hold 11,277 5.37 5.80 52.1 43.6 17.9 17.2 2.1 4.0% 0.6% KPJ Healthcare KPJ MK Buy 927 0.91 1.08 22.8 21.6 9.4 9.1 1.9 8.8% 2.2% Bangkok Dusit BDMS TB Buy 12,938 24.60 28.00 39.0 33.3 22.3 20.2 4.7 18.7% 1.3% Bumrungrad Hospital BH TB Hold 3,268 135.50 140.00 25.2 25.0 15.2 14.7 4.9 18.8% 2.0% Bangkok Chain BCH TB Buy 1,436 17.40 19 36.1 33.2 19.8 18.3 6.9 18.8% 1.5% Chularat Hospital CHG TB Buy 961 2.64 3.1 39.6 34.1 24.2 20.6 7.8 19.2% 1.5% Apollo Hospitals APHS IN NR 2,794 1,441 NR 42.7 31.6 15.3 12.1 5.3 12.6% 0.5% Fortis Healthcare APHS IN NR 1,460 139 NR 31.1 30.2 19.1 18.0 2.2 7.4% 2.3% Raffles Medical RFMD SP Hold 1,330 1.00 1.07 29.7 29.9 18.8 16.7 2.2 7.4% 1.9% Health Management HMI SP Hold 444 0.73 0.73 33.3 28.4 17.7 15.5 6.0 17.6% 2.1% Mitra Keluarga MIKA IJ NR 1,947 2,670 NR 54.8 48.8 35.6 31.4 8.6 16.6% 0.8% Siloam International SILO IJ NR 495 7,050 NR 255.6 142.9 11.9 9.9 1.8 0.8% 0.0% Ramsay Health Care RHC AU NR 9,975 72.98 NR 24.4 22.8 11.1 9.3 5.5 20.9% 2.2% Ryman Healthcare RYM NZ NR 4,849 15.10 NR 26.5 23.2 32.3 24.5 3.1 11.8% 1.9% Regional - Average 50.9 39.2 19.3 17.0 4.5 13.1% 1.5%

Source: Company data, Maybank Kim Eng

Fig. 7: IHH: One-year rolling fwd PER (trading at 44x now) Fig 8: IHH: One-year rolling forward P/B (trading at 2x now) PE (x) PB (x) 56 2.8 54 +1sd: 2.5x +1sd: 50.1x 2.6 52 2.4 50 2.2 48 Mean: 47.3x Mean: 2.2x 2.0 46 -1sd: 44.5x -1sd: 2.0x 44 1.8 42 1.6 40 1.4

38 1.2

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

Dec-14 Dec-15 Dec-16 Dec-17 Dec-18

Source: Company, Maybank Kim Eng Source: Company, Maybank Kim Eng

Risk statement

There are several risk factors for our earnings estimates, price target, and rating for IHH. Abrupt adverse changes in the economy and insurance policies may lead to lower earnings for IHH. Additionally, sharp appreciation of MYR against SGD/TRY/ INR/HKD/CNY will also affect its earnings, for a bulk of the Group’s earnings is derived from overseas markets. There is also regulatory risk coming from potential new pharmaceutical price controls in Malaysia, India and China.

December 2, 2019 5

IHH Healthcare

FYE 31 Dec FY17A FY18A FY19E FY20E FY21E Key Metrics P/E (reported) (x) 50.5 75.4 52.1 43.6 36.5 Core P/E (x) 81.1 43.5 52.1 43.6 36.5 Core FD P/E (x) 81.3 43.6 52.2 43.7 36.6 P/BV (x) 2.2 2.0 2.1 2.0 2.0 P/NTA (x) 5.4 5.6 5.5 5.1 4.7 Net dividend yield (%) 0.5 0.6 0.6 0.6 0.6 FCF yield (%) 1.6 1.8 2.1 3.5 5.1 EV/EBITDA (x) 23.2 21.8 17.9 17.2 15.2 EV/EBIT (x) 40.7 35.1 30.5 28.9 24.2

INCOME STATEMENT (MYR m) Revenue 11,142.6 11,520.9 15,101.7 16,842.5 18,635.8 Gross profit 3,269.8 3,489.4 4,573.9 5,101.1 5,644.3 EBITDA 2,279.5 2,477.7 3,271.4 3,368.3 3,723.0 Depreciation (915.8) (880.7) (1,299.9) (1,317.7) (1,333.9) Amortisation (62.3) (58.5) (53.2) (53.0) (52.8) EBIT 1,301.4 1,538.6 1,918.3 1,997.6 2,336.4 Net interest income /(exp) (263.3) (159.8) (519.7) (486.9) (452.2) Associates & JV 2.1 13.4 13.4 13.4 13.4 Exceptionals 174.7 (688.1) 0.0 0.0 0.0 Other pretax income (50.5) 48.4 0.0 0.0 0.0 Pretax profit 1,164.5 752.5 1,412.0 1,709.1 2,128.9 Income tax (334.6) (262.6) (460.2) (556.5) (694.4) Minorities 140.1 137.8 (47.9) (71.6) (145.9) Discontinued operations 0.0 0.0 0.0 0.0 0.0 Reported net profit 970.0 627.7 903.8 1,081.0 1,288.6 Core net profit 595.3 1,027.6 903.8 1,081.0 1,288.6

BALANCE SHEET (MYR m) Cash & Short Term Investments 6,078.6 7,763.4 5,745.5 5,931.8 5,886.8 Accounts receivable 1,489.6 1,960.0 2,569.1 2,865.3 3,170.4 Inventory 281.9 350.7 459.7 512.7 567.3 Reinsurance assets 0.0 0.0 0.0 0.0 0.0 Property, Plant & Equip (net) 13,141.6 14,605.2 14,805.3 14,987.7 14,653.8 Intangible assets 12,970.6 13,938.3 13,885.1 13,832.1 13,779.4 Investment in Associates & JVs 161.6 825.4 2,938.8 2,952.2 2,965.6 Other assets 4,800.3 5,671.5 5,671.5 5,671.5 5,671.5 Total assets 38,924.2 45,114.5 46,075.1 46,753.3 46,694.7 ST interest bearing debt 690.0 1,204.3 1,204.3 1,204.3 1,204.3 Accounts payable 2,811.5 3,751.6 4,221.5 4,708.2 5,209.5 Insurance contract liabilities 0.0 0.0 0.0 0.0 0.0 LT interest bearing debt 6,103.8 9,330.9 9,330.9 8,830.9 7,330.9 Other liabilities 3,418.0 2,321.0 2,321.0 2,321.0 2,321.0 Total Liabilities 13,023.5 16,607.4 17,077.4 17,064.0 16,065.3 Shareholders Equity 21,890.2 21,994.0 22,436.7 23,056.7 23,850.8 Minority Interest 1,851.9 4,355.1 4,403.1 4,474.7 4,620.6 Total shareholder equity 23,742.1 26,349.1 26,839.8 27,531.4 28,471.4 Total liabilities and equity 38,924.2 45,114.5 46,075.1 46,753.3 46,694.7

CASH FLOW (MYR m) Pretax profit 1,164.5 752.5 1,412.0 1,709.1 2,128.9 Depreciation & amortisation 978.1 939.2 1,353.1 1,370.7 1,386.7 Adj net interest (income)/exp 642.5 159.8 519.7 486.9 452.2 Change in working capital 141.9 (97.1) (248.2) 137.5 141.6 Cash taxes paid (273.7) (380.1) (460.2) (556.5) (694.4) Cash flow from operations 2,260.7 1,864.3 2,497.9 3,134.3 3,401.5 Capex (1,498.4) (1,046.7) (1,500.0) (1,500.0) (1,000.0) Free cash flow 762.3 817.5 997.9 1,634.3 2,401.5 Dividends paid (445.9) (445.4) (461.1) (461.1) (494.4) Equity raised / (purchased) 0.0 0.0 0.0 0.0 0.0 Change in Debt 1,669.3 3,741.5 0.0 (500.0) (1,500.0) Other invest/financing cash flow 1,751.1 (4,549.4) (2,554.7) (486.9) (452.2) Effect of exch rate changes (82.4) 68.6 0.0 0.0 0.0 Net cash flow 3,635.4 1,684.8 (2,017.9) 186.3 (45.0)

December 2, 2019 6

IHH Healthcare

FYE 31 Dec FY17A FY18A FY19E FY20E FY21E Key Ratios Growth ratios (%) Revenue growth 11.2 3.4 31.1 11.5 10.6 EBITDA growth (0.7) 8.7 32.0 3.0 10.5 EBIT growth (13.0) 18.2 24.7 4.1 17.0 Pretax growth 32.7 (35.4) 87.6 21.0 24.6 Reported net profit growth 58.4 (35.3) 44.0 19.6 19.2 Core net profit growth (31.3) 72.6 (12.0) 19.6 19.2

Profitability ratios (%) EBITDA margin 20.5 21.5 21.7 20.0 20.0 EBIT margin 11.7 13.4 12.7 11.9 12.5 Pretax profit margin 10.5 6.5 9.3 10.1 11.4 Payout ratio 25.5 39.6 29.1 24.3 23.0

DuPont analysis Net profit margin (%) 8.7 5.4 6.0 6.4 6.9 Revenue/Assets (x) 0.3 0.3 0.3 0.4 0.4 Assets/Equity (x) 1.8 2.1 2.1 2.0 2.0 ROAE (%) 4.4 2.9 4.1 4.8 5.5 ROAA (%) 1.6 2.4 2.0 2.3 2.8

Liquidity & Efficiency Cash conversion cycle nm nm nm nm nm Days receivable outstanding 47.4 53.9 54.0 58.1 58.3 Days inventory outstanding nm nm nm nm nm Days payables outstanding nm nm nm nm nm Dividend cover (x) 3.9 2.5 3.4 4.1 4.3 Current ratio (x) 2.0 1.9 1.6 1.5 1.5

Leverage & Expense Analysis Asset/Liability (x) 3.0 2.7 2.7 2.7 2.9 Net gearing (%) (incl perps) 3.0 10.5 17.8 14.9 9.3 Net gearing (%) (excl. perps) 3.0 10.5 17.8 14.9 9.3 Net interest cover (x) 4.9 9.6 3.7 4.1 5.2 Debt/EBITDA (x) 3.0 4.3 3.2 3.0 2.3 Capex/revenue (%) 13.4 9.1 9.9 8.9 5.4 Net debt/ (net cash) 715.2 2,771.9 4,789.7 4,103.4 2,648.5 Source: Company; Maybank

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Research Offices

MACRO REGIONAL EQUITIES SINGAPORE THAILAND

Sadiq CURRIMBHOY Anand PATHMAKANTHAN Neel SINHA Head of Research Maria LAPIZ Head of Institutional Research Head of Regional Macro Research Head of Regional Equity Research (65) 6231 5838 [email protected] Dir (66) 2257 0250 | (66) 2658 6300 ext 1399 (65) 6231 5836 (603) 2297 8783 • Strategy • Industrials [email protected] [email protected] [email protected] • SMID Caps – Regional • Strategy • Consumer • Materials • Services

CHUA Su Tye Teerapol UDOMVEJ, CFA ECONOMICS WONG Chew Hann, CA (66) 2658 6300 ext 1394 Head of ASEAN Equity Research (65) 6231 5842 [email protected] • REITs [email protected] Suhaimi ILIAS (603) 2297 8686 Chief Economist • Healthcare [email protected] Luis HILADO Malaysia | Philippines | Global Jesada TECHAHUSDIN, CFA (603) 2297 8682 (65) 6231 5848 [email protected] (66) 2658 6300 ext 1395 ONG Seng Yeow [email protected] • Telcos • Transport Research, Technology & Innovation [email protected] • Banking & Finance CHUA Hak Bin (65) 6231 5839 LAI Gene Lih, CFA Ekachai TARAPORNTIP Head of Retail Research Regional Thematic Macroeconomist [email protected] (65) 6231 5832 [email protected] • Technology • Healthcare (66) 2658 5000 ext 1530 (65) 6231 5830 MALAYSIA [email protected] [email protected] Thilan WICKRAMASINGHE Surachai PRAMUALCHAROENKIT (65) 6231 5840 [email protected] Anand PATHMAKANTHAN, Head of Research (66) 2658 5000 ext 1470 LEE Ju Ye • Banks • Consumer Singapore | Thailand (603) 2297 8783 [email protected] [email protected] (65) 6231 5844 INDIA • Auto • Conmat • Contractor • Steel [email protected] • Strategy Suttatip PEERASUB Jigar SHAH Head of Research (66) 2658 5000 ext 1430 Desmond CH’NG, ACA Linda LIU (91) 22 4223 2632 [email protected] [email protected] Singapore | Vietnam (603) 2297 8680 • Media • Commerce • Strategy • Oil & Gas • Automobile • Cement (65) 6231 5847 [email protected] • Banking & Finance Jaroonpan WATTANAWONG [email protected] Neerav DALAL (66) 2658 5000 ext 1404 LIAW Thong Jung (91) 22 4223 2606 [email protected] [email protected] Dr Zamros DZULKAFLI • Transportation • Small cap (603) 2082 6818 (603) 2297 8688 [email protected] • Software Technology • Telcos [email protected] • Oil & Gas Services- Regional Thanatphat SUKSRICHAVALIT • Automotive Vishal PERIWAL (66) 2658 5000 ext 1401 Ramesh LANKANATHAN (91) 22 4223 2605 [email protected] ONG Chee Ting, CA (603) 2297 8685 [email protected] • Media • Electronics (603) 2297 8678 [email protected] [email protected] Wijit ARAYAPISIT • Plantations - Regional • Infrastructure (66) 2658 5000 ext 1450 William POH [email protected] Mohshin AZIZ Kshitiz PRASAD (603) 2297 8683 (91) 22 4223 2607 • Strategist [email protected] (603) 2297 8692 [email protected] • Aviation - Regional • Petrochem [email protected] Kritsapong PATAN (66) 2658 5000 ext 1310 FX • Banks YIN Shao Yang, CPA [email protected] Saktiandi SUPAAT (603) 2297 8916 [email protected] INDONESIA • Chartist Head of FX Research • Gaming – Regional • Media (65) 6320 1379 Isnaputra ISKANDAR Head of Research VIETNAM [email protected] TAN Chi Wei, CFA (62) 21 8066 8680 (603) 2297 8690 [email protected] [email protected] LE Hong Lien, ACCA Head of Institutional Research Christopher WONG • Power • Telcos • Strategy • Metals & Mining • Cement (84 28) 44 555 888 ext 8181 (65) 6320 1347 • Autos • Consumer • Utility WONG Wei Sum, CFA [email protected] [email protected] Rahmi MARINA (603) 2297 8679 [email protected] • Strategy • Consumer • Diversified (62) 21 8066 8689 • Property TAN Yanxi [email protected] LE Nguyen Nhat Chuyen (65) 6320 1378 (84 28) 44 555 888 ext 8082 LEE Yen Ling • Banking & Finance [email protected] [email protected] (603) 2297 8691 [email protected] Aurellia SETIABUDI • Oil & Gas Fiona LIM • Glove • Ports • Shipping • Healthcare (62) 21 8066 8691 (65) 6320 1374 [email protected] QUAN Trong Thanh [email protected] Kevin WONG • Property (84 28) 44 555 888 ext 8184 (603) 2082 6824 [email protected] [email protected] • REITs • Consumer Discretionary • Technology Luthfi RIDHO STRATEGY (62) 21 8066 8690 • Banks [email protected] Willie CHAN Adrian WONG, CFA NGUYEN Thi Sony Tra Mi • Macro/Strategy (84 28) 44 555 888 ext 8084 Regional (603) 2297 8675 [email protected] [email protected] (852) 2268 0631 • Constructions • Building Materials PHILIPPINES • Consumer [email protected] Jade TAM Minda OLONAN Head of Research NGUYEN Thi Ngan Tuyen Anand PATHMAKANTHAN (603) 2297 8687 [email protected] (63) 2 8849 8840 Head of Retail Research ASEAN • Consumer Staples [email protected] (84 28) 44 555 888 ext 8081 (603) 2297 8783 • Strategy • Conglomerates [email protected] [email protected] TEE Sze Chiah Head of Retail Research • Food & Beverage • Oil&Gas • Banking (603) 2082 6858 [email protected] Katherine TAN FIXED INCOME (63) 2 8849 8843 NGUYEN Thanh Lam Nik Ihsan RAJA ABDULLAH, MSTA, CFTe [email protected] (84 28) 44 555 888 ext 8086 Winson PHOON, ACA (603) 2297 8694 • Banks • Conglomerates • Ports [email protected] (65) 6812 8807 [email protected] • Technical Analysis Luis HILADO [email protected] • Chartist (65) 6231 5848 [email protected] • Telcos SE THO Mun Yi Amirah AZMI (603) 2082 8769 [email protected] (603) 2074 7606 Romel LIBO-ON • Retail Research [email protected] (63) 2 8849 8844 [email protected]

• Property

Kayzer LLANDA (63) 2 8849 8839 [email protected] • Utilities

December 2, 2019 8

IHH Healthcare

APPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as an offer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and that each security’s price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings. Technical ratings may differ fr om fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from the relevant jurisdiction’s stock exchange in the equity analysis. Accordingly, investors’ returns may be less than the original sum invested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does not take into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investors should therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by Maybank Investment Bank Berhad, its subsidiary and affiliates (collectively, “MKE”) and consequently no representation is made as to the accuracy or completeness of this report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees (collectively, “Representatives” ) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of this report. Any information, opinions or recommendations contai ned herein are subject to change at any time, without prior notice. This report may contain forward looking statements which are often but not always identified by the use of words such as “anticipate”, “believe”, “estim ate”, “intend”, “plan”, “expect”, “forecast”, “predict” and “project” and statements that an event or result “may”, “will”, “can”, “should”, “could” or “might” occur or be achieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and are subject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements. Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any such forward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the o ccurrence of unanticipated events. MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, from time to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solic it business from such issuers, and/or have a position or holding, or other material interest, or effect transactions, in such securities or options thereon, or other investments related thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. One or more directors, officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report to the extent permitted by law. This report is prepared for the use of MKE’s clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party in whole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for t he actions of third parties in this respect. This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under such circumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this repor t. Malaysia Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Securities Berhad in the equity analysis. Singapore This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Rese arch Pte. Ltd. (“Maybank KERPL”) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to cont act Maybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor, expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for the contents of this report, with such liability being limited to the extent (if any) as permitted by law. Thailand Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of Maybank Kim Eng Securities (Thailand) Public Company Limited. Maybank Kim Eng Securities (Thailand) Public Company Limited (“MBKET”) accepts no liability whatsoeve r for the actions of third parties in this respect. Due to different characteristics, objectives and strategies of institutional and retail investors, the research reports of MBKET Institutional and Retail Research Department may differ in either recommendation or target price, or both. MBKET Retail Research is intended for retail investors (http://kelive.maybank-ke.co.th) while Maybank Kim Eng Institutional Research is intended only for institutional investors based outside Thailand only. The disclosure of the survey result of the Thai Institute of Directors Association (“IOD”) regarding corporate governance is made pursuant to the policy of the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date . MBKET does not confirm nor certify the accuracy of such survey result. The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is made in order to comply with the policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Th aipat Institute made this assessment based on the information received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2), or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be changed after that date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the ac curacy and completeness of the assessment result. US This third-party research report is distributed in the United States (“US”) to Major US Institutional Investors (as defined in Rule 15a-6 under the Securities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (“Maybank KESUSA”), a broker-dealer registered in the US (registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA in the US shall be borne by Maybank KESUSA. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevant legislation and regulations. All U.S. persons receiving and/or accessing this re port and wishing to effect transactions in any security mentioned within must do so with: Maybank Kim Eng Securities USA Inc. 400 Park Avenue, 11th Floor, New York, New York 10022, 1-(212) 688-8886 and not with, the issuer of this report.

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IHH Healthcare

UK This document is being distributed by Maybank Kim Eng Securities (London) Ltd (“Maybank KESL”) which is authorized and regulated, by the Financial Conduct Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take any responsibility for its comment s or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered as constituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers. DISCLOSURES

Legal Entities Disclosures Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This report is distributed in Singapore by Maybank KERPL (Co. Reg No 198700034E) which is regulated by the Monetary Authority of Singapore. Indonesia: PT Maybank Kim Eng Securities (“PTMKES”) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the Financial Services Authority (Indonesia). Thailand: MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities and Exchange Commission. Philippines: Maybank ATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securities and Exchange Commission. Vietnam: Maybank Kim Eng Securities Limited (License Number: 117/GP-UBCK) is licensed under the State Securities Commission of Vietnam. Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: Kim Eng Securities India Private Limited (“KESI”) is a participant of the National Stock Exchange of India Limited and the Bombay Stock Exchange and is regulated by Securities and Exchange Board of India (“SEBI”) (Reg. No. INZ000010 538). KESI is also registered with SEBI as Category 1 Merchant Banker (Reg. No. INM 000011708) and as Research Analyst (Reg No: INH000000057) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA – Broker ID 27861. UK: Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Conduct Authority.

Disclosure of Interest Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to he rein and may further act as market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banking services, advisory and other services for or relating to those companies.

Singapore: As of 2 December 2019, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time h ave interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 2 December 2019, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 2 December 2019, and at the end of the month immediately preceding the date of publication of the research report, KESI, authoring analyst or their associate / relative does not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research report. In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits from the subje ct companies or third party in connection with the research report on any account what so ever except as otherwise disclosed in the research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the inves tment concerned or a related investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS Analyst Certification of Independence The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report. Reminder Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to soph isticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial an d political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

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Historical recommendations and target price: IHH Healthcare (IHH MK)

4 Jun 28 Nov 28 Feb 31 May 31 Jul 3 Sep Buy : RM7.0 Buy : RM6.4 Buy : RM6.9 Buy : RM6.8 Buy : RM6.5 Hold : RM6.3 6.4

6.0

5.6

5.2

4.8

4.4 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19

IHH Healthcare

Definition of Ratings Maybank Kim Eng Research uses the following rating system BUY Return is expected to be above 10% in the next 12 months (including dividends) HOLD Return is expected to be between 0% to 10% in the next 12 months (including dividends) SELL Return is expected to be below 0% in the next 12 months (including dividends)

Applicability of Ratings The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings as we do not actively follow developments in these companies.

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IHH Healthcare

 Malaysia  Singapore  London  New York Maybank Investment Bank Berhad Maybank Kim Eng Securities Pte Ltd Maybank Kim Eng Securities Maybank Kim Eng Securities USA (A Participating Organisation of Maybank Kim Eng Research Pte Ltd (London) Ltd Inc Bursa Malaysia Securities Berhad) 50 North Canal Road PNB House 400 Park Avenue, 11th Floor 33rd Floor, Menara Maybank, Singapore 059304 77 Queen Victoria Street New York, New York 10022, 100 Jalan Tun Perak, London EC4V 4AY, UK U.S.A. 50050 Kuala Lumpur Tel: (65) 6336 9090 Tel: (603) 2059 1888; Tel: (44) 20 7332 0221 Tel: (212) 688 8886 Fax: (603) 2078 4194 Fax: (44) 20 7332 0302 Fax: (212) 688 3500

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 Philippines  Thailand  Vietnam  Saudi Arabia Maybank ATR Kim Eng Securities Inc. Maybank Kim Eng Securities Maybank Kim Eng Securities Limited In association with 17/F, Tower One & Exchange Plaza (Thailand) Public Company Limited 4A-15+16 Floor Vincom Center Dong Anfaal Capital Ayala Triangle, Ayala Avenue 999/9 The Offices at Central World, Khoi, 72 Le Thanh Ton St. District 1 Ground Floor, KANOO Building Makati City, Philippines 1200 20th - 21st Floor, Ho Chi Minh City, Vietnam No.1 - Al-Faisaliyah,Madina Road, Rama 1 Road Pathumwan, P.O.Box 126575 Jeddah 21352 Tel: (63) 2 8849 8888 Bangkok 10330, Thailand Tel : (84) 844 555 888 Kingdom of Saudi Arabia Fax: (63) 2 8848 5738 Fax : (84) 8 38 271 030 Tel: (66) 2 658 6817 (sales) Tel: (966) 920023423 Tel: (66) 2 658 6801 (research)

 South Asia Sales Trading  North Asia Sales Trading Kevin Foy Andrew Lee Regional Head Sales Trading [email protected] [email protected] Tel: (852) 2268 0283 Tel: (65) 6636-3620 US Toll Free: 1 877 837 7635 US Toll Free: 1-866-406-7447

Indonesia London Iwan Atmadjaja Greg Smith [email protected] [email protected] (62) 21 8066 8555 Tel: (44) 207-332-0221

New York India James Lynch Sanjay Makhija [email protected] [email protected] Tel: (212) 688 8886 Tel: (91)-22-6623-2629

Philippines Keith Roy [email protected] Tel: (63) 2 848-5288

www.maybank-ke.com | www.maybank-keresearch.com

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