2Q21: Firing On All CylindersIHH's 2Q21 core profit well exceeded expectations. Non-COVID-19 patient admission was surprisingly robust while GHK achieved operational breakeven. While pandemic-related contributions are expected to normalise, this is balanced by turnaround in GHK and Acibadem's operations have been de-risked significantly. IHH's valuations are attractive, with resilient yet defensive 3-year earnings (2020-23F) CAGR […]

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