Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> is facing a legal headwind after a Tokyo District Court dismissed its damage claims against Daiichi Sankyo related to the acquisition of Fortis Healthcare.</li>
<li>However, accelerated growth momentum reported in 2Q26 financial result, in particular recovery in Singapore operation, raises conviction on the strength of the core operation of IHH.</li>
<li>Amid rising demand, IHH remains confident in its growth path. The company has reaffirmed 2026 EBITDA and PATMI margins guidance at 22–24% and 8–10%, respectively.</li>
</ul>



IHH Healthcare (IHH MK) is facing a legal headwind after a Tokyo District Court dismissed its damage claims against Daiichi Sankyo related to the acquisition of Fortis Healthcare.
However, accelerated growth momentum reported in 2Q26 financial result, in particular recovery in Singapore operation, raises conviction on the strength of the core operation of IHH.
Amid rising demand, IHH remains confident in its growth path. The company has reaffirmed 2026 EBITDA and PATMI margins guidance at 22–24% and 8–10%, respectively.


IHH Healthcare (IHH MK): Faster Growth Momentum in 2Q Raises Hope Amid Persisting Legal Headwinds

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> launched with a strong cornerstone book, while <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> didn't make much of a splash.</li>
<li>On the placement front, GIC sold out of <a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare Holdings (SUNMED MK)</a>, while it was the chairman's turn to sell some more of <a href="https://www.smartkarma.com/entities/kanzhun-ltd-class-a" target="_blank" data-smartkarma-citation="entities:36622:1" rel="noopener">Kanzhun (2076 HK)</a> stock.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, GCash (Mynt) (GCASH PM) launched with a strong cornerstone book, while National Stock Exchange (NSEIN IN) didn't make much of a splash.
On the placement front, GIC sold out of Sunway Healthcare Holdings (SUNMED MK), while it was the chairman's turn to sell some more of Kanzhun (2076 HK) stock.


Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> is worth more than ¥200/share over the medium-term. But expect this <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a> spinoff to create trading and accumulation opportunities in the near future.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine (8766 JP)</a> reportedly identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. It's a clean play after selling Suncorp Bank to ANZ. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">IAG (IAG AU)</a> is now cleaner after settling the Greensill litigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. </li>
</ul>



Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.

Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It's a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.

Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. 


Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.</li>
<li>On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Shenzhen Longsys Electronics (9976 HK) didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.


Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-public-co-ltd" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital (BH TB)</a> shares advanced 27% over the last one year, while its larger peer <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-public-co-ltd" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> shares fell 8% over the same period.</li>
<li>Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.</li>
<li>Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.</li>
</ul>



Bumrungrad Hospital (BH TB) shares advanced 27% over the last one year, while its larger peer Bangkok Dusit Medical Services (BDMS TB) shares fell 8% over the same period.
Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.
Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.


Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

Malaysia

Sunway Healthcare Holdings Berhad operates as a holding company. The Company, through its subsidiaries, operates medical and TCM centers, as well as offers diagnosis, observation, and treatment services. Sunway Healthcare Holdings serves patients in Malaysia.

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Sunway Healthcare Holdings (SUNMED MK)

IHH Healthcare (IHH MK): Faster Growth Momentum in 2Q Raises Hope Amid Persisting Legal Headwinds

IHH is facing a legal headwind after a Tokyo Court dismissed its damage claims against Daiichi Sankyo. However, accelerated momentum reported in...

Tina Banerjee

Aequitas ECM Weekly (28 September 2026)- Tencent, NSE, GCash, Ligent, Kinwong, Robo, Direct Drive

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

Bumrungrad Hospital shares advanced 27%, while its larger peer Bangkok Dusit Medical Services shares fell 8% over the last one year. Financial...

Tina Banerjee

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