bimbsec - ihh healthcare - 20120724 - ipo note

7/31/2019 BIMBSec - IHH Healthcare - 20120724 - IPO Note

1/9

BIMB SECURITIES RESEARCH

MARKET INSIGHTTuesday, 24 July 2012

IPO Note

PP16795/03/2013(031743)

| 1

BuyTarget Price RM3.30

Offer Price RM2.80

KLCI 1,636.17

Listing MAIN

Sector Consumer

Shariah Compliant Y

Issued Shares (m) 8,057.1

Market Capitalisation (RMm) 22,589.8

Estimated Free Float 33%

Majority Shareholders

Khazanah Nasional 46.80%

MBK Healthcare 20.06%

Details of IPO (RMm)

Institution Placement 498.01

MITI Tranche 360.00

Global Institute Tranche 138.01

Malaysia Public Offering

Malaysia Public 208.51

Bumiputera 80.57

Non-Bumiputera 80.57

Eligible Directors 4.50

Eligible employees 22.59Business associates 20.27

Singapore Offering 140.64

Singapore public 52.00

Singapore placement 36.00

Eligible Directors 3.75

Eligible employees 16.60

Business associates 32.28

Cornerstone Offering 1,387.50

TOTAL 2,234.65

Tentative Dates

Closing for Application 12-Jul-2012

Listing 25-Jul-2012

Utilisation of Proceeds (RMm)

Details of utilisation RMm

Repayment of bank 4,662.76

Working Capital and General 279.64

Estimated Listing Expenses 187.60

Total 5,130.00

Thong Pak Leng

[email protected] ext 186

IPO NoteIHH Holdings

An Integrated Healthcare Provider

IHH Holdings provides a full spectrum of healthcare services, from primary

healthcare clinics to secondary and tertiary hospitals. It is one of the worlds

largest healthcare providers with an estimated market capitalisation of

RM22.6bn. At the moment, IHH global healthcare network operates over 4,900

licensed beds encompassing 30 hospitals. In addition, the group have more

than 3,300 new beds in the pipeline to be delivered through new hospital

developments in Malaysia, Singapore, Turkey and other regional countries. We

are positive on the outlook of IHH given its nature of being in a recession proof

industry and strong market positioning. We value IHH at RM3.30 based on 30x

PER over FY13 EPS of 11sen. With potential upside of more than 17%, werecommend IHH a BUY.

An integrated healthcare provider. The business portfolio of IHH include

integrated healthcare business, ancillary healthcare business, project

consultation and education besides investing and hold equity interest in Plife

REIT which is one of the Asias largest healthcare real estate investment and

Apollo, one of the Indias largest private healthcare providers. The main

component of IHH includes Parkway Pantai Ltd (PPL), Acibadem Holdings and

IMU Health (IMU).

Strong team of medical specialists. At present, IHH has about 3,260 specialists

where about 1,200 are based in Singapore or about 90.0% of the total number of

private specialists in Singapore whilst 760 are in Malaysia with the balance of1,300 in Turkey.

Continue to grow. Presently, IHH global healthcare network operates over 4,900

licensed beds in 30 hospitals. In addition, the group have more than 3,300 new

beds in the pipeline to be delivered through new hospital developments in

Malaysia, Singapore, Turkey and other regional countries.

Strong earnings growth ahead. For FY12 and FY13 we expect IHH to register net

earnings of RM763.3m and RM883.7m respectively representing growth of

478.1% and 15.8% respectively.

Earnings TableFY 31 Dec (RMm) 2009 2010 2011 2012E 2013E

Revenue 3,946.3 4,506.7 5,190.8 6,011.0 6,996.1EBITDA 774.6 888.8 1,029.7 1,424.6 1,647.2

Pretax profit 470.3 155.1 333.4 1,083.4 1,254.1

Tax (6.8) (76.4) (87.8) (227.5) (263.4)

MI (36.3) (37.3) (113.6) (92.6) (107.1)

Net Profit 427.2 41.5 132.0 763.3 883.7

Core Net profit (26.3) 75.3 (45.9) 763.3 883.7

Core EPS (sen) (0.3) 0.9 (0.6) 9.5 11.0

Core EPS growth (%) 0.0% -400.0% -166.7% -1683.3% 15.8%

DPS (sen) n.a. n.a. n.a. n.a. n.a.NTA/ share (RM) 0.27 (0.64) 0.59 0.69 0.81

Net gearing (x) 0.0 1.9 0.1 net cash net cash

PER (x) (933.3) 311.1 (466.7) 29.5 25.5

Div. yield (%) n.a. n.a. n.a. n.a. n.a.P/ NTA (x) 10.2 (4.4) 4.7 4.0 3.4
mailto:[email protected]:[email protected]


2/9

24 July 2012 IPO Note: IHH Holdings

www.bimbsec.com.my | 2

INTRODUCTION

Brief Background. IHH was incorporated in Malaysia on 21 May 2010 under the name of Integrated

Healthcare Holding SB. It was then converted into a public company on 2 April 2012 and changed the

name to IHH Healthcare Berhad involving in healthcare services (HCS), consultation, education and

investment in healthcare service sector. It is one of the largest players in Asia via Parkway Pantai

Limited (PPL) and IMU Health plus holding a 60% stake in Acibadem, one of the largest healthcareservice providers in Turkey. IHH has also interests in Apollo (11.2%) the largest healthcare service

provider in India and PLife REIT (35.8%) which is one of the Asias largest healthcare real estate

investment trusts. IHH hospitals operate under the brand names of Mount Elizabeth, Pantai, Gleneagles

and Acibadem that are well known within the respective countries.

IHH Group Structure

*Unless indicated otherwise, all entities are wholly-owned.Source: Prospectus

Main Components of IHH

Parkway Pantai

Limited (PPL)

PPL is one of Asias largest private healthcare providers with a network of 16

hospitals with more than 3,000 beds, over 60 medical centres and clinics, and

ancillary healthcare businesses. PPL owns and operates Mount Elizabeth,

Gleneagles and Parkway East hospitals in Singapore, nine Pantai Hospitals and

two Gleneagles Hospitals in Malaysia and has operations in India, the PRC, Hong

Kong, Brunei and Vietnam.

Acibadem Holdings Acibadem is Turkeys leading integrated private healthcare provider of high quality

diagnostic and treatment services. It runs a network of 15 hospitals (14 in Turkey, 1

in Macedonia), 10 outpatient clinics and a number of ancillary healthcare

businesses providing clinical lab services, ambulance transport, health sector

catering and cleaning and hospital design and planning.

IMU Health (IMU) IMU owns and operates International Medical University, Malaysias first private

healthcare university, offering a total of 17 academic programmes, including

medical, dental, pharmacy, nursing, health sciences and complementary medicine

programmes. As at 29 February 2012, IMU has 36 international partner universities,

which is the largest network of partner universities in the region. IMU has trained

about 7,000 students since it was founded in 1992 and had an enrolment of 2,963

students as at 31 December 2011. IMU also owns Pantai College which trains nurses

and allied health professionals for PPL hospitals.

Source: Prospectus


3/9



A leading healthcare provider. IHH had progressively developed their businesses through both organic

growth and acquisition with the objective to be one of the largest listed private healthcare providers in

the world. In meeting its objective, the Group had streamlined its operations, enhanced its branding,

achieved greater synergies and cost savings. Going forward IHH has plans to provide more healthcare

centres to serve Central Eastern Europe, Middle East and Africa as well as strengthening its existing

presence. Currently, IHH has a strong workforce of more than 24,000 servicing its healthcare network of

over 4,900 beds spanning across countries like Singapore, Malaysia, Turkey, China (PRC), Vietnam, HongKong, Brunei and Macedonia.

Utilisation of Proceeds

Details of utilisation Estimated timeframe for

utilisation upon listing

RMm Percentage

Repayment of bank borrowings Within 12 months 4,662.76 90.9%

Working Capital and General Corporate Within 12 months 279.64 5.5%

Estimated Listing Expenses Within 12 months 187.60 3.7%

Total 5,130.00 100.0%

Source: Prospectus

Allocation of IPO shares

Categories Enlarged Share

Capital (million)

Percentage of

enlarged share

capital

Institution Placement

MITI Tranche 360.00 4.47%

Global Institute Tranche 138.01 1.71%

498.01 6.18%

Malaysia Public Offering

Malaysia Public

Bumiputera 80.57 1.00%

Non-Bumiputera 80.57 1.00%

Eligible Directors of the group 4.50 0.06%

Eligible employees of the group 22.59 0.28%

Business associates and persons who have contributed to the

success of the group

20.27 0.25%

208.51 2.59%

Singapore Offering

Singapore public 52.00 0.65%

Singapore placement 36.00 0.45%

Eligible Directors of the group 3.75 0.05%

Eligible employees of the group 16.60 0.20%Business associates and persons who have contributed to the

success of the group

32.28 0.40%

140.64 1.75%

Cornerstone Offering 1,387.50 17.22%

TOTAL 2,234.65 27.74%

Source: Prospectus


4/9



INVESTMENT MERITS

Strong market positioning in Asia. IHH have strength in its domestic market particularly Singapore,

Malaysia and Turkey riding on brands like Pantai, Gleneagles, Mount Elizabeth and Acibadem. The PPL

hospitals of The Mount Elizabeth brand enjoys premium market positioning with the Gleneagles

brand enjoys high market positioning in Singapore while the Pantai brand has the strongest

reputation among private hospitals in Malaysia.Strong team of medical specialists. At present, IHH has about 3,260 specialists where about 1,200 are

based in Singapore or about 90.0% of the total number of private specialists in Singapore whilst 760 are

in Malaysia with the balance of 1,300 in Turkey.

Still huge potential to grow. Most of the developed and mature economies such as United States and

United Kingdom have over 3.0 hospital beds per 1,000 populations. In comparison, countries like

Singapore, Thailand, Malaysia, Indonesia and India have a ratio of hospital beds per 1,000 population of

below 3.0. A low proportion of beds per 1,000 populations is indicative of latent demand for additional

hospital beds reflecting the growth potential for healthcare infrastructure in the country.

Doctors Per 1,000 Population Ratio

Source: Prospectus

Good destination for medical travel. We believe IHH will benefit from the strong growth from medical

travel as their hospitals are strategically located within the medical tourism destinations i.e. Malaysia,

Singapore and Turkey. In 2011, medical tourism in Malaysia generated approximately RM509.8m in

revenues from approximately RM253.8m in 2007, registering a CAGR of 19.0% during the same period.

Singapore is recognised for its HCS and medical expertise and is one of the most favoured medical

travel destinations in Southeast Asia. Singapore medical travel revenues and the number of medical

travellers are expected to grow at CAGRs of 14.7% and 13.1 % respectively between 2011 and 2016.

Meanwhile Turkey has emerged as one of the most popular medical travel destinations in the CEEMENA

region due to its high quality medical facilities, high concentration of specialists and capabilities in

complex surgical procedures.

Medical Travel Size in Malaysia, Singapore and Turkey

Source: Prospectus

1.71.4

1.2

0.70.3 0.3

1.8 1.8

0.7

4.3

3.3

2.7 2.62.4 2.3

2.11.7

3.6

2.9

2 .4 2 .42.2

2.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

Doctors per 1,000 Population ratio

2008 2009 2010 2011E 2012F 2013F 2014F 2015F 2016F

Malaysia 374 336 393 578 660 753 859 980 1,120

Singapore 370 342 399 461 533 604 681 761 851

Turkey 74 92 110 125 143 166 193 227 267

0

200

400

600

800

1,000

1,200

Mumber of Medical

Travellers ('000)


5/9



Growing of ageing population. Life expectancy has improved over the decades due to better living

conditions from increased wealth, access to better nutrition, healthcare and sanitation, as well as the

political stability in countries. The growing of ageing population will lead to increase in the demand for

healthcare services due to higher occurrence of non-communicable lifestyle diseases such as

cardiovascular diseases as well as cancer and age related diseases such as arthritis and diabetes, among

others; higher requirement for diagnosis and hospital-based inpatient and outpatient treatment; and

longer duration of care.

Population 65 years and above (in million)

Country 2006 % of total

population

2010 % of total

population

CAGR 2006-

2010

South East Asia

Indonesia 11.66 5.2% 13.20 5.6% 3.2%

Thailand 5.16 8.2% 5.68 8.9% 2.4%

Vietnam 4.96 5.9% 5.30 6.0% 1.7%

Malaysia 1.15 4.3% 1.44 5.1% 5.7%

Singapore 0.36 8.1% 0.46 9.0% 6.4%Brunei 0.13 3.3% 0.14 3.6% 3.2%

Asia

PRC 100.98 7.7% 119.24 8.9% 4.2%

India 50.94 4.7% 57.74 4.9% 3.2%

Kong 0.84 12.3% 0.90 12.7% 1.7%

Central & Eastern Europe, the Balkans, Turkey, the Middle East and North Africa (CEEMA)

Russia 19.48 13.7% 18.29 12.8% -1.6%

Ukraine 7.55 16.2% 7.08 15.5% -1.6%

Turkey 4.63 6.7% 5.06 6.9% 2.3%

Egypt 3.40 4.8% 3.91 5.0% 3.6%

Romania 3.21 14.9% 3.20 14.9% -0.1%

Saudi Arabia 0.72 3.0% 0.82 3.0% 3.3%

Macedonia 0.23 11.2% 0.24 11.8% 1.5%

UAE 0.03 0.7% 0.02 0.4% -7.2%

Developed Countries

USA 37.11 12.4% 40.48 13.1% 2.2%

Japan 26.04 20.4% 28.95 22.7% 2.7%

Germany 16.00 19.5% 16.63 20.4% 1.0%

United Kingdom 9.72 16.1% 10.32 16.6% 1.5%

Korea 4.67 9.7% 5.45 11.1% 3.9%Source: Prospectus


6/9



Aggressive expansion plan. As detailed by the table below, IHH has mapped out its expansion plans

over the next 5 years potentially adding around 3,300 new beds from its current total of 4,900.

Hospitals Expansion

COUNTRIES HOSPITALS DESCRIPTION ADDITION

Malaysia Gleneagles Medical

Centre Penang

New building which is expected to be completed by

the end of 2012 and which will add 188 beds to itsexisting capacity.

188

Pantai Hospital KL A new 12-storey building with 120 additional beds by

the end of 2014.

120

Pantai Hospital Klang Increasing capacity by 80 beds and is expected to be

completed by mid-2014.

80

Gleneagles KL Additional 100 beds by by mid-2015. 100

Gleneagles KK (new) Scheduled to open in early 2015, will mark PPL's entry

into East Malaysia. The hospital will have 250 beds,

providing tertiary hospital services to the community

in Kota Kinabalu, Sabah.

250

Pantai Hospital Manjung

(new)

Situated an hour's drive from Ipoh city, will provide

healthcare services to the community in the upcoming

Manjung township by early 2014. The hospital isexpected to have 100 beds.

100

Gleneagles Medini (new) Situated in Medini, Iskandar Malaysia, and will target

the Malaysian market as well as medical travellers

from Singapore. The first phase of 150 beds is

expected to be operational in early 2015 and it is

expected that it will subsequently be expanded to its

intended size of300 beds.

300

Singapore Mount Elizabeth Novena

Hospital (new)

Capacity to operate up to 333 beds and 13 operating

theatres. Scheduled to open in two phases, the first

phase with 180 beds by July 2012, and the remainder

153 beds in the 2H2013.

153

India Apollo Gleneagles

Hospital

Located at Kolkata, is a 425-licensed bed multi-

specialty tertiary hospital, which is currently in theprocess ofincreasing its licensed beds to 510.

85

Gleneagles Khubchandani

Hospital (new)

Located in Mumbai, is currently under development

and will have 450 beds and expecting to be

operational end 2012.

450

GM Modi Hospital (new) Located in New Delhi, India, is planned to be

developed into a 300 beds hospital facility.

300

Vietnam City International Hospital

(new)

Located in Ho Chi Minh City, Vietnam, having 313 beds

and expected to be operational in 2013.

313

PRC and

Hong Kong

Shanghai International

Medical Center (SIMC)

(new)

Located within the Shanghai International Medical

Zone, an area in Shanghai designed to be a medical

hub. SIMC is a tertiary hospital and is expected to

operate up to 450 beds in 2014.

450

Turkey Acibadem Sistina Skopje

Clinical Hospital

Located in Skopje, Macedonia, presently having 179

licensed beds. Will add 81 beds to its existing capacity

and is expected to open its oncology department in

2012.

81

Acibadem Maslak Hospital Located in Masalak, Istanbul presently having 183

licensed beds. Additional 120 beds to its existing

capacity and is expected to be operational in 2015.

120

Acibadem Ankara Hospital

(new)

Located at Ankara, will have 78 beds and scheduled to

be operational in 3Q2012.

78

Acibadem Bodrum

Hospital (new)

Located at Bodrum, will have 110 beds and has

commenced operations in June 2012.

110

TOTAL 3,278

Source: Prospectus


7/9



RISK FACTORS

Key Risks Factors

Political risks IHHs businesses are heavily concentrated in Singapore, Malaysia and Turkey.

Hence, the operations are exposed to political risks which may have adverse

effect on the companys business.

Exchange rate fluctuations IHH is exposed to foreign exchange risk as sales and purchases, cash and cashequivalent and etc which done in currency other than the respective functional

currencies of IHH group entities. Fluctuations in currencies will have negative

impact on its results of operations and financial condition.

Highly dependent on

doctors, nurses and other

healthcare professionals.

The performance and execution of IHHs growth is depend on the doctors and

other supporting staff such nurses, admin and other healthcare practitioners. A

shortage of medical personnel in certain areas or locations may cause IHHs

operation to a halt or delay.

The value of our intangible

assets and costs of

investment may become

impaired.

The M&As prior to listing, resulted to goodwill and other intangible assets

amounting to RM11,585.8m as at 31 March 2012 representing approximately

49.8% ofIHHs total assets and 93.6% of consolidated total equity. In accordance

with applicable accounting standards, IHH will periodically evaluate the goodwill

and other intangible assets to determine whether all or a portion of their carrying

values may no longer be recoverable, hence there is a risk of impairment which

will charge to the income statement.

Source: Prospectus

FINANCIALS AND VALUATION

Promising future. IHH experienced strong revenue growth in the past few years contributed by strong

performance in Hospitals and Healthcare services as well as consolidation of Parkway and Pantai Irama

and the acquisition of Acibadem Holdings. We believe the aggressive expansion plan to increase its

hospital beds by more than 60% over the next 3 to 5 years should sustain groups earnings growth.

FY11 Revenue Breakdown

Source: Prospectus

Strong earnings growth ahead. For FY12 and FY13 we expect IHH to register net earnings of RM763.3m

and RM883.7m respectively representing growth of 478.1% and 15.8% respectively. The commendable

growth is mainly due to strong revenue growth in PPL Malaysia, PPL Singapore and Acibadem.

Moreover, most of the proceeds from IPO will be used to repay borrowing which will result in lower

finance cost by about 80% based on our estimates.

Premium Valuation over its peers. We value IHH at RM3.30 based on FY13 EPS of 11sen over target

PER of 30x, a slight premium over its regional peers. We view that the premium is justifiable given its

strong earnings growth going forward and sheer size as one of the worlds largest healthcare company.At RM3.30, the stock offers 17.8% potential upside over its listing price of RM2.80. We recommend a

BUY on IHH.

Healthcare

21.7% Education

3.3%

Non-healthcare

0.4%Hospital

74.6%


8/9



Regional Peers Average PER Band

Companies 3-year average PER

Band

Market Cap

(RMm)

Weight Adjusted

PER

KPJ Healthcare Bhd 21.0 3,880.0 11.7% 2.5

Raffles Medical Group Ltd 22.7 3,535.3 10.7% 2.4

Fortis Healthcare Ltd 81.6 2,283.9 6.9% 5.6

Apollo Hospitals Enterprise Ltd 36.0 4,845.0 14.6% 5.3

Bangkok Chain Hospital PCL 15.4 1,798.7 5.4% 0.8

Bangkok Dusit Medical Services PCL 23.5 15,400.9 46.6% 10.9

Ramkhamhaeng Hospital PCL 13.0 1,339.3 4.0% 0.5

Total 33,083.1 100% 28.1

Source: BIMB Securities/ Bloomberg

Income StatementFY 31 Dec (RMm) 2009 2010 2011 2012E 2013E

Revenue 3,946.3 4,506.7 5,190.8 6,011.0 6,996.1

EBITDA 774.6 888.8 1,029.7 1,424.6 1,647.2

Pretax profit 470.3 155.1 333.4 1,083.4 1,254.1

Tax (6.8) (76.4) (87.8) (227.5) (263.4)

MI (36.3) (37.3) (113.6) (92.6) (107.1)

Core Net profit 427.2 41.5 132.0 763.3 883.7

EPS (sen) 5.3 0.5 1.6 9.5 11.0

EPS growth (%) 0.0% -90.6% 220.0% 493.8% 15.8%

DPS (sen) n.a. n.a. n.a. n.a. n.a.NTA/ share (RM) 0.27 (0.64) 0.59 0.69 0.81

Net gearing (x) 0.0 1.9 0.1 net cash net cash

PER (x) 52.8 560.0 175.0 29.5 25.5

Div. yield (%) n.a. n.a. n.a. n.a. n.a.P/ NTA (x) 10.2 (4.4) 4.7 4.0 3.4

ROE (%) 18.5% 1.6% 1.4% 4.6% 5.0%ROA (%) 17.0% 0.5% 0.7% 3.3% 3.6%

Source: BIMB Securities

Balance SheetFY 31 Dec (RMm) 2009 2010 2011 2012E 2013E

Non Current Assets 2,461.3 13,116.5 19,127.9 19,020.5 19,452.5

Current Assets 49.2 2,727.1 3,892.5 5,924.4 6,850.6

Total Assets 2,510.5 15,843.6 23,020.3 24,944.8 26,303.1

Current Liabilities 72.1 5,592.2 2,428.9 2,732.9 3,114.9

Non Current Liabilities 115.9 7,055.4 3,694.9 3,694.9 3,694.9

Shareholders' Fund 2,313.3 2,936.4 16,304.6 17,067.9 17,951.5

Minority Interests 9.2 259.5 592.1 286.9 379.5

Equity & Liabilities 2,510.5 15,843.6 23,020.3 23,782.5 25,140.8

Source: BIMB Securities


9/9



DEFINITION OF RATINGS

BIMB Securities uses the following rating system:

STOCK RECOMMENDATION

BUY Total return (price appreciation plus dividend yield) is expected to exceed 10% in the next 12 months.

TRADING BUY Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain.

NEUTRAL Share price may fall within the range of +/- 10% over the next 12 months

TAKE PROFIT Target price has been attained. Fundamentals remain intact. Look to accumulate at lower levels.

TRADING SELL Share price may fall by more than 15% in the next 3 months.

SELL Share price may fall by more than 10% over the next 12 months.

NOT RATED Stock is not within regular research coverage.

SECTOR RECOMMENDATION

OVERWEIGHT The Industry as defined by the analysts coverage universe, is expected to outperform the relevant primary market

index over the next 12 months

NEUTRAL The Industry as defined by the analysts coverage universe, is expected to perform in line with the relevant primary

market index over the next 12 months

UNDERWEIGHT The Industry as defined by the analysts coverage universe, is expected to underperform the relevant prima ry market

index over the next 12 months

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.

Disclaimer

The investments discussed or recommended in this report not be suitable for all investors. This report has been prepared for information

purposes only and is not an offer to sell or a solicitation to buy any securities. The directors and employees of BIMB securities Sdn Bhd may

from time to time have a position in or either the securities mentioned herein. Members of the BIMB Group and their affiliates may

provide services to any company and affiliates of such companies whose securities are mentioned herein. The information herein wasobtained or derived from sources that we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are

accurate and opinions fair and reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No

liability can be accepted for any loss that may arise from the use of this report. All opinions and estimates included in this report constitute

our judgements as of this and are subject to change without notice. BIMB Securities Sdn Bhd accepts no liability for any direct, indirect or

consequential loss arising from use of this report.

Published by

BIMB SECURITIES SDN BHD (290163-X)

A Participating Organisation of Bursa Malaysia Securities Berhad

Level 32, Menara Multi Purpose, Capital Square,

No. 8 Jalan Munshi Abdullah,

50100 Kuala Lumpur

Tel: 03-2691 8887, Fax: 03-2691 1262 Kenny Yee

http://www.bimbsec.com.my Head of Research
http://www.bimbsec.com.my/http://www.bimbsec.com.my/http://www.bimbsec.com.my/

bimbsec - ihh healthcare - 20120724 - ipo note

Documents