In Malaysia, the company recorded a 16% improvement in its ebitda, with revenue up 7%. Even though inpatient admissions dropped 3% supposedly due to a longer holiday season, ebitda margin was held at 26% and IHH is guiding for this metric to maintain at the mid-20s.
IHH was able to generate a 12% increase in inpatient revenue per admission, supported by higher-acuity cases, growing foreign patient demand and continued double-digit daycare growth. Foreign patients contributed 15% of Malaysia revenue in 1Q26.
India did well with ebidta up 26% and revenue up 18%, due to more inpatient admissions and more revenue on average. IHH's two hospital brands in India, Gleneagles and Fortis are seeing better integration which suggests further upside from procurement, IT and management synergies.
Turkey & Europe recorded strong growth with revenue and ebitda up 45% and 73% respectively in constant currency. Hong Kong was more muted with revenue up 2% and ebitda down 8%.
In Singapore, the numbers were affected by what Tan calls a "structural shift" towards public healthcare, softer medical tourism numbers because of more expensive airfares and a weaker rupiah.
Revenue was down 7% and ebitda down 13%. Even so, with the refurbishment of Mount Elizabeth completed and occupancy set to improve, IHH's Singapore operations are seen to bottom out and recover in the second half of the year.
IHH's management reaffirmed overall FY2026 revenue growth guidance of 10–12% and ebitda margin of between 22–24%, underpinned by recovering volumes, tighter cost control and better use of existing assets.
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Cost inflation is also being monitored closely, particularly for drugs, consumables, shipping and insurance, though one-to-two-year rate contracts, group procurement and longer-term energy contracts provide some near-term protection. Forex remains more of a reporting headwind, as earnings translation is unhedged, says Tan.
All in, Tan has adjusted her target price slightly from $3.26 to $3.39.
IHH Healthcare's Singapore quoted shares closed at $2.85, down 2.06%, while its Bursa quoted shares were up 0.11% to RM8.99.
