[IHH HEALTHCARE BHD，开始资本支出和开业前的营运前成本，工资上涨会导致营运成本上升，地缘政治风险和货币波动]

Q1 2018 vs Q1 2017:

Q1 2018不包括特殊项目由于2017年3月开设2家新医院的增量折旧，摊销和融资成本，PATMI减少40％至1.201亿令吉，以及因美元减弱影响而产生的对IHH医疗保健以美元计价的现金余额的外汇损失。

Parkway Pantai：
Parkway Pantai的2018年第一季度收入增长4％至17.349亿令吉，而其EBITDA增长2％至3亿4,030万令吉。

Acibadem Holdings：
Acibadem Holdings 2018年第一季度收入增长12％至10.233亿令吉，而其EBITDA增长29％至1.889亿令吉。

IMU Health：
由于运营支出和营销费用增加，IMU Health 2018年第一季度EBITDA下降3％至2,650万令吉。

PLife REIT：
PLife REIT 2018年第一季度EBITDA下跌3％至6680万令吉，主要是由于新元对RM的贬值。

其他：
2018年第一季度EBITDA亏损增加至1,360万令吉，原因是2018年第一季度收入减少以及员工人数增加。

Q1 2018 vs Q4 2017:

IHH医疗保健的季度环比收入和EBITDA因新元和TL对RM的贬值而受到侵蚀。IHH医疗保健不包括特殊项目的PATMI环比下降34％，主要是由于2018年第一季度确认的外汇损失为1.039亿令吉，而2017年第四季度为1,820万令吉。外汇损失来自于对美元计价的现金余额的美元减弱。

Parkway Pantai：
Parkway Pantai的收入下降1％，而EBITDA环比增长7％。 Parkway Pantai India医院住院患者入院率环比下降6.6％，而单个住院病人入院收入增加6.3％。

Acibadem Holdings：
Acibadem Holdings的收入下降1％，而EBITDA环比下降8％。 Acibadem Holding的EBITDA从2017年第四季度（其认可的欧洲债券剥离收益为430万令吉）的高基数下降。

IMU Health：
IMU Health的收入季度增长9％，原因是2017年第四季度基数较低，部分课程为学期休假。

PLife REIT：
由于新元对RM的贬值，PLife REIT的外部收入环比下降1％。由于新元对RM的贬值以及2017年第四季度（PLife REIT确认其投资物业产生的640万令吉重估收益）的高基数，因此PLIT REIT的2018年第一季度EBITDA环比下降10％。

其他：
由于IHH医疗保健于2017年11月剥离所有货币市场基金，因此2018年第一季度并未收到货币市场基金的股息。EBITDA按季下降主要是由于2017年第四季度（IHH医疗保健向PPL部门收取了与收购相关费用减少的2190万令吉）基数较高。

前景：
Parkway Pantai：
他们正准备在2018年底完成Gleneagles Chengdu Hospital的目标，并计划于2019年初开业。因此，他们将开始资本支出和开业前的营运前成本。

Acibadem Holdings：
Acibadem Maslak医院目前正在进行大规模扩建，以扩大其床位容量，并预计在2018年下半年扩建完成后将为收入做出贡献。

总体IHH集团前景：
虽然IHH医疗保健预期新业务的营运前成本及启动成本会在初期阶段部分侵蚀其盈利能力，但IHH医疗保健寻求通过逐步增加患者数量来减轻影响，同时逐步开放这些新病房的病房设施，以实现最佳的运营杠杆。IHH医疗保健预期，由于本土市场受过训练的医护人员竞争加剧，工资上涨会导致营运成本上升。虽然此等持续成本压力可能会降低IHH医疗保健的EBITDA及利润率，但IHH医疗保健预期通过改善业务组合及严格控制成本来减轻这些影响。

鉴于集团在亚洲和CEEMENA的地理足迹，IHH医疗保健易受其经营所在国家的地缘政治风险和货币波动的影响，这将导致IHH医疗保健资产负债表和损益表中的外汇换算差异。此外，重大货币波动可能会影响IHH医疗保健各期财务表现的可比性。
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.69 within 1 month 5 days, total return is 24%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 within 1 month 12 days, total return is 15.7%

我希望将我的策略分享给读者，希望他们在阅读后能够表现出色。我正在使用基本面分析（Fundamental Analysis）：

预计公司每年的增长率必须> 14％

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人，可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系

最终决定永远是你的，谢谢。

James Ng
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[IHH HEALTHCARE BHD, incur capital expenditure and pre-operating costs, higher costs of operations arising from wage inflation, geopolitical risks and currency volatility]

Q1 2018 vs Q1 2017:

The Group’s Q1 2018 PATMI excluding exceptional items decreased 40% to RM120.1 million on the back of incremental depreciation, amortisation and finance costs with the opening of the 2 new hospitals in March 2017, and foreign exchange losses arising from the effect of the weakening USD on the Group’s USD-denominated cash balances.

Parkway Pantai:
Parkway Pantai’s Q1 2018 revenue increased 4% to RM1,734.9 million whilst its EBITDA increased 2% to RM340.3 million.

Acibadem Holdings:
Acibadem Holdings’ Q1 2018 revenue grew 12% to RM1,023.3 million whilst its EBITDA increased 29% to RM188.9 million.

IMU Health:
IMU Health’s Q1 2018 EBITDA decreased 3% to RM26.5 million on the back of higher operating expenses and marketing expenses.

PLife REIT:
PLife REIT’s Q1 2018 EBITDA decreased 3% to RM66.8 million mainly due to depreciation of SGD against RM.

Others:
EBITDA losses increased to RM13.6 million in Q1 2018 as a result of the lower revenue in Q1 2018 and higher staff costs with increased headcount.

Q1 2018 vs Q4 2017:

The Group’s quarter-on-quarter revenue and EBITDA was eroded by the depreciation of SGD and TL against RM. The Group’s PATMI excluding exceptional items decreased 34% quarter-on-quarter due mainly to foreign exchange losses of RM103.9 million recognised in Q1 2018 as compared to RM18.2 million in Q4 2017. The foreign exchanges losses arose from the effects of a weakening USD on the Group’s USD-denominated cash balances.

Parkway Pantai:
Parkway Pantai’s revenue decreased 1% while its EBITDA increased 7% quarter-on-quarter. Parkway Pantai India Hospitals inpatient admissions decreased 6.6% quarter-on-quarter, while its revenue per inpatient admission increased 6.3%.

Acibadem Holdings:
Acibadem Holdings’ revenue decreased 1% while its EBITDA decreased 8% quarter-on-quarter. Acibadem Holding’s EBITDA decreased from a high base in Q4 2017 where it recognised RM4.3 million gain on divestment of Eurobonds.

IMU Health:
IMU Health’s revenue increased 9% quarter-on-quarter due to a low base in Q4 2017 where it was semester breaks for some courses.

PLife REIT:
PLife REIT’s external revenue decreased 1% quarter-on-quarter, eroded by the depreciation of SGD against RM. PLife REIT’s Q1 2018 EBITDA decreased 10% quarter-on-quarter due to the depreciation of SGD against RM as well a high base in Q4 2017 where PLife REIT recognised a RM6.4 million revaluation gain arising from its investment properties.

Others:
No dividend from Money Market Funds was recognized in Q1 2018 as the Group had divested all its Money Market Funds in Nov 2017. EBITDA decreased in quarter-on-quarter mainly due to high base in Q4 2017 where the Group charged down RM21.9 million for acquisition-related expenses to the PPL segment.

Prospects:
Parkway Pantai:
They are preparing for the target completion of Gleneagles Chengdu Hospital at the end of 2018 and slated to open in early 2019. Consequentially, they would start to incur capital expenditure and pre-operating costs leading up to its opening.

Acibadem Holdings:
Acibadem Maslak Hospital is currently undergoing a major expansion to double its bed capacity and is expected to contribute to revenues when the expansion completes in second half of 2018.

Overall IHH Group Prospects:
While the Group expects the pre-operating costs and start-up costs of new operations to partially erode its profitability during the initial stages, the Group seeks to mitigate the effects by ramping up patient volumes in tandem with phasing in opening of wards at these new facilities in order to achieve optimal operating leverage. The Group expects higher costs of operations arising from wage inflation as a result of increased competition for trained healthcare personnel in its home markets. While such sustained cost pressures may potentially reduce the Group’s EBITDA and margins, the Group expects to mitigate these effects through improvements in case mix and tight cost control.

Given the Group’s geographical footprints across Asia and CEEMENA, the Group is susceptible to geopolitical risks and currency volatility in the countries that it operates, which would result in foreign exchange translation differences in the Group’s balance sheet and income statement. In addition, significant currency volatility against the Group’s reporting currency may affect the comparability of the Group’s financial performance across periods.
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James Ng Stock Pick Performance:
Since Recommended Return:

1) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.69 within 1 month 5 days, total return is 24%

2) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.92 within 1 month 12 days, total return is 15.7%

I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/

Final decision is always yours, thank you.

James Ng