[IHH HEALTHCARE BHD：Gleneagles Shanghai医院将产生资本支出和开业前的营运成本，里拉兑美元，欧元和马来西亚令吉汇率大幅贬值，而且汇率继续波动]

Q2 2018 vs Q2 2017:
IHH医保2018年第二季度的收入和EBITDA分别比去年同期下降4％和1％，主要是由于RM对其经营所在国家货币的强化作用。

Parkway Pantai：
新加坡每人住院收入增加8.8％至30,502令吉。截至2018年第二季度，Parkway Pantai的马来西亚医院住院病人入院率下降2.8％至47,985人，而住院病人入院每人收入增加8.4％至6,701令吉。 Parkway Pantai的印度医院住院病人入院率下降5.5％至16,242例住院病人，而住院病人入院每人收入增加9.5％至7,939令吉。

Acibadem Holdings：
Acibadem Holdings的2018年第二季度收入下降17％至7亿9,040万令吉，而其EBITDA则下跌25％至1.083亿令吉。

IMU Health：
IMU Health的2018年第二季度收入下降5％至6460万令吉，原因是该期间学生入学人数较去年减少。由于运营支出和营销费用增加，IMU Health的2018年第二季度EBITDA下降5％至2,340万令吉。

PLife REIT：
PLife REIT的2018年第二季度外部收入下降4％至3,320万令吉，而其EBITDA下降4％至6,710万令吉，主要是由于新元对RM的汇率影响导致PLife REIT业绩的减低。

其他：
2018年第二季度EBITDA亏损减少至RM2000万，原因是2017年第二季度基数较低，公司在潜在收购方面产生了2190万令吉的专业费用。

YTD 2018 vs YTD 2017:
由于2017年基数较低（IHH医保累计应付资本利得税2130万令吉及1,770万令吉为上一年的税额外税项拨备），IHH医保2018年不包括特殊项目，PATMI增加31％至3.77亿令吉。

Parkway Pantai：
新加坡每人住院收入增加6.9％至29,805令吉。截至2018年年底，Parkway Pantai的马来西亚医院住院病人入院率下降1.7％至98,235，而住院病人入院每人收入增加9.0％至6,561令吉。 Parkway Pantai的印度医院住院病人入院率增加0.3％至33,317例住院病人，而住院病人入院每人收入增加9.0％至7,923令吉。

Acibadem Holdings：
Acibadem Holdings的2018年收入下降3％至18.137亿令吉，而其EBITDA则增长2％至2.971亿令吉。

IMU Health：
IMU Health的2018年YTD收入下降2％至1.287亿令吉，原因是该期间学生入学人数较去年减少。由于运营支出和营销费用增加，IMU Health的2018年YTD EBITDA下降4％至4,990万令吉。

PLife REIT：
PLife REIT的2018年YTD外部收入下降2％至6,590万令吉，而其EBITDA则下跌4％至1.339亿令吉。

其他：
2018年的EBITDA亏损减少至3,370万令吉，原因是2017年基数较低，这公司就潜在收购产生了2190万令吉的专业费用。

Q2 2018 vs Q1 2018：
剔除强化的RM汇率转换对IHH医保业绩的影响，季度环比收入增长2％，而EBITDA则下降7％。2018年第二季度EBITDA因美元和欧元（汇率已经增强）的购买和运营成本增加而受到侵蚀。此外，IHH医保于二零一八年第二季度确认与员工奖励及奖金计划有关的开支。IHH医保于本季度亦确认收购相关开支2,040万令吉。

Parkway Pantai：
Parkway Pantai的新加坡医院住院患者入院率季度环比下降1.7％，而住院病人入院每人收入增加4.7％。与此同时，Parkway Pantai马来西亚医院的住院病人入院率环比下降4.5％，而住院病人入院每人收入则增加4.3％。Parkway Pantai India医院住院患者入院率环比下降4.9％，而住院病人入院每人收入增加0.4％。 Parkway Pantai的2018年第二季度EBITDA因承认与收购相关的2040万令吉而受到侵蚀。

Acibadem Holdings：
Acibadem Holdings的收入下降了23％，而EBITDA环比下降了43％。剔除强化RM汇率转换对Acibadem Holdings业绩的影响，Acibadem Holdings 2018年第二季度收入与2018年第一季度收入持平，而EBITDA环比下降22％。

由于2018年第二季度的季节性和Eid假期，Acibadem Holdings的住院患者入院率较上季度下降4.9％，而住院病人入院每人收入增加了7.1％，并且病例更为复杂。 Acibadem Holding的2018年第二季度EBITDA因美元和欧元（汇率已经增强）的购买成本和运营成本上升而受到侵蚀。由于在2018年第二季度确认了与员工激励和奖金计划相关的费用，员工成本与上一季度相比有所增加。

IMU Health：
IMU Health的收入增长了1％，而其EBITDA环比下降了12％。员工成本较高，学生招聘促销费用按季度计算。

PLife REIT：
PLife REIT 2018年第二季度的外部收入环比增长1％，而2018年第二季度的EBITDA与2018年第一季度持平。

其他：
由于2018年第二季度员工激励和奖金计划的员工成本增加，EBITDA环比下降。

前景：
Parkway Pantai：
虹桥Gleneagles Shanghai医院的建设按计划进行，预计将于2020年开放。他们将开始产生资本支出和开业前的营运成本，这将分阶段进行。

Acibadem Holdings：
自2018年6月以来，土耳其里拉兑美元，欧元和马来西亚令吉汇率大幅贬值，而且汇率继续波动。这将导致IHH医保资产负债表和损益表中的外汇折算损失。这也将侵蚀Acibadem Holdings在集团合并后的业绩。

总体IHH集团前景：
虽然IHH医保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医保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医保预期，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医保的EBITDA及利润率，但IHH医保预期通过改善病例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医保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医保资产负债表和损益表中的外汇换算差异。此外，IHH医保的重大货币波动可能会影响IHH医保各期财务表现的可比性。
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.895 in 1 month 2 day, total return is 25.2%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months 6 days, total return is 19.8%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 13 days, total return is 10.1%

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

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日期：10月14日星期日
地点：George Town (Penang)

日期：10月21日星期日
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日期：10月28日星期日
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James Ng
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[IHH HEALTHCARE BHD: Gleneagles Shanghai Hospital would start to incur capital expenditure and pre-operating costs, Lira depreciated significantly against USD, Euro and MYR and continues to be volatility]

Q2 2018 vs Q2 2017:
The Group’s revenue and EBITDA decreased 4% and 1% respectively in Q2 2018 over the same period last year, mainly due to the effect of the strengthening RM against the currencies of the countries which it operates.

Parkway Pantai:
Revenue per inpatient admission in Singapore increased 8.8% to RM30,502. Parkway Pantai’s Malaysia Hospitals’ inpatient admissions decreased 2.8% to 47,985 inpatient admissions in Q2 2018, while its revenue per inpatient admission increased 8.4% to RM6,701. Parkway Pantai’s India Hospitals’ inpatient admissions decreased 5.5% to 16,242 inpatient admissions, while its revenue per inpatient admission increased 9.5% to RM7,939.

Acibadem Holdings:
Acibadem Holdings’ Q2 2018 revenue decreased 17% to RM790.4 million whilst its EBITDA decreased 25% to RM108.3 million.

IMU Health:
IMU Health’s Q2 2018 revenue decreased 5% to RM64.6 million due to lower intake of students during the period as compared to the previous year. IMU Health’s Q2 2018 EBITDA decreased 5% to RM23.4 million on the back of higher operating expenses and marketing expenses.

PLife REIT:
PLife REIT’s Q2 2018 external revenue decreased 4% to RM33.2 million, whilst its EBITDA decreased 4% to RM67.1 million mainly due to the effect of the weakening of SGD against RM on the translation of PLife REIT results.

Others:
EBITDA losses decreased to RM20.0 million in Q2 2018 as a result of the low base in Q2 2017 where the Company accrued RM21.9 million professional fees in relation to a potential acquisition.

YTD 2018 vs YTD 2017:
The Group’s YTD 2018 PATMI excluding exceptional items increased 31% to RM377.0 million as a result of the low base in YTD 2017 where the Group accrued RM21.3 million interest expenses for capital gains tax payable and RM17.7 million additional tax provision relating to prior-year’s tax.

Parkway Pantai:
Revenue per inpatient admission in Singapore increased 6.9% to RM29,805. Parkway Pantai’s Malaysia Hospitals’ inpatient admissions decreased 1.7% to 98,235 inpatient admissions in YTD 2018, while its revenue per inpatient admission increased 9.0% to RM6,561. Parkway Pantai’s India Hospitals’ inpatient admissions increased 0.3% to 33,317 inpatient admissions, while its revenue per inpatient admission increased 9.0% to RM7,923.

Acibadem Holdings:
Acibadem Holdings’ YTD 2018 revenue decreased 3% to RM1,813.7 million whilst its EBITDA increased 2% to RM297.1 million.

IMU Health:
IMU Health’s YTD 2018 revenue decreased 2% to RM128.7 million due to lower intake of students during the period as compared to the previous year. IMU Health’s YTD 2018 EBITDA decreased 4% to RM49.9 million on the back of higher operating expenses and marketing expenses.

PLife REIT:
PLife REIT’s YTD 2018 external revenue decreased 2% to RM65.9 million, whilst its EBITDA decreased 4% to RM133.9 million.

Others:
EBITDA losses decreased to RM33.7 million in YTD 2018 as a result of the low base in YTD 2017 where the Company accrued RM21.9 million professional fees in relation to a potential acquisition.

Q2 2018 vs Q1 2018:
Excluding the effects of the strengthening RM on translation of the Group’s results, quarter-on-quarter revenue increased 2%, whilst EBITDA decreased 7%. Q2 2018 EBITDA was eroded by the higher cost of purchase and operating costs incurred in USD and EURO, which had strengthened. In addition, the Group recognised expense relating to staff’s incentive and bonus plans in Q2 2018. The Group also recognised RM20.4 million acquisition-related expenses during the quarter.

Parkway Pantai:
Parkway Pantai’s Singapore hospitals inpatient admissions decreased 1.7% quarter-on-quarter, while its revenue per inpatient admission increased 4.7%. Meanwhile, inpatient admissions at Parkway Pantai’s Malaysia hospitals decreased 4.5% quarter-on-quarter, while its revenue per inpatient admission increased 4.3%. Parkway Pantai India Hospitals inpatient admissions decreased 4.9% quarter-on-quarter, while its revenue per inpatient admission increased 0.4%. Parkway Pantai’s Q2 2018 EBITDA was eroded with the recognition of RM20.4 million acquisition-related expenses.

Acibadem Holdings:
Acibadem Holdings’ revenue decreased 23% while its EBITDA decreased 43% quarter-on-quarter. Excluding the effects of the strengthening RM on translation of Acibadem Holdings’ results, Acibadem Holdings’ Q2 2018 revenue was flat against Q1 2018 revenue whilst EBITDA decreased 22% quarter-on-quarter.

Acibadem Holdings’ inpatient admissions decreased 4.9% quarter-on-quarter due to seasonality and Eid holidays in Q2 2018, while its revenue per inpatient admission increased 7.1% with more complex cases taken. Acibadem Holding’s Q2 2018 EBITDA was eroded by the higher cost of purchase and operating costs incurred in USD and Euro, which had strengthened. Staff costs increased quarter-on-quarter with the recognition of expense relating to staff’s incentive and bonus plans in Q2 2018.

IMU Health:
IMU Health’s revenue increased 1%, whilst its EBITDA decreased 12% quarter-on-quarter. Higher staff costs, and student recruitment promotional expenses was incurred quarter-on-quarter.

PLife REIT:
PLife REIT’s Q2 2018 external revenue increased 1% quarter-on-quarter, whilst it’s Q2 2018 EBITDA remained flat against Q1 2018.

Others:
EBITDA decreased quarter-on-quarter due to higher staff costs relating to staff’s incentive and bonus plans in Q2 2018.

Prospects:
Parkway Pantai:
Construction of Gleneagles Shanghai Hospital, in Hongqiao, is progressing according to schedule and is slated to open in 2020. They would start to incur capital expenditure and pre-operating costs leading up to its opening, which would be in phases.

Acibadem Holdings:
Since June 2018, the Turkish Lira has depreciated significantly against USD, Euro and MYR and there continues to be volatility in the currency. This will result in foreign exchange translation losses on the Group’s balance sheet and income statement. This will also erode Acibadem Holdings’ results upon consolidation at the Group.

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.
------------------------------------------------
James Ng Stock Pick Performance:
Since Recommended Return:

1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.895 in 1 month 2 day, total return is 25.2%

2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months 6 days, total return is 19.8%

3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 13 days, total return is 10.1%

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.

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