Posted by jacklew > 2012-07-03 11:55 | Report Abuse

Malaysian Gov desperately needs more money for the impeding GE. Launching the IPOs like FGV & IHH to accumulate the money from the public....Anyway, I would say a trading buy aiming for 15% margin during the listing shouldn't be a problem in view of the recent FGV....some more this is a medical healthcare counter....

Posted by taiong59 > 2012-07-03 12:17 | Report Abuse

ur tite...but as u said...aiming for profit taking on listing ...if we're lucky enough to be entitled to any...

Posted by ssali95 > 2012-07-04 10:45 | Report Abuse

Thanks for the analysis on the FV in which I feel still understated due to some of the assets not being incorporated during the bookbuilding due to pending acquisition execise finalisation.

Thus, 2013 will be on upside if this being finalised ontime after listing date. Higher value and profitability.

15% above IPO, looks like possible

Posted by KC Loh > 2012-07-04 12:22 | Report Abuse

if this is what the management has plan for the future, i think they are on the right track. didnt do the calculation yet.

http://www.btimes.com.my/articles/20120704112108/Article/

Posted by Namoyaki Takarajima > 2012-07-04 12:45 | Report Abuse

Noted KC. Appreciate your calculation report. Thanks in advance. P.S: 10-13% profit from IPO is acceptable.

Posted by KC Loh > 2012-07-04 13:07 | Report Abuse

anyone has the prospectus? :)

anywhere i can download it from?

Posted by kcfan > 2012-07-04 13:59 | Report Abuse

KC,Can refer to the yesterday Sin Chew Press full info.I also on focus this IPO.

Posted by KC Loh > 2012-07-04 14:39 | Report Abuse

Thanks kcfan . Am currently in Hong Kong and will see if I can download it. Using mitsui's last purchase price as benchmark, profit of 360mn and 8bn enlarged share base, the IPO is expensive when it should be 2.30 -35. You will be paying a premium of 50 Sen.

Is it worth it? Pros: big presence in Singapore, Malaysia and Turkey, Novena Singapore opening next month & 47% new beds next 5 years; profitable;growth rate with china and India captured, growth will be phenomenal and earnings exponential. Old age population worldwide is averaging 30% currently and may reach 49% in 2035.
Cons: no dividend, earning is still small working at about 4.80 sen estimate and is 90x to proforma; expansion mode and spending will increase growth but delay ROE.

Please note these are preliminary studies from reports gleaned.

Will I go in? I think maybe for 100 lots. It has potential, but I think from a purely investment point of view, money could be better served elsewhere if other opportunities come.

Posted by Namoyaki Takarajima > 2012-07-04 14:43 | Report Abuse

KC, will get you some details from my side. Thanks in advance.

Posted by KC Loh > 2012-07-04 14:43 | Report Abuse

Sorry, the above is meant to read "90x proforma FY11 PE if 2.85 offer"

All the best

Posted by kcfan > 2012-07-04 14:46 | Report Abuse

Appreciate on your aggressive response.Thanks

Posted by KC Loh > 2012-07-04 14:49 | Report Abuse

Thanks Namo

Posted by ryanhow90 > 2012-07-04 14:56 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/999321

IHH prospectus. KC LOH

Posted by KC Loh > 2012-07-04 14:57 | Report Abuse

kcfan, am i aggresive? Must be the Hongkie effect on me! :)

"I never buy anything unless I can fill out on a piece of paper my reasons. I may be wrong, but I would know the answer to that. "I'm paying $32 billion today for the Coca Cola Company because..." If you can't answer that question, you shouldn't buy it. If you can answer that question, and you do it a few times, you'll make a lot of money. ~ Warren Buffett

Posted by KC Loh > 2012-07-04 14:58 | Report Abuse

Thank you ryanhow90

Posted by KC Loh > 2012-07-04 15:45 | Report Abuse

right, reading the prospectus reveals that the purpose of this IPO is predominantly for repayment purpose and that returns to the beneficiary. Khazanah will pocket 5.5bn profit! The Edge Financial daily confirms that! so the price factored in to assure profitability to Khazanah, from that premium of about rm0.50. No doubt, will be eventually channeled into BN's warchest for the GE13.

no wrong in Khazanah pocketing returns from their investments,but question now is how much higher will the stock goes. from the onset, it will grow, no doubt about that with the lower gearing from the repayment and rapid expansion. if the next earning reports comes out stating a 15% growth as their executives have determined (p.4 The Edge), then you may be looking at IHH @ 3.40 upwards. Hell, i think the IPO day itself will probably touch that owing to exuberance now.

Posted by KC Loh > 2012-07-04 16:09 | Report Abuse

Bloomberg's take. Interesting is that price indicative is still ranges aroung 2.67-2.85 according to them! Possible that the premium is too much for the institutional investors for their margin of safety?

http://bloom.bg/NfN8xS#ooid=x3dmdhNTqrMMStOtr1dGZC-6xpfGSnmz

Posted by Wak Jono > 2012-07-04 16:22 | Report Abuse

Base on my experience on kpj stock, the stock really well performed past a couple of years, the demand on the services is huge and never fall. So go back to basic, the services offered by the company is strongly on demand no matter what happen...is health services....so what do u think..I would like to hold it but sure for years...last time kpj shot over 7....split..dividend...slash to 3...then now about 6....this stock must keep for long term..not for short term..

Posted by KC Loh > 2012-07-04 16:43 | Report Abuse

you are right Wak Jono. Healthcare will always be on demand.

in this case, the IPO helps pare down some of the debts built up over the years. so the IPO price actually may reflect a limited upside for institutional investors to come in. so hopefully its 2.67 although i think the retail price of 2.85 will prevail to ensure profitability for Khazanah also.

well, no harm hoping for a bigger margin for us small timer to come in cheaper :)

Posted by Namoyaki Takarajima > 2012-07-04 18:55 | Report Abuse

KC, where ever and what ever source of infos I got about IHH, it will lead me back to cornerstone investors chronicles. There's something isn't it? To discuss.

Posted by KC Loh > 2012-07-04 19:42 | Report Abuse

Namo, you are right, for now its the cornerstone investors that hold sway if its worth its while to invest in an unassuming climate. It the foreign funds incidently, not the state held or quasi govt funds here.

Posted by Mavis Chuah > 2012-07-05 01:03 | Report Abuse

Counter such as KPJ is a Champion stock, as they have strong upwards pattern in the several past year. KPJ have hospitall all across Malaysia which consumers are more familiar with and they gain confident.

However, IHH is located at 2 premium location only, which is not too much of popularity and "well-known" information. There will be a limitation for this deal to reach.

Not what a good IPO, especially when it is related to government.

Posted by Namoyaki Takarajima > 2012-07-05 07:28 | Report Abuse

Mavis Chuah, KC, noted on yr statemgents. Talking about IHH means a combination of foreign and local fund. It's a mixed mode management. The champion for local fund is Khazanah, suported by some well-known local cornerstone investors. There is no champion yet so far for foreign fund as we were told that some are coming from wealthy Turks, some from Kuweits decendants and many more. Khazanah, being a Champion on it's class forcasted to stike 6 Bilion IPO. All in all, this is a GLC company with a well focused in healthcare where Khazanah never has 1 big healthcare business such IHH before. This is one of their baby, i believe they definitely know how to take good care, to groom and to grow their babies.

Posted by Namoyaki Takarajima > 2012-07-05 13:02 | Report Abuse

For records: Some other good review/comments about IHH by few good men at i3investor.com. Not me, i am their No.1 fan. Ha ha.

Posted by feez_83 > 2012-07-05 15:37 | Report Abuse

95% remaiser of bumi hentam dis IPO thru MITI & Public for itself,if this IPO drop below IPO price,i think gov(khazanah) potong kepala..think about it frenz...just my opinion & i also get 30,000 from miti...

Posted by usry > 2012-07-05 15:41 | Report Abuse

yup.. have a good faith to this conter & apply also.. hope i will get this IPO..

Posted by feez_83 > 2012-07-05 15:45 | Report Abuse

yes usry,and dis counter look good for the long term..InsyaAllah.hopefully usry,byk doa.. ;)

Posted by feez_83 > 2012-07-06 16:03 | Report Abuse

http://www.btimes.com.my/articles/20120706102736/Article/

Posted by feez_83 > 2012-07-06 16:05 | Report Abuse

FV IHH.
Public Inv: 2.98
My personal target:3.10/3.20.

Posted by KC Loh > 2012-07-06 16:33 | Report Abuse

you may be in luck feez_83, my personal opinion is it could reach 3.40 upwards on the first day itself

Posted by kennyukm > 2012-07-06 16:36 | Report Abuse

ya, i think 1st day can reach 20% which is around 3.42. or maybe go higher to 3.50.

Posted by KC Loh > 2012-07-06 16:39 | Report Abuse

once they clear the initial placements price, secondary market wont be to much for the cornerstone investors, because they are lock-in to a 180 days period i think. The initial investors would want to know what "guarantee" or at least a margin to work with, thats for sure!

secondary markets will be for people like us who will hope the sky comes down to earth. hahaha

Posted by KC Loh > 2012-07-06 17:03 | Report Abuse

reading from the same business times:

“Although we expect to see sustained trading interest in the stock in the short term, there is limited upside for IHH’s fair value, with significant downside risk should the company fail to deliver the expected results,” Public Investment said in a note.

Read more: Public Inv starts IHH at RM2.98 fair value http://www.btimes.com.my/Current_News/BTIMES/articles/20120706102736/Article/index_html#ixzz1zpbVa6A6

Posted by KC Loh > 2012-07-06 22:32 | Report Abuse

ECM Libra's valuation of IHH. for your reading pleasure

https://www.dropbox.com/s/65ozm31bkvqwe7f/ecmlibra%20IHH%20valuation.jpeg

Posted by feez_83 > 2012-07-07 00:21 | Report Abuse

hurmm,FV so low.. :0

Posted by Vincent Wong > 2012-07-07 09:01 | Report Abuse

P/E so high?

Posted by KC Loh > 2012-07-07 18:32 | Report Abuse

You better believe it Vincent. And that too comes with the caveat if they can meet the earning target for next month according to ECM Libra for the following year

Posted by feez_83 > 2012-07-09 20:00 | Report Abuse

IHH Healthcare Berhad FV: RM3.33 (+16.8%)

Posted by KC Loh > 2012-07-12 04:38 | Report Abuse

A read in the Edge today states that Malaysia will reach an aging population within 18 years, 2030. This may augur well for IHH and other healthcare providers or is there some other motives like in today's submission for the IPO? Its a take from the women affairs ministry.

Long term wise, the healthcare and probably the health insurance business will be good. Keep in mind that medical subsidies could be next in line for a review. This is of news that cabinet is still mulling over a doctor/insurance scheme and comprehensive plan to help remove the subsidies by enforcing certain % pay out from salaries by year 2014 if I recall correctly.

Posted by yap_lee > 2012-07-12 10:50 | Report Abuse

Bila balloting ihh ni?

Posted by mcd123 > 2012-07-12 11:03 | Report Abuse

Balloting on 16 July. Unsuccessful application will be return by 20 July.Praying hard for my successful application.

Posted by KC Loh > 2012-07-12 12:29 | Report Abuse

insyallah mcd123. Then you treat us to McDonald's? LoL

Posted by mcd123 > 2012-07-12 13:18 | Report Abuse

No Problem KC,anytime.

Posted by KC Loh > 2012-07-12 13:24 | Report Abuse

McDonald's near API API not nice leh...heehee. but thanks for your offer and hope you meet the ballotting requirements

Posted by necro > 2012-07-12 13:33 | Report Abuse

me 5000unit jo...afraid huhuhu

Posted by KC Loh > 2012-07-13 00:59 | Report Abuse

IPO price settled at 2.80. may have some goodies not reflected yet. this is still to ensure Khazanah maintains a 5bn profit. Anyway, those who succeed in getting the lots, please check for your refunds. :)

for further reading: http://www.nst.com.my/latest/ihh-fixes-final-ipo-price-at-rm2-80-1.106491#

Posted by kcfan > 2012-07-19 22:02 | Report Abuse

Shortage of health needs of the broker called on the purchase of comprehensive health care
FinanceStock market19/07/2012 21:04Share

　(Kuala Lumpur, on the 19th) as the No. 3 starter shares, Integrated Health Care Holdings (IHH) is not listed first obtain optimistic about Hong Leong cast Silver pointed out that the future health care market demand will only increase, we recommend investors to buy this shares.

　The line to give 3.49 ringgit target price, compare the starting share price of 2.80 ringgit.

　Will be listed on the 25th of this month Comprehensive health care, the main board of the dual listing horse shares and the Singapore Exchange.

　Hong Leong cast silver that global population growth expected to lead the growth of health services, increased wealth also enabled people to seek better living conditions, including health-care services.

　IMF forecasts, comprehensive care in all countries of operation of stationary points to 2016, the population will continue to increase.

　The proportion of hospital beds per 1000 population in contrast, the proportion of hospital beds in the integrated health care in three major markets, is still significantly lower than for Economic Cooperation and Development (OECD), the 3.1 value.

　It also highlights future care needs will exceed the market supply.　

　Hong Leong cast silver pointed out that the five major competitive advantage of comprehensive health care, including growth of existing businesses in our health-care market, strong stable brand, one-stop health-care programs have the ability to attract highly qualified doctors and medical personnel, and has carefully experienced management.

　The bank pointed out that comprehensive health care of good, strong brand, the rise of medical tourism, the demand for high quality health services, the continued expansion of business.

　The potential negative factors, including high staff costs and retain the Honorary good medical staff.

Posted by KC Loh > 2012-07-19 22:21 | Report Abuse

is this article using some translation services from the internet? can get the gist of what its trying to say, but makes for hard reading!