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News

IHH Healthcare, Asia’s largest healthcare company, has reported a loss of M$107 million (US$24.1 million) for the fourth quarter of the year on revenues that rose 15% to M$2.6 billion. It was hit by a M$335.2 million loss on the translation of non-Turkish lira borrowings, a M$53.6 million VAT claim in Turkey as well as charges of M$132.7 million on its investment in Gleneagles Khubchandani Hospital in India.
Shares in Ramsay Health Care slipped more than 3% despite the release of not only solid H1 results but also an upgrade to full year results. The shares of Australia’s largest private hospital operator fell as chief executive Chris Rex, who has helmed the company for nine years, announced that he intended to step down this year.
Vital Healthcare Property Trust, the only NZSX-listed healthcare property fund, has reported a 22.9% slip in profits for the first half of the year to NZ$45.5 million (US$32.6 million). This is thanks to considerably smaller revaluation gain than the same period last year.
Shares in aged care operator Estia Heath surged more than 14% yesterday after it posted a 17% jump in interim profits to A$19.8 million (US$15.2 million) on revenues that rose 34% to A$263.1 million.
Summerset Group, New Zealand's third-largest listed retirement village operator, has reported a 73% jump in net profits to NZ$145.5 million (US$104.2 million) driven by new retirement units built, solid demand and on the back of a significant increase in property value. Underlying profits were up 50% to NZ$56.6 million, beating the company’s positive profit warning in November.
Integral Diagnostics (IDX), Australia’s fourth largest radiology group, has reported a 5.1% decline in H1 underlying profits to A$7.5 million (US$5.8 million) on revenues that rose 7.9% to A$88.6 million. Expectations were that profits would sink as much as 10% following a market update in November.
Two board members have resigned from Mega Medical Technology, which manufactures and trades in dental prosthetics in China. Wu Xiaolin has tendered his resignation as an executive director and Jiang Feng has resigned as non-executive director. Both say that they want to devote more time to other business engagements.
Nursing staffing provider Bamboos Health Care Holdings has received approval to transfer its listing from the junior GEM board in Hong Kong to the main board. Trading will start on 1 March.



Analysis

Asia is no longer the benign liability environment that it once was. Michael Griffiths, regional director of healthcare at Aon Singapore, explains why.
Rhenu Bhuller, partner at Frost & Sullivan, examines the evolving implications of the Trump election on the healthcare industry in Asia.
Healthcare Partners has increased its hostile takeover bid for NZX-listed specialist medical investment firm Abano Healthcare Group. It is now offering NZ$10.16 per share (US$7.34) per share, up from NZ$10.00 per share. The increased offer takes into account the dividend that Abano paid last month.
Real estate group OUE has made a S$62.9 million (US$44.4 million) takeover bid for financially troubled International Healthway Corporation (IHC), a Singapore-listed integrated healthcare services and facilities provider.
Care home operator Pine Care Group has raised HK$121.8 million (US$15.7 million) in its moderately oversubscribed IPO, making it the year’s second healthcare company to float on the Hong Kong Stock Exchange. It sold 259.2 million shares at HK$0.69 per share, which was the top of the HK$0.63 – HK$0.69 per share range. Sole sponsor is Guotai Junan Capital.
Oxley Holdings has thrown a lifeline to embattled International Healthway Corporation (IHC), a Singapore-listed integrated healthcare services and facilities provider. The property developer and two of its senior managers have agreed a much needed convertible loan facility of up to S$50 million (US$35.3 million).
The Aon Asia Market Review 2017 report forecasts a net medical inflation rate of 6% in Asia for 2017, marginally down on the 6.3% recorded last year.
Jiadi Yu, principal investment officer at the IFC in Hong Kong, explains why China’s reforms make sure that there will be no slow down in healthcare investment.


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Markets

Markets in Asia were generally lower today after a night of confused policy towards the region from the US. Treasury secretary Steven Mnuchin said that it was too early to label China a currency manipulator, just a couple of hours before his boss, president Donald Trump, did precisely that. The Shanghai Composite was down 0.44% and the Hang Seng fell 0.49%. The Nikkei traded in line with a dollar that dropped to a two-week low: it was off by 0.56%. And most other regional exchanges fell in line. “Trading volumes remain healthy at the current juncture implying market participants are still in search for higher yield assets classes,” said Malacca Securities in a note to clients this morning.



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