Domestic healthcare sector to see spike in local, foreign patient visits, says RHB Research

The healthcare sector continued to see encouraging growth in the number of patients in the third quarter (Q3) of 2022, RHB Research said.

RHB Research 表示，医疗保健行业在 2022 年第三季度（Q3）的患者人数继续出现令人鼓舞的增长。

The firm said that after the further lifting restrictions related to Covid-19, the sector should benefit from a spike in local and foreign patient visits.

该公司表示，在进一步取消与 Covid-19 相关的限制后，该行业应该会受益于本地和外国患者就诊量的激增。

"Moreover, the spillover effect from public and private sector procurement of medication and treatments should continue to benefit the pharmaceutical players under our coverage, such as Duopharma Biotech Bhd and Kotra Industries Bhd," it said in a note on 6th December.

它在12月6日的一份报告中说：“此外，公共和私营部门采购药物和治疗的溢出效应应继续使我们覆盖范围内的制药公司受益，例如 Duopharma Biotech Bhd 和 Kotra Industries Bhd。”

Meanwhile, RHB Research said IHH Healthcare Bhd's nine-month 2022 results fell below expectations, hampered by headwinds ranging from the weakening Turkish lira, escalating operating costs (primarily in Turkey), and the nursing staff shortage in Singapore.

与此同时，RHB Research 表示，IHH Healthcare Bhd 的 2022 年九个月业绩低于预期，受到土耳其里拉疲软、运营成本上升（主要是土耳其）以及新加坡护理人员短缺等不利因素的阻碍。

On the other hand, KPJ Healthcare Bhd's nine-month 2022 net earnings more than doubled year-on-year based on its ongoing cost optimisation strategies and a pick-up in its Malaysia bed occupancy rate (BOR) by 22 percentage points (ppt) YoY to 66%, which boosted its operating efficiency.

另一方面，KPJ Healthcare Bhd 的 2022 年 9 个月净收益同比增长一倍多，这是基于其持续的成本优化策略和马来西亚床位入住率 (BOR) 上升 22 个百分点 (ppt)同比增长 66%，这提高了其运营效率。

"The company expects to maintain its cost optimisation initiatives in the coming quarters.

“公司希望在未来几个季度保持其成本优化计划。

"Both IHH and KPJ saw relatively lower revenue intensity as a result of a higher number of elective surgery cases (which have lower average selling prices), as many such procedures were deferred when the Movement Control Order (MCO) was in effect," it added.

它补充道, “由于选择性手术病例数量增加（平均售价较低），IHH 和 KPJ 的收入强度都相对较低，因为许多此类手术在运动控制令（MCO）生效时被推迟。”

RHB Research has maintained its 'Overweight' call on the healthcare sector, with the top pick being KPJ.

RHB Research 维持对医疗保健行业的“增持”评级，首选是 KPJ。

"Our sector top pick is now KPJ, underpinned by its robust patient growth trajectory—it has not been affected by nursing staff shortages—as well as its potentially earnings-accretive disposal of an overseas entity by 2023.

“我们的行业首选现在是 KPJ，这得益于其强劲的患者增长轨迹——它没有受到护理人员短缺的影响——以及到 2023 年可能增加收益的海外实体处置。

"While we remain sanguine on the recovery prospects of the healthcare service providers, KPJ's greater domestic focus accords greater earnings stability.

“虽然我们对医疗保健服务提供商的复苏前景保持乐观，但 KPJ 对国内的更大关注意味着更高的盈利稳定性。

"For the pharmaceutical sector, we expect a normalisation of raw material prices, easing supply chain bottlenecks leading to lower freight costs, which should alleviate their margin pressures in 2023—Duopharma and Kotra rely on cross-border access to facilitate raw material procurement and export sales," it said.

“对于制药行业，我们预计原材料价格将正常化，缓解供应链瓶颈，从而降低运费，这应该会缓解他们在 2023 年的利润压力——Duopharma 和 Kotra 依靠跨境准入来促进原材料采购和出口销售，”它说。