This year’s third largest IPO, IHH rose the most in three weeks, after reporting a fivefold jump in its second quarter earnings.
The health-care provider said on Tuesday evening that its 2Q net income surged to 403.5 million ringgit (US$129 million), from 76.7 million ringgit the same period last year. Boosted by inaugural contributions from Acibadem Saglik Hizmetleri & Ticaret AS, Turkey’s largest hospital group, in which IHH bought a 60% stake in January, 2Q revenue tripled. Its recent IPO in both Singapore and Malaysia has also lent strength to the company’s balance sheet.
In Singapore, IHH made its biggest advance since July 26 after climbing 2.8% to $1.275. The stock is now up 14.6% from its IPO price of $1.113 on July 24. Over the same period, the STI registered an increase of 1.4%.
In Malaysia, IHH also surpassed the +0.8% performance of the Kuala Lumpur Composite Index for the same period with its 13% gain since July 24.