IHH Healthcare - Turkey for Christmas

IHH’s ability to make profits in desperate times cannot be ignored, when growth is hard to come by. We continue to like its defensive earnings with bigger offerings to take the healthcare market by storm. As predicted by us earlier, its share price has strengthened in recent weeks, after results. Seasonal strength in 4Q12/1Q13 and a ramp-up of its Acibadem hospital are expected to provide near-term catalysts for our unchanged Outperform rating, while further-out catalysts could include any success in penetrating new markets. No change to our EPS or SOP target price.