Average bill size continued to grow with higher revenue intensity and increasingly complex surgeries. Average outpatient bill size and average inpatient bill size rose 9% and 3.8% YoY, respectively.
Coupled with the S$11.0mn net proceeds from the Placement Shares to Heliconia Capital Management, which has not yet been utilised, the Group now has greater financial flexibility to pursue any business or investment opportunities.
Positive outlook with upgrading and expansion plans in Mahkota and Regency on track to meet the growing demand.
Maintain BUY with unchanged DCF-derived TP of S$0.83
We maintain our view that HMI will benefit from the socioeconomic tailwinds arising from (i) public and private initiatives to improve infrastructure and regional connectivity; (ii) increasing domestic insurance take-up rate; (iii) favourable demographics; and (iv) cost competitive pricing compared to regional peers.