百汇班底，马新大展拳脚

国库控股是透过子公司综合医疗控股(Integrated Healthcare Holdings)掌控百汇控股。

2011年4月7日，日本三井物产株式会社(Mitsui & Co.)向国库控股收购了综合医疗控股的30%股权，成为策略性股东，一举写下日本在我国最高的投资记录。

随后，成立了百汇班底有限公司。

经过一轮大整合后，已经除牌的百汇控股和班底控股双双成为百汇班底的独资子公司。

国库控股在2010年8月的股权争夺战中，击败印度富斯医疗保健有限公司(Fortis Healthcare Ltd)，将当时在新加坡挂牌上市的百汇控股私有化。

国库控股当时是以每股3.95新币（2.88美元）打败福斯集团每股3.80新币的出价。

国库控股投资组合至少有280亿美元，单单在争夺百汇控股就动用了33亿美元，是这几年来最大笔的海外投资。

很显然，医疗领域似乎成了国库控股重要的投资项目之一，至少占总投资额10%。

其实国库控股早在2005年就已经锁定医疗领域为投资重点之一。

百汇班底将在2012年迎来8家新医院，分别坐落在新加坡、马来西亚、中国、印度、越南及阿联酋。

百汇班底在新加坡的三大医院为伊丽莎白医院、鹰阁医院及百汇东岸医院，客户群以海外病人占比重40%，主要源于印尼、马来西亚、缅甸和孟加拉，多是以医疗旅游为主。

百汇班底目前是本区域规模最大的一体化私人医疗服务供应商之一。

医院分布地点：

新加坡

1. 伊丽莎白医院；
2. 百汇东岸医院；
3. 鹰阁医院；
4. 百汇诺维娜医院（建设中）

马来西亚

1. 安邦班底医院；
2. 爱极乐班底医院；
3. 岜株巴辖班底医院；
4. 蕉赖班底医院；
5. 怡保班底医院；
6. 巴生班底医院；
7. 吉隆坡班底医院；
8. 槟城班底医院；
9. 双溪大年班底医院；
10. 槟城鹰阁医疗中心；
11. 曼绒班底医院（建设中）；
12. 美迪尼鹰阁医院（建设中）；
13. 亚庇鹰阁医院（建设中）

汶莱

1. 汶莱鹰阁水晶公园医疗中心

中国

1. 上海国际医学中心（建设中）

印度

1. 加尔各答阿波罗鹰阁医院
2. 孟买百汇Khubchandani医院（建设中）

越南

1. 胡志明城市国际医院（建设中）

阿联酋

1. 阿布扎比德纳特奥玛拉德妇女儿童医院（建设中）

Khazanah's healthcare investment arm, IHH is set to come to market at one of the highest PER among companies making their debut on Bursa Malaysia . IHH already has 22 cornerstone investors lined up, a list of comprising a mix of local and foreign, institutional and sovereign investors.

IHH's cornerstone offering of 1.3 billion shares comprises 62.09% of the IPO shares offerd and 17.22% of the enlarged shares capital after the listing.

Based on the cornerstone offer price of rm2.85, IHH is priced at 93 times pro forma FY201 earnings per share of 3.05 sen. In comparison, the median PERs for healthcare operators in the Asia Pacific's emerging markets is only 15.3 times. IHH also looks expensive compared with healthcare service providers operating in similar markets. The median PER for five of these players is 33.2 times (historical) and 26.1 times (forward).

No forecast was provided in IHH's draft prospectus released but based on pro forma EPS of 2.04 sen for the quarter ended March 31 2012 the offer price of rm2.85 translates to a PER of 34.9 times based on annualized EPS of 8.16 sen.

The market is expecting IHH to be priced at a high PER given that the group acquired Parkway Holdings Ltd at more than 30 times PER in 2010. However, PER may not be the most suitable method to value the stock.

Healthcare providers are a peculiar breed, with some having aggressive depreciation policies for their hospital equipment and other fixed assets. IHH will be adding more than 3000 beds with the new hospitals coming onstream.

IHH should not be compared with some of the regional healthcare players due to differing depreciation policies. Furthermore IHH offers investors an opportunity to tap into markets where tourism healthcare is set to grow, namely Malaysia and Turkey , via its indirect 60% owned Acibadem Holdings AS.

Khazanah's  acquisition of Parkway Holdings in 2010 resulted in high levels of intangibles on IHH's books. Due to largely to its past mergers and acquisitions, goodwill and other intangible assets represent a substantial portion of assets.

The group's  goodwill and other intangible were approximately rm11.6 billion as at March 31, 2012 on a historical combined basis, representing approximately 49.8% of its total assets and 93.6% of its consolidated total equity.

IHH has been growing its global footprint, going on an acquisition spree to capture expanding demand for healthcare services. However, almost of the funds raised will be allocated to paying off debts used to acquire its prized healthcare assets in the last two years (2010-2011).

IHH plans to use 90.9% of the rm6.37 billion raised from the IPO to pay off debts within 12 months. As at March 31, 2012 IHH had rm7.63 billion in total borrowings and net gearing of 0.49 times.

The high debt levels were pinned on the group's aggressive expansion in the past two years (2010-2011).

The group noted that a lower gearing would give it the flexibility to expand operations locally or overseas and to raise financing as and when attractive opportunities arise.

In fact, IHH is not committed to a dividend policy to pay out a minimum amount of its earnings.