IHH's Turkey brand underlying demand resilient despite depreciating lira

The lira depreciated by 30% since 25 May to TYR0.1618/MYR.

The underlying demand of IHH Healthcare's Acibadem remained resilient despite the depreciating lira, said UOB Kay Hian.

For example, its seven-year cumulative revenue/inpatient growth (2015-22) of 402% has exceeded Turkiye’s cumulative inflation rate of 319%, while growing inpatient admission by 80%.

According to the online broker, the resiliency may be driven by to two factors: a) Acibadem is targeted at the ultra-wealthy, with their assets typically dollarised and relatively insulated against domestic inflation, and b) diversification of Acibadem’s patient base. 

Five of IHH's Acibadem Hospitals are accredited by Joint Commission International, the international gold standard for quality and patient safety.