PETALING JAYA: IHH Healthcare Bhd’s shares rose to a record high of RM6.78 yesterday, before ending the day at RM6.61, up 3.28% or 21 sen from its previous day’s close.

       The healthcare group was the fifth highest gainer of the day with 31.02 million shares traded.

       Year-to-date, IHH Healthcare’s shares have risen almost 20%, with its market capitalisation standing at RM58.03bil.

       In a filing with Bursa Malaysia yesterday, IHH Healthcare said the Employees Provident Fund (EPF) had disposed of a total of 1.99 million shares and acquired a further 350,000 shares in the company on Sept 3.

       Currently, the EPF has an 8.85% direct stake in IHH Healthcare.

       Analysts believe that the surge in the share price could also be due to the company’s ability to weather the pandemic, as well as positive business prospects amid the resurgence of Covid-19 infections in countries where it operates.

       Investor sentiment could also be spurred by the fact that IHH Healthcare has returned to the black for the second quarter ended June 30, 2021, as it posted a net profit of RM483.31mil compared with a net loss of RM120.64mil in the previous corresponding period.

       Separately, TA Securities in a recent report noted that IHH Healthcare continued to conduct Covid-19 lab testing, treat non-Covid patients decanted from government hospitals and run 19 vaccination centres in Malaysia.

       “In addition, more than 600 Covid-19 patients have been treated in the second quarter of 2021.

       “In Singapore, IHH Healthcare continues with plenty of Covid-19 prevention services including border-screening, on-arrival testing and lab testing.

       “Similarly, the group continues to administer vaccines, treat Covid-19 patients and lab testing in Turkey and India.

       “Overall, we gather that Covid-19 services contributed 12% of Malaysia, 24% of Singapore, 9% of Turkey and 31% of India’s second-quarter 2021 revenue respectively.”

       In addition to active collaborations with the public healthcare sector in support of Covid-related services, MIDF Research noted that IHH Healthcare has been adopting, innovating and delivering digitalisation and technology to boost productivity.

       “The group also seeks to extract greater synergies by leveraging economies to achieve lower costs and better optimisation of resources, while continuing to deepen its metro cluster strategy to drive efficient growth.

       “Despite the fluidity of the pandemic, IHH Healthcare’s priorities remain the same in supporting its patients with the best medical care, while ensuring the safety and well-being of its workers.”