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The healthcare sector has so far outperformed the broader market. We remain upbeat on the sector, given stepped-up healthcare spending and the gradual easing of travel restrictions as the industry shifts towards post-pandemic. We maintain BUY on IHH with a higher SOP-derived TP of RM7.36, but downgrade KPJ to HOLD with a SOP-derived TP of RM1.15 due to limited upside. We see IHH’s regional presence as its strong proposition in de-risking country-specific challenges.

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