Year-end listing for Sunway’s healthcare arm

PETALING JAYA: Sunway Healthcare Group (SHG) is expected to be listed by the end of the year at the earliest, according to Hong Leong Investment Bank (HLIB) Research.

It said the healthcare segment would remain a core earnings pillar for Sunway Bhd, with the group to retain a significant stake that enables it to consolidate SHG’s results.

“With strong growth ahead from hospital expansions and rising foreign patient numbers, the listing is unlikely to cause a material earnings dip,” it said.

SHG continues to scale rapidly, with the opening of SMC Damansara in December 2024 and SMC Ipoh in April 2025. It is also increasing its hospital portfolio to five from three.

“As highlighted in our earlier report, foreign patients offer substantial earnings potential, generating over four times the revenue per bed and significantly higher earnings before interest, taxes, depreciation and amortisation margins compared with domestic patients.

“Recognising this potential, SHG targets to scale up its foreign patient mix to 15% in 2025 from around 10% in 2024,” the research house noted.

It expected the Sunway group’s property segment to be supported by RM4.1bil worth of launches in the pipeline.

“The group is entering its busiest year in Johor with RM1.26bil in planned launches. And it is also marking a new milestone in Singapore with four active projects – the most in its history,” the research house said.