Exhibit 110: SILO’s CROCI DuPont

GCI turnover (X)

EBITDA margins (%)

Cash conversion (X)

Source: Company data, Goldman Sachs Global Investment Research.

Siloam International Hospitals: Summary financials

Profit model (Rp bn)

Balance sheet (Rp bn)

Total revenue

Cash & equivalents

Cost of goods sold

Accounts receivable

Other current assets

Other operating profit/(expense)

2.8 0.0 0.0 0.0 Total current assets

Net PP&E

Depreciation & amortization

Net intangibles

Total investments

Interest income

12.0 15.5 22.1 23.6 Other long-term assets

Interest expense

Total assets

Income/(loss) from uncons. subs.

Others

0.0 0.0 0.0 0.0 Accounts payable

Pretax profits

Short-term debt

Income tax

Other current liabilities

Total current liabilities

Long-term debt

Net income pre-preferred dividends

Other long-term liabilities

Preferred dividends

0.0 0.0 0.0 0.0 Total long-term liabilities

Net income (pre-exceptionals)

Total liabilities

Post-tax exceptionals

Net income

Preferred shares

Total common equity

EPS (basic, pre-except) (Rp)

Minority interest

EPS (basic, post-except) (Rp)

EPS (diluted, post-except) (Rp)

Total liabilities & equity

DPS (Rp)

Dividend payout ratio (%)

0.0 10.0 10.0 13.3 BVPS (Rp)

Free cash flow yield (%)

Growth & margins (%)

Sales growth

40.0 42.9 34.4 30.4 CROCI (%)

EBITDA growth

32.8 60.6 49.4 49.7 ROE (%)

EBIT growth

Net income growth

EPS growth

Inventory days

Gross margin

26.3 27.7 29.2 31.9 Receivables days

EBITDA margin

11.2 12.6 14.0 16.1 Payable days

EBIT margin

3.1 4.2 5.7 8.4 Net debt/equity (%)

Interest cover - EBIT (X)

Cash flow statement (Rp bn)

Net income pre-preferred dividends

D&A add-back

P/E (analyst) (X)

Minorities interests add-back

0.3 4.2 10.8 21.4 P/B (X)

Net (inc)/dec working capital

EV/EBITDA (X)

Other operating cash flow

31.5 39.4 48.1 62.7 EV/GCI (X)

Cash flow from operations

Dividend yield (%)

Capital expenditures

Cash flow from investments

Dividends paid (common & pref)

Inc/(dec) in debt

Common stock issuance (repurchase)

Other financing cash flows

Cash flow from financing

Total cash flow

Note: Last actual year may include reported and estimated data. Source: Company data, Goldman Sachs Research estimates.

IHH Healthcare (IHHH.KL): Growth potential priced in; maintain Neutral

What's changed

Investment Profile

Based on our deep dive analysis of the HC systems, trends and competitive landscape which points to a positive

Low

High

outlook for ASEAN-4, we believe that Malaysia’s private hospital sector outlook – especially from medical tourism Growth

Growth

– is stronger than our initial expectations. We hence raise our 2014E-2016E EPS by 1%-10% to mainly factor in Returns *

stronger inpatient volume growth for its Malaysia hospital operations.

Volatility

Our revised forecast points to a 470bp expansion in CROCI and a DACF CAGR of 13% for IHH over 2014E-2020E, 100th

Percentile

20th

40th 60th 80th

IHH Healthcare Bhd (IHHH.KL)

which would rank IHH in quartile 2 for growth and quartile 4 for CROCI within our coverage universe over 2014E-

Asia Pacific Consumer Peer Group Average

2016E.

* Returns = Return on Capital

For a complete description of the investment profile measures please refer to the disclosure section of this document.

Implications

We maintain our Neutral rating on IHH as while we like IHH’s dominant position in all key markets – Singapore,

Key data

Current

Malaysia and Turkey – and its new ventures into India and HK, we believe that valuations have largely priced it in. 4.17

Price (RM)

12 month price target (RM)

Market cap (RM mn / US$ mn)

We also expect IHH’s growth trajectory to slow in the longer term – our forecasts suggest that IHH will drop to

Foreign ownership (%)

quartile 3 within our coverage universe in terms of DACF growth post 2016E – due to more limited growth

prospects in Singapore (although partly to be offset by opening of new HK hospital) once Novena ramps up to a 12/16E

12/13 12/14E 12/15E

EPS (RM)

more mature level. We also expect many other hospital companies to exhibit stronger growth as they will have

EPS growth (%)

EPS (diluted) (RM)

very sizeable new projects that will kick in post 2016E.

EPS (basic pre-ex) (RM)

EV/EBITDA (X)

Dividend yield (%)

3.7 4.4 5.0 We now employ 2-year forward Director’s Cut (EV/GCI vs. CROCI/WACC) methodology to value the ASEAN 5.8

healthcare stocks.

We raise our 12-m TP to RM4.20 (+1% upside potential; prior TP of RM3.50 was based on SOTP) to reflect our earnings revisions and shift to a new valuation methodology (2016E Director’s Cut now vs. 2014 SOTP

Price performance chart

4.3 previously). Our TP implies 2015E/16E EV/EBITDA of 17.6X / 15.1X. 2,050

4.0 Key risks 1,900

3.9 Stronger/weaker than expected execution on new hospitals; lower/higher than expected volatility in FX/interest 1,850

3.5 Jun-13 1,650 Sep-13 Dec-13 Mar-14

IHH Healthcare Bhd (L)

Kuala Lumpur Composite (R)

Share price performance (%)

3 month 6 month 12 month

Absolute

Rel. to Kuala Lumpur Composite

Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 6/02/2014 close.

Exhibit 111: We expect 2014E-2020E revenue/

Exhibit 113: Expect bed additions and occupancy EBITDA CAGR of 13%/14%

Exhibit 112: Share price implies similar 2015E-

2016E CROCI and 10-year EPS CAGR as GSe

rates to improve in 2014E-2016E

Occupancy rates (%) - RHS RM mn

Revenue

EBITDA - RHS

Share price implied

GSe

2011-13

Available beds

2014-2020E

EBITDA CAGR = 14% Rev. CAGR = 13%

10,000 Rev. CAGR = 14% EBITDA CAGR = 21%

09 10 11 12 13 E E E E E E E 40% 2009

EPS CAGR

Source: Company data, Goldman Sachs Global Investment Research.

Source: Company data, Goldman Sachs Global Investment

Research.

Exhibit 116: EV/EBITDA multiple appears fair through 2020E

Exhibit 114: IHH to stay in 4Q in terms of CROCI

Exhibit 115: EV/GCI is at 0.5X standard deviation

currently, above average but supported by rising CROCI

2013 2014E 2015E 2016E 2017E 2018E 2019E 2020E

EBITDA growth (%)

EV/EBITDA

Average +1 Std dev -1 Std dev

CROCI Quartiling

CROCI (%) - RHS

EV/GCI

EV/GCI (X)

CROCI (%)

EV/EBITDA (x)

EBITDA growth (%)

21 +1std = 20.4X

1.6 +1std = 1.6X

Average = 19.3X

Bangkok Dusit

3 3 3 3 3 3 3 3 1.5 Average = 1.5X

Bangkok Chain

18 -1std = 18.2X

-1std = 1.4X

Source: Company data, Goldman Sachs Global Investment Research.

Source: Goldman Sachs Global Investment Research.

Source: Company data, Datastream, Goldman Sachs Global Investment Research.

Exhibit 110: SILO’s CROCI DuPont