KUALA LUMPUR, Jan 13 (Bernama) -- The Malaysian healthcare sector is poised to extend beyond hospitals in 2026 following several mega healthcare listings expected this year, according to Hong Leong Investment Bank (HLIB).
In a note today, HLIB viewed the sector as strategically well-positioned to capitalise on the silver economy megatrend, particularly Malaysia’s ageing population, alongside public initial offering (IPO)-led re-rating catalysts.
"With a broader slate of healthcare listings now emerging, we now believe that the visibility of these IPO events could catalyse a broader re-rating across the healthcare sector in 2026, with the hospital segment remaining the key beneficiary, provided the IPOs are well-received by investors.
"We see these re-rating materialising through three key angles, namely, valuation benchmarking and capital flow, as well as narrative and perception shift," it said.
It was reported that Sunway Healthcare Holdings (SHH) is targeted to list by March 2026, while Asia OneHealthcare is planning an IPO before end-2026, with both market cap valuations to be at least RM16 billion.
Beyond hospitals, Big Caring Group is reportedly exploring a 2026 IPO of up to RM20 billion, while Qualitas Health Group may also pursue a Malaysian listing. Its visibility on timing and valuation remains limited.
The offering could raise at least RM3-4 billion, implying a meaningful market capitalisation.
Additionally, with Malaysia Year of Medical Tourism (MYMT) 2026, Malaysia is setting its sights on achieving RM12 billion in healthcare revenue by 2030.
"The launch MYMT 2026 is strategically well-timed, coinciding with several supportive regional and structural developments, such as Visit Malaysia Year 2026, Singapore’s increasing pivot towards specialised, complex treatments, as well as near-term disruptions within Thailand’s tourism sector," said HLIB.
As such, HLIB has maintained an "Overweight" stance on the sector for 2026, with IHH as its top pick, followed by KPJ.
-- BERNAMA
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