External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onApollo Hospitals Enterprise Apollo hospitals enterprise’s (APHS) 100% subsidiary “Apollo HealthCo” (AHL) has entered into agreement to raise equity capital of Rs. 24.75bn ($300mn) from Advent International (Advent) for 16.8% stake.</li><li>In addition, AHL has also proposed integration of promoter group entity Keimed Pvt Ltd (Keimed) into AHL in phased manner.</li><li>This will create leading integrated pharmacy distribution business complemented by fast growing omnichannel digital health business.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Prabhudas Lilladher's research report onApollo Hospitals Enterprise Apollo hospitals enterprise’s (APHS) 100% subsidiary “Apollo HealthCo” (AHL) has entered into agreement to raise equity capital of Rs. 24.75bn ($300mn) from Advent International (Advent) for 16.8% stake.In addition, AHL has also proposed integration of promoter group entity Keimed Pvt Ltd (Keimed) into AHL in phased manner.This will create leading integrated pharmacy distribution business complemented by fast growing omnichannel digital health business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Apollo Hospitals Enterprise - Stake Sale in AHL+ Keimed Merger

Global Healthcare Analyst

Tina Banerjee

Bumrungrad Hospital Pub Co / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.</li>
<li>International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.</li>
<li>With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.</li>
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Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.


Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

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<a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> reported a 21% YoY growth in revenue in Q4FY23, mainly driven by 31% and 18% revenue growth in Apollo HealthCo and hospital business, respectively.</li>
<li>For FY24, Apollo expects HCS segment revenue growth at 15% YoY, mainly driven by higher occupancy. The company aims to improve hospital occupancy to 70% by the end of FY24.</li>
<li>Apollo 24/7 business is on track to achieve breakeven at an entity level in Q4FY24. GMV of Apollo 24/7 is expected to be double in FY24 compared to FY23 level.</li>
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Apollo Hospitals Enterprise (APHS IN) reported a 21% YoY growth in revenue in Q4FY23, mainly driven by 31% and 18% revenue growth in Apollo HealthCo and hospital business, respectively.
For FY24, Apollo expects HCS segment revenue growth at 15% YoY, mainly driven by higher occupancy. The company aims to improve hospital occupancy to 70% by the end of FY24.
Apollo 24/7 business is on track to achieve breakeven at an entity level in Q4FY24. GMV of Apollo 24/7 is expected to be double in FY24 compared to FY23 level.


Apollo Hospitals Enterprise (APHS IN): Hospitals Business Drove Q4 Result; Positive Outlook For FY24

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
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IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
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IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

India

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

Apollo Hospitals Enterprise (APHS IN)

Apollo Hospitals Enterprise - Stake Sale in AHL+ Keimed Merger

In addition, AHL has also proposed integration of promoter group entity Keimed Pvt Ltd (Keimed) into AHL in phased manner.

Prabhudas Lilladhar

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

With tight cost control, Bumrungrad reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%,...

Tina Banerjee