Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

<ul>
<li>Learn about India’s worst accounting fraud, including Yes Bank, Satyam Computer, Kingfisher and others in this report.</li>
<li>Misappropriation features prominently in these scandals, in addition to fraudulent reporting and corporate governance failure.</li>
<li>Siphoning of funds from bank loans, in particular, has been a common feature of Indian corporate malfeasance.</li>
</ul>


Learn about India’s worst accounting fraud, including Yes Bank, Satyam Computer, Kingfisher and others in this report.
Misappropriation features prominently in these scandals, in addition to fraudulent reporting and corporate governance failure.
Siphoning of funds from bank loans, in particular, has been a common feature of Indian corporate malfeasance.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB. </li>
<li>Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).</li>
<li>Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB. 
Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).
Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.


2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB and improved occupancy levels.</li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 67,123, up 9.9% YoY, while occupancy improved to 67% (up 300 bps YoY), driven by a 4.3% YoY growth in occupied bed days.</li><li>EBITDA margins stood at 20%, up 200 bps YoY.</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>

Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB and improved occupancy levels.Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 67,123, up 9.9% YoY, while occupancy improved to 67% (up 300 bps YoY), driven by a 4.3% YoY growth in occupied bed days.EBITDA margins stood at 20%, up 200 bps YoY.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.

Fortis Healthcare Ltd - Fortis Eyes Profitable Growth

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Dr Agarwal's Health Care Ltd / Equity Capital Markets

Dr Agarwal's Health Care Ltd (8140044Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> raised around US$350m in its India IPO.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-agarwal-s-health-care-ltd" target="_blank" data-smartkarma-citation="entities:43984:1" rel="noopener">Dr Agarwal's Health Care Ltd (8140044Z IN)</a> is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.</li>
<li>Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.</li>
<li>Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) is looking to raise about US$350m in its India IPO. The deal is downsized from an earlier reported size of around US$480m.
Dr Agarwal’s Health Care is a healthcare/hospital chain in India providing eyecare services, including surgeries; consultations, diagnoses, non-surgical treatments; and sells opticals, contact lens, accessories and eyecare related pharmaceutical products.
Previously, we have looked at the company’s past performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

India

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

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Fortis Healthcare (FORH IN)

India's Worst Accounting Scandals

Report documents India's major accounting fraud cases including Yes Bank, Satyam Computer and others. Misappropriation features prominently, with...

Mark Jolley

2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues

Aster DM achieved 11% revenue growth to INR10.5B in Q3FY25, with operating EBITDA margins standing at 19.3% (vs. Q3FY24: 17.7%). The company aims...

Tina Banerjee

Fortis Healthcare Ltd - Fortis Eyes Profitable Growth

Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB...

Axis Direct

Dr Agarwal’s Healthcare IPO Trading - Decent Anchor Demand but Subdued Overall Coverage

Dr Agarwal’s Healthcare raised around US$350m in its India IPO. In this note, we will talk about the demand and trading dynamics.

Akshat Shah

Dr Agarwal’s Healthcare IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

Dr Agarwal’s Healthcare is looking to raise about US$350m in its India IPO. In this note, we provide a summary of its RHP updates and share our...

Akshat Shah

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