Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.</li>
<li>China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.</li>
<li>Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.</li>
</ul>


Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.
China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.
Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.


APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

<ul>
<li>With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.</li>
<li>Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.</li>
<li>With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.</li>
</ul>


With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.
Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.
With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.


Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

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 in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.</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>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Dr Agarwal's Health Care Ltd (8140044Z IN) raised around US$350m in its India IPO in Jan 2025. The lockup on its pre-IPO investors is set to expire soon.
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.
In this note, we will talk about the lockup dynamics and possible placement.


Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Event-Driven

Manipal Health Enterprises Ltd / Event-Driven

Manipal Health Enterprises Ltd (1217834D IN)

<ul>
<li>Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;</li>
<li>Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.</li>
<li>Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.</li>
</ul>


Manipal Health Enterprises operates 49 hospitals with 13,037 licensed beds across 14 states, generating nearly ₹11,000 crore in revenue via aggressive acquisitions and brownfield expansion opportunities.;
Leading in CONGO-R specialties, Manipal boasts high ARPOB (₹66,145) and low ALOS (2.8 days), backed by lean opex, high EBITDA per employee, and strong institutional governance.
Priced at ₹560–590 (FY26 EV/EBITDA 30.5x), the IPO offers limited listing gains. Long-term upside hinges on brownfield bed operationalization, doctor retention, and navigating Metro overcapacity.


Manipal Health IPO: Skip the Listing, Buy the Dips?

United Arab Emirates

Aster DM Quality Care is an India-based integrated healthcare provider, offering multi-specialty healthcare services through a network of hospitals, clinics, pharmacies, and diagnostic centers across several Indian states. The company focuses on providing primary, secondary, tertiary, and quaternary care, with specialized centers of excellence in various medical fields. It was founded in 1987 as a single doctor clinic in Dubai, with India operations commencing in 2001, and is headquartered in Bengaluru, Karnataka, India.

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Aster DM Quality Care (ASTERDM IN)

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Manipal Health IPO: Skip the Listing, Buy the Dips?

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

​Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

​Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

Dr Agarwal’s Health Care IPO Lockup - US$725m Lockup Release; PE Investors May Look to Cash Out

TPG and Temasek are selling part of their stakes , around 11% of Dr Agarwal Health Care's existing share capital, to raise around US$183m, at a...

Akshat Shah

Manipal Health IPO: Skip the Listing, Buy the Dips?

​Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...

Himanshu Dugar

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Manipal Health Enterprises is a leading hospital operator with strong financials and growth potential, but the IPO may not offer immediate gains...