ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. </li>
<li>The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,</li>
</ul>



Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. 
The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. 

Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,


Prodia (PRDA IJ) - Expanding and Digitally Remastered

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumes</li><li>We expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regions</li><li>The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription shares</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>

Dr Lal Pathlabs (DLPL) is expected to sustain steady revenue growth, led by (1) patient and sample volume growth, with no price test increase in the near term, (2) increasing traction from its wellness segment (Swasthfit share at 24% in 9MFY25 vs 21% in FY24), and (3) an expansion strategy to drive volumesWe expect DLPL’s future growth to be driven by a combination of strengthening its operations in core metro and Tier-1 cities, penetration in Tier-3/4 cities in the North and East, and building clusters in the South and West regionsThe company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription sharesContent 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.

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Suraksha Diagnostic / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/suraksha-diagnostic" target="_blank" data-smartkarma-citation="entities:43795:1" rel="noopener">Suraksha Diagnostic (1481262D IN)</a> offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services in Eastern and North Eastern states of India.</li>
<li>The IPO comprises only an offer for sale of up to 19M equity shares, with no fresh issue. Suraksha Diagnostic has set price band of INR420–441 per share.</li>
<li>The floor price of the IPO reflects fair value of the company and discounts all near-term growth catalyst. We would advise not to subscribe the issue for listing gain.</li>
</ul>



Suraksha Diagnostic (1481262D IN) offers a one-stop integrated solution for pathology and radiology testing, and medical consultation services in Eastern and North Eastern states of India.
The IPO comprises only an offer for sale of up to 19M equity shares, with no fresh issue. Suraksha Diagnostic has set price band of INR420–441 per share.
The floor price of the IPO reflects fair value of the company and discounts all near-term growth catalyst. We would advise not to subscribe the issue for listing gain.


Suraksha Diagnostic IPO: Premium Valuation Limits Near-Term Upside Potential

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported 10% revenue growth in Q2, driven by volume. The bottomline surge of 18% has again outpaced revenue growth, resulting in margin expansion.</li>
<li>There has been a significant improvement in Suburban’s revenue growth rate at 12%, with EBITDA margin reaching 20%. The company maintained 10% revenue growth target for the current financial year.</li>
<li>The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported 10% revenue growth in Q2, driven by volume. The bottomline surge of 18% has again outpaced revenue growth, resulting in margin expansion.
There has been a significant improvement in Suburban’s revenue growth rate at 12%, with EBITDA margin reaching 20%. The company maintained 10% revenue growth target for the current financial year.
The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.


Dr Lal PathLabs Ltd (DLPL IN): Volume Driven Topline Growth and Margin Improvement Continued in Q2

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> has maintained its 10% revenue growth target for the current financial year, mainly driven by 6–7% growth in patient volume.</li>
<li>The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.</li>
<li>As of Q1FY25, DLPL has net cash position of INR10B. The company is looking for small or mid-sized acquisitions in South and West India and expanding in small towns.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) has maintained its 10% revenue growth target for the current financial year, mainly driven by 6–7% growth in patient volume.
The operating environment is becoming conducive. Competitive intensity in terms of predatory pricing, promotional offer, and cash burning to acquire customers, have come to an end.
As of Q1FY25, DLPL has net cash position of INR10B. The company is looking for small or mid-sized acquisitions in South and West India and expanding in small towns.


Dr Lal PathLabs Ltd (DLPL IN): Poised for Next Level of Growth Amid Easing Price Competition

India

Dr. Lal PathLabs Limited is an Indian diagnostic and healthcare service provider, offering a comprehensive range of pathology, radiology, and cardiology tests. The company's services include routine blood and urine tests, specialized screenings for conditions like diabetes and cancer, and preventive health check-ups. Headquartered in New Delhi, India, the company was founded in 1949.

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Dr. Lal PathLabs (DLPL IN)

Prodia (PRDA IJ) - Expanding and Digitally Remastered

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and...

Angus Mackintosh

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription...

HDFC Securities

Suraksha Diagnostic IPO: Premium Valuation Limits Near-Term Upside Potential

Suraksha Diagnostic offers integrated pathology and radiology services in India. The IPO comprises of an OFS of up to 19M shares. The company has...

Tina Banerjee

Dr Lal PathLabs Ltd (DLPL IN): Volume Driven Topline Growth and Margin Improvement Continued in Q2

Dr Lal PathLabs reports 10% revenue growth in Q2, driven by volume, with bottomline surge outpacing revenue growth. The company has maintained 10%...

Tina Banerjee

Dr Lal PathLabs Ltd (DLPL IN): Poised for Next Level of Growth Amid Easing Price Competition

Dr Lal PathLabs expects 10% revenue growth fueled by patient volume in FY25. The company is looking for small or mid-sized acquisitions in South...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Prodia (PRDA IJ) - Expanding and Digitally Remastered

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and...

Angus Mackintosh

Dr. Lal Pathlabs: Focus on volume-led growth and margin. Maintain ADD

The company is focusing on innovation, including new wellness packages and high-end, super-specialty tests, with a focus on capturing prescription...

HDFC Securities

Suraksha Diagnostic IPO: Premium Valuation Limits Near-Term Upside Potential

​Suraksha Diagnostic offers integrated pathology and radiology services in India. The IPO comprises of an OFS of up to 19M shares. The company has...

Tina Banerjee

Dr Lal PathLabs Ltd (DLPL IN): Volume Driven Topline Growth and Margin Improvement Continued in Q2

​Dr Lal PathLabs reports 10% revenue growth in Q2, driven by volume, with bottomline surge outpacing revenue growth. The company has maintained 10%...

Tina Banerjee

Dr Lal PathLabs Ltd (DLPL IN): Poised for Next Level of Growth Amid Easing Price Competition

​Dr Lal PathLabs expects 10% revenue growth fueled by patient volume in FY25. The company is looking for small or mid-sized acquisitions in South...

Tina Banerjee

Suraksha Diagnostic offers integrated pathology and radiology services in India. The IPO comprises of an OFS of up to 19M shares. The company has...

Dr Lal PathLabs reports 10% revenue growth in Q2, driven by volume, with bottomline surge outpacing revenue growth. The company has maintained 10%...

Dr Lal PathLabs expects 10% revenue growth fueled by patient volume in FY25. The company is looking for small or mid-sized acquisitions in South...