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. 

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Thematic (Sector/Industry)

<ul><li>The Private Healthcare Industry in India currently has an industry size of ~Rs 38,000 Cr.</li><li>The industry is projected to experience a CAGR of 13% over the next three financial years.</li><li>This growth is expected to generate an annual incremental demand of Rs 6,000 Cr. </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>

The Private Healthcare Industry in India currently has an industry size of ~Rs 38,000 Cr.The industry is projected to experience a CAGR of 13% over the next three financial years.This growth is expected to generate an annual incremental demand of Rs 6,000 Cr. 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.

Hospital Sector - Specialties Mix & Insurance Penetration to Drive Hospitals’ Profitability

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Aster DM Healthcare Ltd / 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> plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.</li>
<li>Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.</li>
<li>The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) plans to add ~1,800 beds by FY27, aligning with its strategic roadmap to expand its footprint and become a top-three healthcare player in India.
Operating EBITDA margin has improved to 21.4% in Q2FY25 as compared to 16.8% in Q2FY24. The company expects continuous margin expansion over the next two-three years.
The company is expected to report high teens revenue growth through FY27, with bottomline growth outpacing topline. Aster DM shares are trading at NTM EV/EBITDA of 24.9x, lower than peers.


2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

<ul>
<li>
<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> remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.</li>
<li>Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.</li>
<li>IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.</li>
</ul>



IHH Healthcare (IHH MK) remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.
Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.


IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track

Global Health (Medanta) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (MEDANTA IN)</a> reported double-digit growth in revenue in Q1FY25, while sluggish developing hospitals was a drag on the margins.</li>
<li>The company plans to add 1,000–1,500 beds in next 2–3 years, with most of the planned bed addition being at greenfield projects entailing higher capex per bed.</li>
<li>Medanta does offer synergy as a possible takeover candidate for a leading hospital operator.</li>
</ul>



Global Health (Medanta) (MEDANTA IN) reported double-digit growth in revenue in Q1FY25, while sluggish developing hospitals was a drag on the margins.
The company plans to add 1,000–1,500 beds in next 2–3 years, with most of the planned bed addition being at greenfield projects entailing higher capex per bed.
Medanta does offer synergy as a possible takeover candidate for a leading hospital operator.


Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

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)

Hospital Sector - Specialties Mix & Insurance Penetration to Drive Hospitals’ Profitability

The Private Healthcare Industry in India currently has an industry size of ~Rs 38,000 Cr. The industry is projected to experience a CAGR of 13%...

Axis Direct

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track

IHH Healthcare continues strong performance with double-digit increases in revenue and EBITDA in 2Q24. The company is on track to add 4000 beds by...

Tina Banerjee

Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

Medanta reported double-digit revenue growth in Q1FY25, but sluggish developing hospitals was a drag on the margins. The company can be a potential...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hospital Sector - Specialties Mix & Insurance Penetration to Drive Hospitals’ Profitability

The Private Healthcare Industry in India currently has an industry size of ~Rs 38,000 Cr. The industry is projected to experience a CAGR of 13%...

Axis Direct

2025 High Conviction: Aster DM Healthcare Ltd (ASTERDM IN)- Focus on India Augurs Well

Aster DM is merging with Blacksone and TPG-backed Quality Care India Limited, one of the largest privately held hospital chains in India with a...

Tina Banerjee

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track

​IHH Healthcare continues strong performance with double-digit increases in revenue and EBITDA in 2Q24. The company is on track to add 4000 beds by...

Tina Banerjee

Global Health (MEDANTA IN): Margins Pressure To Continue; Possible Takeover Bid In Future

Medanta reported double-digit revenue growth in Q1FY25, but sluggish developing hospitals was a drag on the margins. The company can be a potential...

Tina Banerjee

IHH Healthcare continues strong performance with double-digit increases in revenue and EBITDA in 2Q24. The company is on track to add 4000 beds by...