Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.</li>
<li>Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.</li>
<li>Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.</li>
</ul>


Park Medi World has filed for IPO to raise up to INR 9,200M. The company plans to sell 56.8M shares at between INR 154 and INR 162 per share.
Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.
Valuation reasonable considering the fact that it lags behind on many fronts compared to its peers. Bullish on Indian hospital players, but we think investors can comfortably skip this issue.


Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of M-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.</li>
</ul>


We analysed the earning revision of component stocks of M-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, Shriram Finance, Bharat Petroleum, One 97 Communications, State Bank of India, GMR Airports, Fortis Healthcare, Oil India, Shriram Finance, Oil India.


M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

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 double-digit growth in revenue and EBITDA in Q2FY26, led by substantial recovery in Kerala, strong growth in international revenue, and better case mix.</li>
<li>In Q2FY26, Kerala delivered its highest-ever quarterly revenue of INR6B, growing 24% increase over Q4 FY25. Profitability improved sharply, with EBITDA margins expanding to 26.8% from 22.3% in Q4FY25.</li>
<li>Since our initiation of Aster DM as ‘2025 High Conviction’ idea in last November, shares rose ~55%. Main investment thesis of margin improvement still holds good.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) reported double-digit growth in revenue and EBITDA in Q2FY26, led by substantial recovery in Kerala, strong growth in international revenue, and better case mix.
In Q2FY26, Kerala delivered its highest-ever quarterly revenue of INR6B, growing 24% increase over Q4 FY25. Profitability improved sharply, with EBITDA margins expanding to 26.8% from 22.3% in Q4FY25.
Since our initiation of Aster DM as ‘2025 High Conviction’ idea in last November, shares rose ~55%. Main investment thesis of margin improvement still holds good.


2025 High Conviction Update: Aster DM (ASTERDM IN)- Stable Q2 Show on Continued Business Recovery

Event-Driven

<ul>
<li>SEBI has approved IHH Healthcare’s open offer for acquisition of up to 26% stake in <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>. If materializes, this should uplift IHH’s holding in Fortis to 57%.</li>
<li>In 2018, Fortis' original open offer price was INR170 per share, and the offer size was INR33B. Currently, Fortis share is trading at INR1,054, up more than 6x since 2018.</li>
<li>IHH will make appropriate announcement ‘in a timely manner’, which should provide clarity on open offer pricing. Unless an attractive revised price is announced, the shareholders acceptance will be limited.</li>
</ul>


SEBI has approved IHH Healthcare’s open offer for acquisition of up to 26% stake in Fortis Healthcare (FORH IN). If materializes, this should uplift IHH’s holding in Fortis to 57%.
In 2018, Fortis' original open offer price was INR170 per share, and the offer size was INR33B. Currently, Fortis share is trading at INR1,054, up more than 6x since 2018.
IHH will make appropriate announcement ‘in a timely manner’, which should provide clarity on open offer pricing. Unless an attractive revised price is announced, the shareholders acceptance will be limited.


Fortis Healthcare (FORH IN): Indian Regulators Cleared Long-Awaited Open Offer of IHH

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fortis Healthcare (FORH IN)

Park Medi World IPO: Ability To Maintain Margin Dicey, Avoid Parking Funds In This Issue

Park Medi World launched IPO to raise INR 9.2B. Valuation reasonable but lags behind peers. Geographic, payor and specialties concentration are...

Tina Banerjee

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

M-India Index Earning Revision (Nov): Adani Enterprises, Shriram Finance, Bharat Petroleum

We analyzed M-India's consensus for Nov 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), Shriram Finance (SHFL IN), Bharat...

Ke Yan, CFA, FRM

2025 High Conviction Update: Aster DM (ASTERDM IN)- Stable Q2 Show on Continued Business Recovery

Aster DM reported double-digit revenue and EBITDA growth in Q2FY26, led by substantial recovery in Kerala and better case mix. Kerala delivered its...

Tina Banerjee