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.

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

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<li>ARPOB (Rs 37,000) stood flat YoY and the number of occupied bed days grew by 30% YoY for Q3FY23.</li>
<li>Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the Medical Consultancy segment.</li>
<li>We believe New centers' margins will improve fast in the upcoming quarters as hospitals have 35% variable cost and 65% fixed cost.</li>
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<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>






ARPOB (Rs 37,000) stood flat YoY and the number of occupied bed days grew by 30% YoY for Q3FY23.
Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the Medical Consultancy segment.
We believe New centers' margins will improve fast in the upcoming quarters as hospitals have 35% variable cost and 65% fixed cost.





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.

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

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<li>HCG posted decent revenue growth in Q2FY23. Its new centers also saw improved profitability with scale.</li>
<li>HCG has been rolling out price increase across its network which alone should help it to expand margins by 100-150bp in FY24.</li>
<li>With new centers maturing, HCG is gearing up for a stellar FY24 and FY25. As per our estimates, HCG is on track to post FY25 PAT of INR 170cr+.</li>
</ul>


HCG posted decent revenue growth in Q2FY23. Its new centers also saw improved profitability with scale.
HCG has been rolling out price increase across its network which alone should help it to expand margins by 100-150bp in FY24.
With new centers maturing, HCG is gearing up for a stellar FY24 and FY25. As per our estimates, HCG is on track to post FY25 PAT of INR 170cr+.


<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 420 Cr, up 19.2% YoY, and above our expectations.</li><li>The said growth was primarily driven by healthy ARPOB (Rs 37,000) which reported a growth of 1.5% YoY and the number of occupied bed days grew by 19.2% YoY.</li><li>The increase in ARPOB was led by high- end works such as robotic surgery and Cyberknife in Oncology verticals of Head &amp; Neck, Urology, Bone Marrow Transplantation, Liver Surgery, and complicated tumours.</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>

Healthcare Global Enterprises (HCG) reported revenue of Rs 420 Cr, up 19.2% YoY, and above our expectations.The said growth was primarily driven by healthy ARPOB (Rs 37,000) which reported a growth of 1.5% YoY and the number of occupied bed days grew by 19.2% YoY.The increase in ARPOB was led by high- end works such as robotic surgery and Cyberknife in Oncology verticals of Head &amp; Neck, Urology, Bone Marrow Transplantation, Liver Surgery, and complicated tumours.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.

Healthcare Global Enterprises Ltd - Outpacing the Industry Growth

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

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<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (GH IN)</a> is looking to raise approximately US$268m in its upcoming India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.</li>
</ul>



Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.


Global Health IPO - Small Player but Attractive

<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) (GH IN)</a> is looking to raise approximately US$270m in its upcoming India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>We had looked at the company’s past performance in our previous note. In this note, we’ll talk about its RHP updates.</li>
</ul>



Global Health (Medanta) (GH IN) is looking to raise approximately US$270m in its upcoming India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
We had looked at the company’s past performance in our previous note. In this note, we’ll talk about its RHP updates.


Global Health Pre-IPO - RHP Updates - Post-COVID Growth Likely to Normalize

India

HealthCare Global Enterprises is a leading healthcare provider in India, specializing in comprehensive cancer diagnosis and treatment, including medical oncology, radiation therapy, and surgical oncology. The company also offers fertility treatments under the Milann brand, advanced screening and diagnostic services, and multi-specialty hospital care. It was founded in 1989 (initially as Bangalore Institute of Oncology) and is headquartered in Bangalore, India.

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HealthCare Global Enterprises (HCG IN)

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Over the last 4 quarters, the company’s EBITDA margins were flat (range 18.2%) despite a fall in other expenses as expenses are increasing in the...

Axis Direct

HCG: All Set for a Stellar FY24

HCG is all set to post strong earnings for FY24 and FY25 as its new centers continue to mature. Earnings growth should also be assisted by 300...

Ankit Agrawal, CFA

Healthcare Global Enterprises Ltd - Outpacing the Industry Growth

Healthcare Global Enterprises (HCG) reported revenue of Rs 420 Cr, up 19.2% YoY, and above our expectations. The said growth was primarily driven...

Axis Direct

Global Health IPO - Small Player but Attractive

Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO. In this note, we will talk about the peer...

Ethan Aw

Global Health Pre-IPO - RHP Updates - Post-COVID Growth Likely to Normalize

Global Health (Medanta) (GH IN) is looking to raise approximately US$270m in its upcoming India IPO. In this note, we’ll talk about its RHP updates.

Ethan Aw

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