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>We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.</li><li>With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22</li><li>OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCG</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>

We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.With elevated prices of organic chemicals and solvents led by the Russia-Ukraine conflict, persistently high API/KSM costs from China that have risen ~7-8% QoQ in Q4FY22OUR TOP POSITIVE PLAYS ARE: Cipla, Abbott India, KIMS, HCGContent 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.

Pharma Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations.</li><li>Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.</li><li>The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.</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 487 Cr, up 15.9% YoY, which stood above our expectations.Growth was primarily driven by ARPOB improvement to Rs 42,000, up 13.9% YoY.The number of occupied bed days increased 1.1% YoY as occupancy improved by 100bps to 66.4% YoY.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; ARPOB Improves

<ul><li>Healthcare Global Enterprises (HCG) reported revenue of Rs 461 Cr, up 12.9% YoY, in line with our expectations.</li><li>Growth was primarily driven by ARPOB improvement to Rs 39,686, up 3.2% YoY.</li><li>The number of occupied bed days increased 4.6% YoY as occupancy improved by 230bps to 66.9%. </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 461 Cr, up 12.9% YoY, in line with our expectations.Growth was primarily driven by ARPOB improvement to Rs 39,686, up 3.2% YoY.The number of occupied bed days increased 4.6% YoY as occupancy improved by 230bps to 66.9%. 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

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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.

<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

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)

Pharma Q4FY22 Preview: Cost Pressure and Pricing Erosion Compress Margins

We expect companies under our Pharma coverage to report high singledigit growth (6.2% YoY), primarily driven by Injectable and Generic segment.

Axis Direct

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels; ARPOB Improves

Healthcare Global Enterprises (HCG) reported revenue of Rs 487 Cr, up 15.9% YoY, which stood above our expectations. Growth was primarily driven by...

Axis Direct

Healthcare Global Enterprises Ltd - Margins Still Below Industry Levels

Healthcare Global Enterprises (HCG) reported revenue of Rs 461 Cr, up 12.9% YoY, in line with our expectations. Growth was primarily driven by...

Axis Direct

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

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

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