Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> delivered 1QFY25 revenue of RM 6.3B, up 6%, driven by sustained demand, favorable patient mix of more acute patient, and higher revenue per in-patient.</li>
<li>Hospital and Healthcare’s Q1FY25 EBITDA remained flat as higher revenues were offset by higher staff cost and start-up cost of newly opened Acibadem Kartal Hospital.</li>
<li>Turkiye &amp; Europe and Malaysia show strength. Margins remains under pressure in major markets.</li>
</ul>



IHH Healthcare (IHH MK) delivered 1QFY25 revenue of RM 6.3B, up 6%, driven by sustained demand, favorable patient mix of more acute patient, and higher revenue per in-patient.
Hospital and Healthcare’s Q1FY25 EBITDA remained flat as higher revenues were offset by higher staff cost and start-up cost of newly opened Acibadem Kartal Hospital.
Turkiye &amp; Europe and Malaysia show strength. Margins remains under pressure in major markets.


IHH Healthcare (IHH MK): Sustained Demand, Higher ARPOB Drive 1Q; Expansion Key for Future Growth

<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> reported 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively, after adjusting for hyperinflationary economy, driven by sustained demand and healthy case-mix.</li>
<li>Malaysia and Türkiye and Europe reported double-digit revenue growth, while EBITDA margin declined in both markets. Singapore is facing temporary margin pressure. India operation remained stable.</li>
<li>IHH has added ~1,000 beds in Malaysia and India, which should further drive growth. With growing healthcare needs both locally and globally, IHH Healthcare is confident of its trajectory.</li>
</ul>



IHH Healthcare (IHH MK) reported 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively, after adjusting for hyperinflationary economy, driven by sustained demand and healthy case-mix.
Malaysia and Türkiye and Europe reported double-digit revenue growth, while EBITDA margin declined in both markets. Singapore is facing temporary margin pressure. India operation remained stable.
IHH has added ~1,000 beds in Malaysia and India, which should further drive growth. With growing healthcare needs both locally and globally, IHH Healthcare is confident of its trajectory.


IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24

<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

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong, Vietnam, Macedonia and Brunei.

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

IHH Healthcare (IHH SP)

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

IHH Healthcare (IHH MK): Sustained Demand, Higher ARPOB Drive 1Q; Expansion Key for Future Growth

IHH Healthcare's 1QFY25 revenue rose 6% due to sustained demand and higher revenue per in-patient, but EBITDA remained flat with increased costs....

Tina Banerjee

IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24

IHH Healthcare reports 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively. With growing healthcare needs both locally and globally,...

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

IHH Healthcare (IHH MK): Sustained Demand, Higher ARPOB Drive 1Q; Expansion Key for Future Growth

​IHH Healthcare's 1QFY25 revenue rose 6% due to sustained demand and higher revenue per in-patient, but EBITDA remained flat with increased costs....

Tina Banerjee

IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24

​IHH Healthcare reports 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively. With growing healthcare needs both locally and globally,...

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

IHH Healthcare's 1QFY25 revenue rose 6% due to sustained demand and higher revenue per in-patient, but EBITDA remained flat with increased costs....

IHH Healthcare reports 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively. With growing healthcare needs both locally and globally,...

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...