Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

Integrated Diagnostics Holdings / Equity Bottom-Up

<ul>
<li>One of the most effective alpha-generating approaches is to look at places that very few of the others are looking at;</li>
<li>In this episode, let's take a glance at a rapidly-developing and investable story from MENA;</li>
<li>The business generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced, in my view.</li>
</ul>


One of the most effective alpha-generating approaches is to look at places that very few of the others are looking at;
In this episode, let's take a glance at a rapidly-developing and investable story from MENA;
The business generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced, in my view.


Integrated Diagnostics: Another Under-The-Radar Story

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>With 495 branches and 2,000 tests offered, <a href="https://www.smartkarma.com/entities/integrated-diagnostics-holdings" target="_blank" data-smartkarma-citation="entities:21988:1" rel="noopener">Integrated Diagnostics Holdings (IDHC LN)</a> is a leading diagnostic service provider in Egypt.</li>
<li>Demand for COVID-tests (account for nearly 50% of its total revenue) will continue with the lower vaccination rate in its operating countries and increasing incoming foreign tourists.</li>
<li>Increasing contribution from high-value house calls, walk-in patients, and radiology services should act as margin drivers for the company, amid recovery of conventional test revenue at IDH.</li>
</ul>


With 495 branches and 2,000 tests offered, Integrated Diagnostics Holdings (IDHC LN) is a leading diagnostic service provider in Egypt.
Demand for COVID-tests (account for nearly 50% of its total revenue) will continue with the lower vaccination rate in its operating countries and increasing incoming foreign tourists.
Increasing contribution from high-value house calls, walk-in patients, and radiology services should act as margin drivers for the company, amid recovery of conventional test revenue at IDH.


Integrated Diagnostic Holdings (IDHC LN): COVID-19 Tailwind to Continue, Base Business Is Recovering

Thematic (Sector/Industry)

<ul data-v-2d66ea9f="">
<li data-v-2d66ea9f="">An equity portfolio (or a collection of businesses) can be seen as a savings account that has some unique advantages;</li>
<li data-v-2d66ea9f="">We conducted a look-through review to find out how our (managed) savings account looks like.</li>
</ul>


An equity portfolio (or a collection of businesses) can be seen as a savings account that has some unique advantages;
We conducted a look-through review to find out how our (managed) savings account looks like.


<ul>
<li>Businesses pursue various routes to grow their earnings power and shareholder value;</li>
<li>As equity investors, we prefer to invest in growth stories built upon absolute market leadership and ample room for market penetration;</li>
<li>To demonstrate, we present three examples from our portfolio here.</li>
</ul>


Businesses pursue various routes to grow their earnings power and shareholder value;
As equity investors, we prefer to invest in growth stories built upon absolute market leadership and ample room for market penetration;
To demonstrate, we present three examples from our portfolio here.


Market Domination + Under-Penetration = Our Favorite Growth Scenario

United Kingdom

Integrated Diagnostics Holdings PLC provides medical diagnostic services. The Company offers pathology and molecular diagnostics, genetics testing, and basic radiology services in the areas of immunology, hematology, clinical chemistry, parasitology, toxicology, cytology, surgical pathology, molecular biology, and cytogenetics.

Integrated Diagnostics Holdings (IDHC LN)

Integrated Diagnostics Holdings (IDHC LN)

Integrated Diagnostics: Another Under-The-Radar Story

This company generates high returns on capital with a massive growth runway, has a founder-led management team, and is reasonably priced.

Steven Chen

Integrated Diagnostic Holdings (IDHC LN): COVID-19 Tailwind to Continue, Base Business Is Recovering

As a leading integrated diagnostic service provider, IDH will benefit from the continued strong demand for COVID-related tests and recovery in its...

Tina Banerjee

Equity Portfolio as a Savings Account

What type of savings account would you prefer to have for the long run? How about a high-yield savings account with a rising interest rate?

Steven Chen

Market Domination + Under-Penetration = Our Favorite Growth Scenario

We present three examples from our portfolio here to demonstrate our preference to invest in growth stories built upon absolute market leadership...

Steven Chen