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

<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> raised approximately US$268m in its 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 various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Global Health (Medanta) (GH IN) raised approximately US$268m in its 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 various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Global Health IPO Trading - Relatively Cheap and Good

<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$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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Rainbow Children's Medicare / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rainbow-children-s-medicare-limited" target="_blank" data-smartkarma-citation="entities:35874:1" rel="noopener">Rainbow Children's Hospital (RAINBOW IN)</a> is India’s largest pediatric multi-specialty healthcare chain, operating 15 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,550+.</li>
<li>Due to its presence in the affluent cities of India, the company has superior ARPOB. With the normalization of business occupancy and outpatient volume improved significantly.   </li>
<li>The company plans to add 100 beds by the end of FY23. Higher occupancy and greater scale of operation are the biggest margin driver for the company.</li>
</ul>



Rainbow Children's Hospital (RAINBOW IN) is India’s largest pediatric multi-specialty healthcare chain, operating 15 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,550+.
Due to its presence in the affluent cities of India, the company has superior ARPOB. With the normalization of business occupancy and outpatient volume improved significantly.   
The company plans to add 100 beds by the end of FY23. Higher occupancy and greater scale of operation are the biggest margin driver for the company.


Rainbow Children's Hospital (RAINBOW IN): Flying High Backed by Niche Focus and Business Recovery

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.

Krishna Institute of Medical Sciences / Equity Bottom-Up

Krishna Institute of Medical Sciences (KIMS IN)

<div><div><div><div><ul><li>The company’s occupancy rate reduced to 71% vs 84.8% matured assets are delivering continuous lower occupancies as company is losing market share from competitors. ARPOB is stable Rs 26,341, led by speciality surgeries into the lungs and heart segment.</li></ul><div><div><div><div><ul><li>The business has almost reached the pre-Covid levels with In-Patient (IP) volumes increasing by 10% on a YoY basis.</li><li>The newly added therapies such as heart and lung transplants, advanced gastroenterology and liver transplant have seen robust growth this financial year and we are confident that these advanced therapies will help offer better clinical care to more people in the coming years.</li></ul></div></div></div></div></div></div></div></div><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>

The company’s occupancy rate reduced to 71% vs 84.8% matured assets are delivering continuous lower occupancies as company is losing market share from competitors. ARPOB is stable Rs 26,341, led by speciality surgeries into the lungs and heart segment.The business has almost reached the pre-Covid levels with In-Patient (IP) volumes increasing by 10% on a YoY basis.The newly added therapies such as heart and lung transplants, advanced gastroenterology and liver transplant have seen robust growth this financial year and we are confident that these advanced therapies will help offer better clinical care to more people in the coming years.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.

Krishna Institute of Medical Sciences LTD - Challenge to Drive Topline Growth

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul>
<li>Medical tourism in India was negatively impacted by the pandemic. As the government is lifting travel restrictions, reopening border, and resuming international flight services, medical tourists have started returning back.</li>
<li>Large corporate hospitals, having pan-India presence, like <a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> are set to benefit from this trend. Medical tourism contributed 10% of revenue of Apollo in pre-pandemic era.</li>
<li>Apollo’s market dominance and expansion plan in hospital and foray into online services have sharpened its competitive edge over competitors. Its healthcare business is expected to grow mid-teens this year.</li>
</ul>


Medical tourism in India was negatively impacted by the pandemic. As the government is lifting travel restrictions, reopening border, and resuming international flight services, medical tourists have started returning back.
Large corporate hospitals, having pan-India presence, like Apollo Hospitals Enterprise (APHS IN) are set to benefit from this trend. Medical tourism contributed 10% of revenue of Apollo in pre-pandemic era.
Apollo’s market dominance and expansion plan in hospital and foray into online services have sharpened its competitive edge over competitors. Its healthcare business is expected to grow mid-teens this year.


Apollo Hospitals Enterprise (APHS IN): Set to Benefit from Medical Tourism Resumption in India

India

Krishna Institute of Medical Sciences (KIMS) is an Indian multi-speciality hospital chain that offers a comprehensive range of healthcare services across various medical and surgical specialties, including cardiac sciences, oncology, neurosciences, orthopaedics, and organ transplantation. KIMS operates a network of hospitals providing multidisciplinary integrated tertiary and quaternary healthcare. The company is headquartered in Secunderabad, India, and was founded in 2000.

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Krishna Institute of Medical Sciences (KIMS IN)

Global Health IPO Trading - Relatively Cheap and Good

Global Health (Medanta) (GH IN) raised approximately US$268m in its India IPO. In this note, we talk about the demand for the deal and the trading...

Ethan Aw

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

Rainbow Children's Hospital (RAINBOW IN): Flying High Backed by Niche Focus and Business Recovery

RCML started FY23 on a healthy note with improved case mix and robust operating metrics. Business recovery leading to higher occupancy and greater...

Tina Banerjee

Krishna Institute of Medical Sciences LTD - Challenge to Drive Topline Growth

In Q1FY23, Standalone revenue (ex. Sunshine) Rs 385 Cr increased by 7.4% which is below as compare to industry growth. Group revenue (incl....

Axis Direct

Apollo Hospitals Enterprise (APHS IN): Set to Benefit from Medical Tourism Resumption in India

Apollo, due to its pan India presence and advanced technology offering, is set to benefit from reviving medical tourism in India. Its healthcare...

Tina Banerjee

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