Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Rainbow Children's Medicare / Equity Bottom-Up

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<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> recorded 21% YoY revenue growth in Q1FY24 to INR2.9B, driven by increase in pediatric surgical cases and deliveries, and addition of new bed capacities.</li>
<li>Lower occupancies in new hospitals and higher expenses impacted profitability. In Q1FY24, EBITDA margin declined 407 bps YoY to 30.5%, while net profit margin contracted 190 bps YoY to 14.4%.</li>
<li>The company will add 270 beds in the current financial year. By FY27, RCML aims to increase its bed capacity by 56% to 2,585 from current bed capacity of 1,655.  </li>
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Rainbow Children's Hospital (RAINBOW IN) recorded 21% YoY revenue growth in Q1FY24 to INR2.9B, driven by increase in pediatric surgical cases and deliveries, and addition of new bed capacities.
Lower occupancies in new hospitals and higher expenses impacted profitability. In Q1FY24, EBITDA margin declined 407 bps YoY to 30.5%, while net profit margin contracted 190 bps YoY to 14.4%.
The company will add 270 beds in the current financial year. By FY27, RCML aims to increase its bed capacity by 56% to 2,585 from current bed capacity of 1,655.  


Rainbow Children's Hospital (RAINBOW IN): Started FY24 On Strong Note; Capacity Expansions Underway

Max Healthcare Institute / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/max-healthcare-institute-ltd" target="_blank" data-smartkarma-citation="entities:35275:1" rel="noopener">Max Healthcare Institute (MAXHEALT IN)</a> reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   </li>
<li>The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.</li>
<li>During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.</li>
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Max Healthcare Institute (MAXHEALT IN) reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   
The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.
During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.


Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term 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

Global Health (Medanta) / Equity Capital Markets

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<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

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<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

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<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

India

Narayana Hrudayalaya Limited operates a network of hospitals. The Company offers cardiac surgery, cardiology, diabetes and endocrinology, gastroenterology, general surgery, neuroscience, facial surgery, nephrology, obstetrics and gynecology, orthopedics, oncology, pediatrics, transplant, and urology services. Narayana Hrudayalaya serves patients worldwide.

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Narayana Hrudayalaya Ltd (NARH IN)

Rainbow Children's Hospital (RAINBOW IN): Started FY24 On Strong Note; Capacity Expansions Underway

Rainbow recorded an impressive 21% YoY revenue growth to INR2.9B in Q1FY24, driven by increase in pediatric surgical cases and deliveries. The...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

Max Health is poised for double-digit revenue growth, driven by improving occupancy, patient footfall, ARPOB, and bed expansion. Due to its metro...

Tina Banerjee

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

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

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