Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/881" target="_blank" data-smartkarma-citation="entities:881:1">Fortis Healthcare (FORH IN)</a> 's tie-up with <a href="https://www.smartkarma.com/entities/876" target="_blank" data-smartkarma-citation="entities:876:1">Ihh Healthcare (IHH MK)</a> continues to move forward with Fortis shareholders approving the transaction. In addition, there was evidence of stabilization of the company's operations in Q1FY19. Management hailed signs of a turnaround based on August/September trends, but this may simply be stabilization instead of "the turn." Results from <a href="https://www.smartkarma.com/entities/880" target="_blank" data-smartkarma-citation="entities:880:1">Apollo Hospitals Enterprise (APHS IN)</a> and others indicate the well-managed companies can adapt to the new operating environment. The shares' muted reaction to Q1's sloppy results suggests that near-term expectation are low, making the stock appealing to investors with a time horizons of 12-18 months.

Fortis Healthcare (FORH IN) 's tie-up with Ihh Healthcare (IHH MK) continues to move forward with Fortis shareholders approving the transaction. In addition, there was evidence of stabilization of the company's operations in Q1FY19. Management hailed signs of a turnaround based on August/September trends, but this may simply be stabilization instead of "the turn." Results from Apollo Hospitals Enterprise (APHS IN) and others indicate the well-managed companies can adapt to the new operating environment. The shares' muted reaction to Q1's sloppy results suggests that near-term expectation are low, making the stock appealing to investors with a time horizons of 12-18 months. 

Event-Driven

<a href="https://www.smartkarma.com/entities/881" target="_blank" data-smartkarma-citation="entities:881:1">Fortis Healthcare Ltd (FORH IN)</a> reported unaudited Q4 and FY2018 results, disclosed the details of the Luthra &amp; Luthra inquiry, and outlined a strategy to improve financial results post-fundraising. The turnaround plan as proposed is sensible. The main risks relate to initial increases in spending to reinvigorate operations; the challenging regulatory environment; and successfully executing on a broad range of tactics in a relatively short period of time.
The company has moved the bid deadline to 3 July, so our discussion focuses on the updated current situation along with management's proposed turnaround plan.
We tag this Insight as bearish because we think that bids for the company are unlikely to increase.

Fortis Healthcare Ltd (FORH IN) reported unaudited Q4 and FY2018 results, disclosed the details of the Luthra &amp; Luthra inquiry, and outlined a strategy to improve financial results post-fundraising. The turnaround plan as proposed is sensible. The main risks relate to initial increases in spending to reinvigorate operations; the challenging regulatory environment; and successfully executing on a broad range of tactics in a relatively short period of time.
The company has moved the bid deadline to 3 July, so our discussion focuses on the updated current situation along with management's proposed turnaround plan.
We tag this Insight as bearish because we think that bids for the company are unlikely to increase.

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)

Fortis Healthcare: "70% or Bust"

Fortis Healthcare (FORH IN) 's tie-up with Ihh Healthcare (IHH MK) continues to move forward with Fortis shareholders approving the transaction. In...

Kemp Dolliver, CFA

Fortis Healthcare: Looking Ahead

Fortis Healthcare Ltd (FORH IN) reported unaudited Q4 and FY2018 results, disclosed the details of the Luthra & Luthra inquiry, and outlined a...

Kemp Dolliver, CFA

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