In today’s briefing:
- Pre-IPO Dental Doctor Medical Holding Group – An Uncertain Outlook and Concerns About Profitability
- Max Healthcare (MAXHEALTH IN): 4QFY22 Review- Continued Growth Momentum; Better Profitability
Pre-IPO Dental Doctor Medical Holding Group – An Uncertain Outlook and Concerns About Profitability
- Dental Doctor has not established core competitiveness and high moat, and has to invest more on marketing and promotion to attract customers and drive growth.
- The lack of dentists, weak talent and training system as well as high dentist turnover rate would be big concerns for the Company’s long term development, especially for nationwide expansion.
- This industry has not yet entered the profit mode. Most of chain dental services providers are still in the stage of cash-burning expansion. So, we are conservative about the Company’s outlook.
Max Healthcare (MAXHEALTH IN): 4QFY22 Review- Continued Growth Momentum; Better Profitability
- Max Healthcare Institute (MAXHEALT IN) reported Q4FY22 results in-line with expectations, with 12% revenue and 58% net profit growth. The EBITDA margin improved 70 basis points to 24.8% during Q4FY22.
- Despite the Omicron, the average occupancy for the quarter stood at 68%, partly fueled by the international medical tourism bouncing back to ~90% of the pre-covid levels in March 2022.
- The company plans to add over 2,800 beds in the next five years. For context, it has current bed capacity of 3,400. Capex will be funded through internal accrual.
Before it’s here, it’s on Smartkarma
