Health Care: Raffles Medical, American Tower, Aarti Drugs Ltd, Bayer AG and more

• The revenue brought by COVID-19 business wouldn’t be sustainable,and would decrease in the future. The lower-than-expected performance of the hospital services is hard to be the main driver for growth.
• The performance contribution brought by medical tourism would be limited, just partially offset the decline of COVID-19 related revenue. Accordingly, we lowered our forecast on revenue and earnings in FY2022-FY2023.
• Together with the concerns on China business, we have doubts about RMG’s outlook, which would weigh on bullish sentiment. In such a complicated environment, investors are recommended to play safe.

• Silver Ring Value Partners serves investors in the State of Massachusetts.
• The portfolio’s market value is roughly unchanged thus far in 2022 despite an environment in which both stocks and bonds have begun to experience substantial declines.
• The Company offers portfolio management, financial planning, and trading services.

• We believe the company’s profitability might be hit due to the above factors, prompting us to recommend a HOLD rating on the stock with TP Rs 450/share.
• Aarti Drugs Q4FY22 reported revenue grew 38% YoY which stood above our expectations, led by healthy growth in Chronic therapies, especially in the anti- diabetic segment.
• Domestic revenue grew ~37% on a YoY basis while exports grew by around 50% YoY and API volumes grew 23% on a YoY basis.

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• The Mittleman Global Value Equity Fund (MGVEF) declined 13.1% in Q1 2022.
• MIM believes that the businesses in which it has invested retain the features necessary to endure and surmount transitory setbacks.
• The company is an SEC-registered investment adviser that provides discretionary portfolio management to institutional investors.