Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> has released a new app called U by Prodia. Initially, U by Prodia users will be able to access laboratory examination, health supplement purchasing, and home services.</li>
<li>Given its expected miniscule contribution of 15–17% to total revenue, digital platform even if being on a higher growth trajectory, cannot be a significant revenue driver.</li>
<li>Declining COVID testing revenue are negatively impacting diagnostic players globally. During 9M2022, Prodia reported revenue of IDR1,580B, representing 21% decline, while net profit plunged 46% to IDR275B.</li>
</ul>



Prodia (PRDA IJ) has released a new app called U by Prodia. Initially, U by Prodia users will be able to access laboratory examination, health supplement purchasing, and home services.
Given its expected miniscule contribution of 15–17% to total revenue, digital platform even if being on a higher growth trajectory, cannot be a significant revenue driver.
Declining COVID testing revenue are negatively impacting diagnostic players globally. During 9M2022, Prodia reported revenue of IDR1,580B, representing 21% decline, while net profit plunged 46% to IDR275B.


Prodia (PRDA IJ): Digital Initiative Cannot Be a Game Changer in Near-Term

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  </li>
<li>Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.</li>
<li>Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported revenue growth of 7% y/y in Q2FY23, driven by 15% y/y growth in non-COVID business, which clocked highest ever quarterly revenue.  
Although business growth was mainly driven by a double-digit patient volume growth, average realization per patient also increased 3% y/y to INR746.
Amid rising competition, the company reported sequential improvement in bottom-line. Normalized EBITDA increased 20% compared to Q1FY23. Normalized EBITDA margin improved 310 basis points sequentially.


Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Metropolis Healthcare Limited / Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.</li>
<li>SENSEX and BSE 100 could both see one index change each. There could be multiple ADDs/DELs for the BSE 200 and BSE 500 indices.</li>
<li>There are several trading opportunities with interesting potential index flow dynamics.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
SENSEX and BSE 100 could both see one index change each. There could be multiple ADDs/DELs for the BSE 200 and BSE 500 indices.
There are several trading opportunities with interesting potential index flow dynamics.


S&P BSE Quiddity Leaderboard Dec 2022: Some More Interesting LONG-SHORT Pairs

<ul>
<li>Several press reports regarding potential takeover speculations related to Indian diagnostics company <a href="https://www.smartkarma.com/entities/metropolis-healthcare-limited" target="_blank" data-smartkarma-citation="entities:27829:1" rel="noopener">Metropolis Healthcare Limited (METROHL IN)</a> have emerged in the Indian press over the last few days.</li>
<li>Metropolis Healthcare Limited currently has a total market capitalization of US$1bn.</li>
<li>Below is a closer look at the details of the situation.</li>
</ul>


Several press reports regarding potential takeover speculations related to Indian diagnostics company Metropolis Healthcare Limited (METROHL IN) have emerged in the Indian press over the last few days.
Metropolis Healthcare Limited currently has a total market capitalization of US$1bn.
Below is a closer look at the details of the situation.


Metropolis Healthcare (METROHL IN): Adani & Apollo Eyeing Majority Stake? Could Outperform Dr Lal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dr-lal-pathlabs-ltd" target="_blank" data-smartkarma-citation="entities:26927:1" rel="noopener">Dr Lal PathLabs Ltd (DLPL IN)</a> reported 35% y/y revenue growth in its non-COVID business in FY22. Non-COVID realization per patient is also back to pre-COVID levels.  </li>
<li>The company has acquired Suburban Diagnostics last year, which will further widen its geographical footprint, with western region contributing 24% of revenue from 10% earlier.</li>
<li>There is a lot of noise regarding competition in the industry. Thus far, DLPL has not seen much pricing pressure and underpenetrated Indian diagnostic segment can accommodate more players.</li>
</ul>



Dr Lal PathLabs Ltd (DLPL IN) reported 35% y/y revenue growth in its non-COVID business in FY22. Non-COVID realization per patient is also back to pre-COVID levels.  
The company has acquired Suburban Diagnostics last year, which will further widen its geographical footprint, with western region contributing 24% of revenue from 10% earlier.
There is a lot of noise regarding competition in the industry. Thus far, DLPL has not seen much pricing pressure and underpenetrated Indian diagnostic segment can accommodate more players.


Dr Lal PathLabs Ltd (DLPL IN): Base Business Recovering; Competition Is the Only Headwind

India

Metropolis Healthcare Limited provides medical and laboratory services. The Company offers pathology testing, imaging and nuclear medicine, clinical trails, and home health services. Metropolis Healthcare operates chains of diagnostic centers across India.

Metropolis Healthcare Limited (METROHL IN)

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Metropolis Healthcare Limited (METROHL IN)

Prodia (PRDA IJ): Digital Initiative Cannot Be a Game Changer in Near-Term

Prodia launched a new digital healthcare platform to augment its growth amid the absence of COVID-related windfall gain. However, this initiative...

Tina Banerjee

Dr Lal PathLabs (DLPL IN): Q2FY23 Review- Volume Driven Sales Growth; Sequential Margin Improvement

DLPL reported highest ever quarterly revenue from non-COVID business. The company reported sequential improvement in bottom-line. Price competition...

Tina Banerjee

S&P BSE Quiddity Leaderboard Dec 2022: Some More Interesting LONG-SHORT Pairs

Tata Motors Ltd could be added to SENSEX and Dr. Reddy's Laboratories could be deleted. Adani Total Gas could get deleted from BSE 100 for...

Janaghan Jeyakumar, CFA

Metropolis Healthcare (METROHL IN): Adani & Apollo Eyeing Majority Stake? Could Outperform Dr Lal

Metropolis Healthcare has been widely discussed as a potential M&A target and multiple potential suitors seem to be interested. This could act as a...

Janaghan Jeyakumar, CFA

Dr Lal PathLabs Ltd (DLPL IN): Base Business Recovering; Competition Is the Only Headwind

DLPL is not expected to have COVID windfall this year. However, base business is back to growth trajectory. Underserved Indian diagnostic services...

Tina Banerjee

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