External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Aster DM Healthcare Ltd / Equity Bottom-Up

<ul>
<li>Aster operates in segments like hospitals, clinics, retail pharmacies and provides healthcare services to patients across economic segments in several GCC states</li>
<li>Its network consists of 13 hospitals, 109 clinics and 233 retail pharmacies in the GCC states</li>
<li>Revenue break-up 9MFY22: hospitals: 56%, pharmacies: 21%, clinics: 23% with GCC &amp; India contributing 76% &amp; 24% of revenues, respectively</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>


Aster operates in segments like hospitals, clinics, retail pharmacies and provides healthcare services to patients across economic segments in several GCC states
Its network consists of 13 hospitals, 109 clinics and 233 retail pharmacies in the GCC states
Revenue break-up 9MFY22: hospitals: 56%, pharmacies: 21%, clinics: 23% with GCC &amp; India contributing 76% &amp; 24% of revenues, respectively

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aster DM Healthcare: Normalcy in India, GCC; Focus on India Expansion

Global Healthcare Analyst

Tina Banerjee

Max Healthcare Institute / Equity Bottom-Up

<ul>
<li>
<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> plans to double its bed capacity with an investment of $450 million over the next four years. The company has a net debt/EBITDA of 0.2x.</li>
<li>Due to its favorable market positioning, Max Healthcare demonstrates best-in-class occupancy and ARPOB. Its non-COVID occupancy was at five-month high of 82% in October.</li>
<li>Despite having a big run in 2021, further stream is left in Max Healthcare shares, with upcoming capacities, business recovery, and margin expansion.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) plans to double its bed capacity with an investment of $450 million over the next four years. The company has a net debt/EBITDA of 0.2x.
Due to its favorable market positioning, Max Healthcare demonstrates best-in-class occupancy and ARPOB. Its non-COVID occupancy was at five-month high of 82% in October.
Despite having a big run in 2021, further stream is left in Max Healthcare shares, with upcoming capacities, business recovery, and margin expansion.


Max Healthcare Institute (MAXHEALTH IN): Aggressive Expansion Amid High Occupancy to Boost Margin

<ul><li>Aster operates in segments like hospitals, clinics, retail pharmacies and provide healthcare services to patients across economic segments</li><li>Its network consists of 13 hospitals, 108 clinics &amp; 225 retail pharmacies in the GCC states;14 hospitals &amp; nine clinics in India; total bed capacity: 4985</li><li>Maintain BUY with unique blend and favourable restructuring on cards. We value Aster DM at an SOTP of Rs 250</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Aster operates in segments like hospitals, clinics, retail pharmacies and provide healthcare services to patients across economic segmentsIts network consists of 13 hospitals, 108 clinics &amp; 225 retail pharmacies in the GCC states;14 hospitals &amp; nine clinics in India; total bed capacity: 4985Maintain BUY with unique blend and favourable restructuring on cards. We value Aster DM at an SOTP of Rs 250Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aster DM Healthcare: Numbers Reflect near Normalcy in India, GCC

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<p>Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.</p>

Whilst Q4's list posted strong price performance it was a case that a rising tide floated most boats. As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. In Q1, the Altman Z score is at a market-cap-weighted 1.03 times, a significant decrease on the 1.52 in Q4. This deterioration needs to be monitored since earnings continue to be adjusted by analysts and their limited visibility of any bottoming. 25 stocks appear in our Q1 2021 screen, versus 15 in Q4 2020.

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Apollo Hospitals Enterprise / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> plans to raise around US$200m via a QIP/preferential offering in Jan/Feb 2021. </p><p>The stock has a good long term track record, however, past placements haven't done too well. Although, this one might be different.</p><p>In this insight, I'll take an early look at the deal.</p>

Apollo Hospitals Enterprise (APHS IN) plans to raise around US$200m via a QIP/preferential offering in Jan/Feb 2021. The stock has a good long term track record, however, past placements haven't done too well. Although, this one might be different.In this insight, I'll take an early look at the deal.

Apollo Hospital Placement/QIP Early Look - This Time It's Different

India

Aster DM Healthcare Limited provides health care services. The Company offers cardiology, cardiac and spine surgery, oncology, orthopedics, neurology and urology, oncology, gastroenterology and hepatology services. Aster DM Healthcare serves patients worldwide.

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Aster DM Healthcare Ltd (ASTERDM IN)

Aster DM Healthcare: Normalcy in India, GCC; Focus on India Expansion

Aster operates in segments like hospitals, clinics, retail pharmacies and provides healthcare services to patients across economic segments in...

ICICI Securities Limited

Max Healthcare Institute (MAXHEALTH IN): Aggressive Expansion Amid High Occupancy to Boost Margin

Aggressive capacities coming online, high occupancy, healthy balance sheet, strong cash flow from operation, best-in-class operating parameters are...

Tina Banerjee

Aster DM Healthcare: Numbers Reflect near Normalcy in India, GCC

Aster operates in segments like hospitals, clinics, retail pharmacies and provide healthcare services to patients across economic segments.

ICICI Securities Limited

Screening the Silk Road: Q1 2021 High Risk Names to Avoid

As in the previous few quarters, we are on the watch for the risk of deteriorating credit metrics, but in particular during H1 2021. 25 stocks...

David Lepper

Apollo Hospital Placement/QIP Early Look - This Time It's Different

Apollo Hospitals Enterprise (APHS IN) plans to raise around US$200m via a QIP in 1Q21. Past placements haven't done too well. Although, this one...

Sumeet Singh

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