External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Fortis Healthcare Limited (Fortis), an IHH Healthcare Berhad company, is India's leading integrated healthcare provider with 28 facilities, 4,500+ beds, and 400+ diagnostic centers across India, UAE, Nepal, and Sri Lanka.</li><li>It excels in complex procedures like cardiac surgeries, oncology, and robotic treatments, outperforming competitors.</li><li>Agilus Diagnostics, its subsidiary, strengthens its diagnostic capabilities. With ~23,000 employees, Fortis aims to be the world’s most trusted healthcare network.</li></ul>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.

Fortis Healthcare Limited (Fortis), an IHH Healthcare Berhad company, is India's leading integrated healthcare provider with 28 facilities, 4,500+ beds, and 400+ diagnostic centers across India, UAE, Nepal, and Sri Lanka.It excels in complex procedures like cardiac surgeries, oncology, and robotic treatments, outperforming competitors.Agilus Diagnostics, its subsidiary, strengthens its diagnostic capabilities. With ~23,000 employees, Fortis aims to be the world’s most trusted healthcare network.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.

Pick of the Week: Fortis Healthcare Limited - 8 Th March 2025

<ul><li>Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB and improved occupancy levels.</li><li>Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 67,123, up 9.9% YoY, while occupancy improved to 67% (up 300 bps YoY), driven by a 4.3% YoY growth in occupied bed days.</li><li>EBITDA margins stood at 20%, up 200 bps YoY.</li></ul>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.

Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB and improved occupancy levels.Stable ARPOB and Improved Occupancy: ARPOB stood at Rs 67,123, up 9.9% YoY, while occupancy improved to 67% (up 300 bps YoY), driven by a 4.3% YoY growth in occupied bed days.EBITDA margins stood at 20%, up 200 bps YoY.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.

Fortis Healthcare Ltd - Fortis Eyes Profitable Growth

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.

Event-Driven

<ul>
<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
</ul>



IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

India

Fortis Healthcare Ltd. is a health care provider.  The Company operates multi- specialty hospitals, a boutique-style hospital, and various satellite and heart command centers.

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Fortis Healthcare (FORH IN)

Pick of the Week: Fortis Healthcare Limited - 8 Th March 2025

Fortis Healthcare Limited (Fortis), an IHH Healthcare Berhad company, is India's leading integrated healthcare provider with 28 facilities, 4,500+...

Axis Direct

Fortis Healthcare Ltd - Fortis Eyes Profitable Growth

Strong Revenue Growth Driven by Hospitals: Fortis Healthcare reported revenue of Rs 1,623 Cr, up 16.8% YoY and 8.9% QoQ, supported by higher ARPOB...

Axis Direct

Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

The two pre-IPO investors have launched a block to sell around US$591m worth of Mankind Pharma shares. Since the lockup on the shares expired not...

Sumeet Singh

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

IHH reported 11% YoY and 7% QoQ revenue growth in hospital and healthcare business, driven by higher inpatient admissions. The company has got...

Tina Banerjee

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