Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<ul>
<li>HCG posted decent revenue growth in Q2FY23. Its new centers also saw improved profitability with scale.</li>
<li>HCG has been rolling out price increase across its network which alone should help it to expand margins by 100-150bp in FY24.</li>
<li>With new centers maturing, HCG is gearing up for a stellar FY24 and FY25. As per our estimates, HCG is on track to post FY25 PAT of INR 170cr+.</li>
</ul>


HCG posted decent revenue growth in Q2FY23. Its new centers also saw improved profitability with scale.
HCG has been rolling out price increase across its network which alone should help it to expand margins by 100-150bp in FY24.
With new centers maturing, HCG is gearing up for a stellar FY24 and FY25. As per our estimates, HCG is on track to post FY25 PAT of INR 170cr+.


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Global Health (Medanta) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (GH IN)</a> is looking to raise approximately US$268m in its upcoming India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.</li>
</ul>



Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.


Global Health IPO - Small Player but Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-health-medanta" target="_blank" data-smartkarma-citation="entities:34649:1" rel="noopener">Global Health (Medanta) (GH IN)</a> is looking to raise approximately US$270m in its upcoming India IPO.  </li>
<li>Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.</li>
<li>We had looked at the company’s past performance in our previous note. In this note, we’ll talk about its RHP updates.</li>
</ul>



Global Health (Medanta) (GH IN) is looking to raise approximately US$270m in its upcoming India IPO.  
Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
We had looked at the company’s past performance in our previous note. In this note, we’ll talk about its RHP updates.


Global Health Pre-IPO - RHP Updates - Post-COVID Growth Likely to Normalize

Global Healthcare Analyst

Tina Banerjee

Rainbow Children's Medicare / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rainbow-children-s-medicare-limited" target="_blank" data-smartkarma-citation="entities:35874:1" rel="noopener">Rainbow Children's Hospital (RAINBOW IN)</a> is India’s largest pediatric multi-specialty healthcare chain, operating 15 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,550+.</li>
<li>Due to its presence in the affluent cities of India, the company has superior ARPOB. With the normalization of business occupancy and outpatient volume improved significantly.   </li>
<li>The company plans to add 100 beds by the end of FY23. Higher occupancy and greater scale of operation are the biggest margin driver for the company.</li>
</ul>



Rainbow Children's Hospital (RAINBOW IN) is India’s largest pediatric multi-specialty healthcare chain, operating 15 hospitals and 3 clinics in 6 cities, with a total bed capacity of 1,550+.
Due to its presence in the affluent cities of India, the company has superior ARPOB. With the normalization of business occupancy and outpatient volume improved significantly.   
The company plans to add 100 beds by the end of FY23. Higher occupancy and greater scale of operation are the biggest margin driver for the company.


Rainbow Children's Hospital (RAINBOW IN): Flying High Backed by Niche Focus and Business Recovery

<ul>
<li>Over the last 5Y, HCG had been in expansion mode. However, since the last year or so, HCG has been consolidating its presence.</li>
<li>As a result, revenues and profitability are scaling up as new centers are inching towards maturity. FY23 is poised to be a strong year.</li>
<li>While HCG has been consolidating, it is not compromising on growth. Aided by technology upgradation, growing brand awareness and digital initiatives, mature centers continue to see robust growth.</li>
</ul>


Over the last 5Y, HCG had been in expansion mode. However, since the last year or so, HCG has been consolidating its presence.
As a result, revenues and profitability are scaling up as new centers are inching towards maturity. FY23 is poised to be a strong year.
While HCG has been consolidating, it is not compromising on growth. Aided by technology upgradation, growing brand awareness and digital initiatives, mature centers continue to see robust growth.


India

HealthCare Global Enterprises Limited provides medical and surgical hospital services. The Hospital offers cancer care, chemotherapy, cyberknife surgery, surgical, radiation, and medical oncology services. HealthCare Global Enterprises operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HealthCare Global Enterprises (HCG IN)

HCG: All Set for a Stellar FY24

HCG is all set to post strong earnings for FY24 and FY25 as its new centers continue to mature. Earnings growth should also be assisted by 300...

Ankit Agrawal, CFA

Global Health IPO - Small Player but Attractive

Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO. In this note, we will talk about the peer...

Ethan Aw

Global Health Pre-IPO - RHP Updates - Post-COVID Growth Likely to Normalize

Global Health (Medanta) (GH IN) is looking to raise approximately US$270m in its upcoming India IPO. In this note, we’ll talk about its RHP updates.

Ethan Aw

Rainbow Children's Hospital (RAINBOW IN): Flying High Backed by Niche Focus and Business Recovery

RCML started FY23 on a healthy note with improved case mix and robust operating metrics. Business recovery leading to higher occupancy and greater...

Tina Banerjee

HCG: Scaling Up Well

HCG is on track to scale up its revenues and profitability as new centers ramp up and operational leverage kicks in. Existing centers are also...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)