Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

HealthCare Global Enterprises / Equity Bottom-Up

<p>In our next Smartkarma Corporate Webinar, we are glad to welcome Niraj Didwania, Head of Corporate Development and Investor Relations at <a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited/overview" target="_blank" rel="noopener">HealthCare Global Enterprises Limited (HCG IN)</a>. Niraj will share a short presentation about the company and have a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/ankit-agrawal-cfa" target="_blank" rel="noopener">Ankit Agrawal, CFA</a>, followed by a live Q&amp;A session.</p><h3>The Corporate Webinar will be hosted live on Tuesday, 13 April 2021, 14:30 IST / 17:00 SGT.</h3><p>It will also be recorded for future reference by Smartkarma and HCG.</p><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=88465179775" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

In our next Smartkarma Corporate Webinar, we are glad to welcome Niraj Didwania, Head of Corporate Development and Investor Relations at HealthCare Global Enterprises Limited (HCG IN). Niraj will share a short presentation about the company and have a fireside chat with Smartkarma Insight Provider Ankit Agrawal, CFA, followed by a live Q&amp;A session.The Corporate Webinar will be hosted live on Tuesday, 13 April 2021, 14:30 IST / 17:00 SGT.It will also be recorded for future reference by Smartkarma and HCG.Register for the Webinar hereCorporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | HealthCare Global: New Opportunities in Cancer Care in India

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

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

<p><a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">HealthCare Global Enterprises (HCG IN)</a> posted a couple of material updates last weekend. It announced a new veteran CEO and also announced the closure of acquisition of the remaining 49.9% stake in its IVF subsidiary, BACC. These events are timely and bode well for the future of the company. Please see below for more details.</p>

HealthCare Global Enterprises (HCG IN) posted a couple of material updates last weekend. It announced a new veteran CEO and also announced the closure of acquisition of the remaining 49.9% stake in its IVF subsidiary, BACC. These events are timely and bode well for the future of the company. Please see below for more details.

HCG Update: New CEO and Subsidiary Acquisition

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<p>The finding of the COVID-19 vaccine is not a risk to the company's expanding EBITDA margin (from 35% to between 45-50%) as the demand for COVID-19 specific testing and medical service will continue for a few years longer. The Ministry of Health capped the price but it is still at a premium compared to the non-COVID-19 service rate. </p>
<p>Trading at a 15% PER premium to the domestic peers, the company is valued at a 39% EV/EBITDA discount to the regional peers (thus it is still favorable to ASEAN investors) despite being the most profitable and pristine balance sheet. BUY.</p>

The finding of the COVID-19 vaccine is not a risk to the company's expanding EBITDA margin (from 35% to between 45-50%) as the demand for COVID-19 specific testing and medical service will continue for a few years longer. The Ministry of Health capped the price but it is still at a premium compared to the non-COVID-19 service rate. 
Trading at a 15% PER premium to the domestic peers, the company is valued at a 39% EV/EBITDA discount to the regional peers (thus it is still favorable to ASEAN investors) despite being the most profitable and pristine balance sheet. BUY.

Mitra Keluarga (MIKA): Margin Expansion from COVID-19

Event-Driven

HealthCare Global Enterprises / Event-Driven

<p>Contrary to our expectations, CVC's offer to acquire a substantial stake in <a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">Healthcare Global Enterprises (HCG IN)</a> has been approved by the shareholders with a thumping majority. Nonetheless, as highlighted in our earlier note, even in this scenario, the opportunity is attractive with a gross spread of 7.8% (potential IRR of ~50%) as per the last closing price of INR 120.55. We continue to maintain that HCG remains an attractive opportunity for both event-driven and fundamental investors.</p>
<p><strong>Insight Flow:</strong></p>
<ul>
<li>What's New</li>
<li>What's Next</li>
<li>How Should One Trade?</li>
<li>Conclusion</li>
</ul>

Contrary to our expectations, CVC's offer to acquire a substantial stake in Healthcare Global Enterprises (HCG IN) has been approved by the shareholders with a thumping majority. Nonetheless, as highlighted in our earlier note, even in this scenario, the opportunity is attractive with a gross spread of 7.8% (potential IRR of ~50%) as per the last closing price of INR 120.55. We continue to maintain that HCG remains an attractive opportunity for both event-driven and fundamental investors.
Insight Flow:

What's New
What's Next
How Should One Trade?
Conclusion


Healthcare Global: An Attractive Spread Trade

<p>In this insight, I want to present my investment thesis on <a href="https://www.smartkarma.com/entities/healthcare-global-enterprises-limited" target="_blank" data-smartkarma-citation="entities:23983:1" rel="noopener">Healthcare Global Enterprises (HCG IN)</a>, a fast growing cancer care specialist in India. While I think highly of this cancer care focused hospital chain and consider it as an attractive equity bottom-up opportunity, recent announcements make us believe that it is an attractive event-driven opportunity as well. With today's (June 4) deal update from CVC, a PE player, to buy a ~29% stake in HCG at INR 130 per share, upping their bid from their prior offer of INR 100 per share on May 7, HCG has become an interesting event play. It closed today at INR 119.75 per share, suggesting that the stock is trading at a gross spread of 8.5%+ relative to the offer price.</p>

In this insight, I want to present my investment thesis on Healthcare Global Enterprises (HCG IN), a fast growing cancer care specialist in India. While I think highly of this cancer care focused hospital chain and consider it as an attractive equity bottom-up opportunity, recent announcements make us believe that it is an attractive event-driven opportunity as well. With today's (June 4) deal update from CVC, a PE player, to buy a ~29% stake in HCG at INR 130 per share, upping their bid from their prior offer of INR 100 per share on May 7, HCG has become an interesting event play. It closed today at INR 119.75 per share, suggesting that the stock is trading at a gross spread of 8.5%+ relative to the offer price.

Healthcare Global: Best of Both the Worlds | Attractive Event-Driven & Equity Bottom-Up Opportunity

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.

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HealthCare Global Enterprises (HCG IN)

Smartkarma Corporate Webinar | HealthCare Global: New Opportunities in Cancer Care in India

On 13 April, 5pm SGT, join us in welcoming Niraj Didwania, Head of Corporate Development and Investor Relations at HealthCare Global Enterprises,...

Smartkarma Research

HCG Update: New CEO and Subsidiary Acquisition

HCG posted a couple of material updates last weekend, including announcement of a new veteran CEO. These events are timely and bode well for the...

Ankit Agrawal, CFA

Mitra Keluarga (MIKA): Margin Expansion from COVID-19

The finding of the COVID

Henry Soediarko

Healthcare Global: An Attractive Spread Trade

Contrary to our expectations, CVC's offer to acquire a substantial stake in Healthcare Global Enterprises (HCG IN) has been approved by the...

Ankit Agrawal, CFA

Healthcare Global: Best of Both the Worlds | Attractive Event-Driven & Equity Bottom-Up Opportunity

In this insight, I want to present my investment thesis on Healthcare Global Enterprises (HCG IN), a fast growing cancer care specialist in India....

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)