Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Aster DM Healthcare Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aster-dm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:23662:1" rel="noopener">Aster DM Healthcare Ltd (ASTERDM IN)</a> shares took a beating as Olympus Capital offloaded ~49M shares at a price range of INR405.00–406.72 (~7% discount to the last close price).</li>
<li>GCC business separation is expected to complete in Q4FY24. Aster DM plans to consider distributing 70–80% of the upfront consideration of $903M as dividend to its shareholders.</li>
<li>Stake sale by Olympus Capital is not a warning sign for the company. Despite CGHS rate overhang, we think recent pullback in Aster DM share provides an attractive entry point.</li>
</ul>



Aster DM Healthcare Ltd (ASTERDM IN) shares took a beating as Olympus Capital offloaded ~49M shares at a price range of INR405.00–406.72 (~7% discount to the last close price).
GCC business separation is expected to complete in Q4FY24. Aster DM plans to consider distributing 70–80% of the upfront consideration of $903M as dividend to its shareholders.
Stake sale by Olympus Capital is not a warning sign for the company. Despite CGHS rate overhang, we think recent pullback in Aster DM share provides an attractive entry point.


Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

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Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.</li>
<li>Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.</li>
<li>Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.</li>
</ul>


Supreme Court's warning to enforce CGHS rates on private hospitals sparks market concerns, leading to a significant correction in hospital company stock prices.
Failure to standardize hospital pricing raises questions about patient affordability, quality of healthcare, and financial viability of private hospitals, impacting investors and healthcare consumers alike.
Explore the complexities of healthcare regulation, implications for hospital companies, and potential investment opportunities amid the evolving landscape of standardized medical treatment costs.


SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Equity Capital Markets

Jupiter Life Line Hospitals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jupiter-life-line-hospitals-ltd" target="_blank" data-smartkarma-citation="entities:39814:1" rel="noopener">Jupiter Life Line Hospitals (0372574D IN)</a> has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.</li>
<li>The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.</li>
<li>In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.</li>
</ul>



Jupiter Life Line Hospitals (0372574D IN) has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS portion.
The company is a multi-specialty tertiary and quaternary healthcare provider in the Mumbai Metropolitan Area and western region of India. It intends to use the IPO proceeds for debt repayment.
In FY23, revenue increased 22% YoY to INR8.9B, while EBITDA margin expanded 210bps to 23.45%. Ramping up of Indore facility and upcoming greenfield hospital in Maharashtra are major growth drivers.


Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

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> recorded 21% YoY revenue growth in Q1FY24 to INR2.9B, driven by increase in pediatric surgical cases and deliveries, and addition of new bed capacities.</li>
<li>Lower occupancies in new hospitals and higher expenses impacted profitability. In Q1FY24, EBITDA margin declined 407 bps YoY to 30.5%, while net profit margin contracted 190 bps YoY to 14.4%.</li>
<li>The company will add 270 beds in the current financial year. By FY27, RCML aims to increase its bed capacity by 56% to 2,585 from current bed capacity of 1,655.  </li>
</ul>



Rainbow Children's Hospital (RAINBOW IN) recorded 21% YoY revenue growth in Q1FY24 to INR2.9B, driven by increase in pediatric surgical cases and deliveries, and addition of new bed capacities.
Lower occupancies in new hospitals and higher expenses impacted profitability. In Q1FY24, EBITDA margin declined 407 bps YoY to 30.5%, while net profit margin contracted 190 bps YoY to 14.4%.
The company will add 270 beds in the current financial year. By FY27, RCML aims to increase its bed capacity by 56% to 2,585 from current bed capacity of 1,655.  


Rainbow Children's Hospital (RAINBOW IN): Started FY24 On Strong Note; Capacity Expansions Underway

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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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.

Krishna Institute of Medical Sciences / Equity Bottom-Up

<ul><li>In Q4FY23, Consolidated revenue Rs 576Cr increased by 54.7% which is above our estimates led by improvement in occupancies and ARPOBs.</li><li>The Consolidated occupancies improved by 260 bps QoQ to 70.8% and incraese in ARPOB by 2.6% QoQ to Rs 30,573 in Q4FY23.</li><li>Matured assets in telangana had reported 270bps QoQ improvement in occupencies as similar trend is ovserved in the industry has led the overall growth of the company.</li></ul><p><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></p>

In Q4FY23, Consolidated revenue Rs 576Cr increased by 54.7% which is above our estimates led by improvement in occupancies and ARPOBs.The Consolidated occupancies improved by 260 bps QoQ to 70.8% and incraese in ARPOB by 2.6% QoQ to Rs 30,573 in Q4FY23.Matured assets in telangana had reported 270bps QoQ improvement in occupencies as similar trend is ovserved in the industry has led the overall growth of the company.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.

Krishna Institute Of Medical Sciences Ltd - Slight Improvement in Occupancies and Realizations

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.

Dr. Lal PathLabs Limited operates clinical laboratories. The Company offers medical diagnostic, cardiology, radiology, pathology and imaging, health checkup, blood test, and customer care services. Dr. Lal PathLabs conducts its business in India.

Narayana Hrudayalaya Limited operates a network of hospitals. The Company offers cardiac surgery, cardiology, diabetes and endocrinology, gastroenterology, general surgery, neuroscience, facial surgery, nephrology, obstetrics and gynecology, orthopedics, oncology, pediatrics, transplant, and urology services. Narayana Hrudayalaya serves patients worldwide.

Kovai Medical Center and Hospital offers treatment for coronary bypass surgeries, coronary angioplasty, stent implantation, laproscopic and vascular surgeries, hip and knee replacements, kidney transplants and complex neurosurgeries.

Thyrocare Technologies Limited provides healthcare testing services. The Company offers fasting blood sugar, cancer, cardiovascular disorders, diabetes, and thyroid testing services. Thyrocare Technologies conducts its business worldwide.

Shalby Limited operates a chain of mutli-speicialty hospitals. The Hospital offers healthcare services to patients in various areas of specialization such as orthopaedics, complex joint replacements, cardiology, neurology, oncology, hair transplants, general surgery, trauma, and pathology. Shalby serves patients worldwide.

Indraprastha Medical Corporation Limited is a super specialty hospital commissioned in December 1995 in collaboration with the New Delhi administration. The hospital houses over 50 medical specialties including multi-organ transplants, non-invasive neuro-surgeries and day care procedures.

Indraprastha Medical Corporation (IPMC IN)

Dr. Agarwal's Eye Hospital Limited provides a wide range of eye care solutions.

PTL Enterprises Limited lease its plant to Apollo Tyres Ltd. The Company's plant manufactures and produces tires for automobiles, commercial vehicles, and other specialty automotives. PTL Enterprise also has interests in the healthcare business through various private companies under the Artemis name.

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

KPJ Healthcare Berhad is an investment holding company. Through its subsidiaries, the Company operates specialist medical centers and also provides pathology and laboratory services, hospital management services, drug and medical distribution along with operating a nursing college.

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

PT Sejahteraraya Anugrahjaya Tbk operates hospitals.

National Healthcare Corporation operates long-term health care centers.  The Company also operates homecare programs, independent living centers, and assisted living centers.  National Healthcare's other services include managed care specialty medical units, Alzheimer's units, and a rehabilitation services company.

Premier Inc. provides health care services. The Company offers clinical and financial database, peers, food and drug administration, drug surveillance, pharmacy, health insurance, and healthcare consultancy.

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

TOHO HOLDINGS CO., LTD. is a wholesaler of medicine and medical tools and equipment.  The Company mainly sells to hospitals and pharmacies.  Toho's merchandise are nursing products mainly for elderly and handicapped, and these include pajamas and bedding products, wheelchairs, walkers, diapers, bathing products, and health foods.

AMN Healthcare Services, Inc., a temporary healthcare staffing company, provides travel nurse staffing services. The Company places nurses and allied health professionals on temporary assignments at hospitals and healthcare facilities throughout the United States.

Addus HomeCare Corp provides a broad range of social and medical services in the home.  The Company's services include personal care and assistance with activities of daily living, skilled nursing and rehabilitative therapies, and adult day care. Addus consumers are individuals with special needs who are at risk of hospitalization or institutionalization.

Generale de Sante operates private hospitals.  The Company operates hospitals in France, Italy, Portugal, and Canada.

Krishna Institute of Medical Sciences Limited provides hospital services. The Hospital offers medical and surgical, renal and cardiac sciences, oncology, orthopaedics, organ transplantation, neurosciences, and other health care services. Krishna Institute of Medical Sciences serves patients in India.

Krishna Institute of Medical Sciences (KIMS IN)

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Krishna Institute of Medical Sciences (KIMS IN)

Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

Jupiter Life Line Hospitals has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS. The company...

Tina Banerjee

Rainbow Children's Hospital (RAINBOW IN): Started FY24 On Strong Note; Capacity Expansions Underway

Rainbow recorded an impressive 21% YoY revenue growth to INR2.9B in Q1FY24, driven by increase in pediatric surgical cases and deliveries. The...

Tina Banerjee

Krishna Institute Of Medical Sciences Ltd - Slight Improvement in Occupancies and Realizations

In Q4FY23, Consolidated revenue Rs 576Cr increased by 54.7% which is above our estimates led by improvement in occupancies and ARPOBs.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aster DM Healthcare Ltd (ASTERDM IN): Recent Correction Can Be a Good Entry Point

​Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...

Tina Banerjee

SC on Standardisation Rate for Medical Procedures: Likely Impact on Listed Hospital Players

​Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...

Nimish Maheshwari

Jupiter Life Line Hospitals (0372574D IN) IPO: A Niche Regional Play with Strong Track Record

Jupiter Life Line Hospitals has hit the market to raise INR8.7B via an IPO. The IPO is a combination of a fresh issue and an OFS. The company...

Tina Banerjee

Rainbow Children's Hospital (RAINBOW IN): Started FY24 On Strong Note; Capacity Expansions Underway

Rainbow recorded an impressive 21% YoY revenue growth to INR2.9B in Q1FY24, driven by increase in pediatric surgical cases and deliveries. The...

Tina Banerjee

Krishna Institute Of Medical Sciences Ltd - Slight Improvement in Occupancies and Realizations

In Q4FY23, Consolidated revenue Rs 576Cr increased by 54.7% which is above our estimates led by improvement in occupancies and ARPOBs.

Axis Direct

Aster DM shares drop after Olympus Capital sells 49M shares at a block deal. Stake sale is not a concern. The company is separating its GCC...

Supreme Court's push for CGHS rates on private hospitals triggers stock market turmoil, highlighting issues of pricing, patient affordability, and...