Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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)

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

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 Q1FY24, the company achieved a consolidated revenue of Rs 606 Cr, up 22.3%.</li><li>This performance surpassed our estimates and was primarily driven by enhancements in occupancies and ARPOBs.</li><li>The consolidated occupancies exhibited an impressive YoY improvement of 490bps, reaching 70.4%. </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.

 In Q1FY24, the company achieved a consolidated revenue of Rs 606 Cr, up 22.3%.This performance surpassed our estimates and was primarily driven by enhancements in occupancies and ARPOBs.The consolidated occupancies exhibited an impressive YoY improvement of 490bps, reaching 70.4%. 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 - Margins Hit Due to Increase in Investment

<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>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.

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

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.

Event-Driven

<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) (MEDANTA IN)</a> raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.</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>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. The stock was listed on 16th Nov 2022, its six-month lockup will expire on 11th May 2023.
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.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Max Healthcare Institute / Equity Bottom-Up

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<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> reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   </li>
<li>The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.</li>
<li>During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   
The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.
During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.


Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

India

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)

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 - Margins Hit Due to Increase in Investment

In Q1FY24, the company achieved a consolidated revenue of Rs 606 Cr, up 22.3%. This performance surpassed our estimates and was primarily driven by...

Axis Direct

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

Global Health (Medanta) Lockup - Good Name but Seems Fairly Valued

Global Health (Medanta) (MEDANTA IN) raised around US$268m in its India IPO. In this note, we will talk about the lock-up dynamics and updates...

Ethan Aw

Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

Max Health is poised for double-digit revenue growth, driven by improving occupancy, patient footfall, ARPOB, and bed expansion. Due to its metro...

Tina Banerjee

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