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> 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

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul>
<li>Medical tourism in India was negatively impacted by the pandemic. As the government is lifting travel restrictions, reopening border, and resuming international flight services, medical tourists have started returning back.</li>
<li>Large corporate hospitals, having pan-India presence, like <a href="https://www.smartkarma.com/entities/apollo-hospitals-enterprise" target="_blank" data-smartkarma-citation="entities:880:1" rel="noopener">Apollo Hospitals Enterprise (APHS IN)</a> are set to benefit from this trend. Medical tourism contributed 10% of revenue of Apollo in pre-pandemic era.</li>
<li>Apollo’s market dominance and expansion plan in hospital and foray into online services have sharpened its competitive edge over competitors. Its healthcare business is expected to grow mid-teens this year.</li>
</ul>


Medical tourism in India was negatively impacted by the pandemic. As the government is lifting travel restrictions, reopening border, and resuming international flight services, medical tourists have started returning back.
Large corporate hospitals, having pan-India presence, like Apollo Hospitals Enterprise (APHS IN) are set to benefit from this trend. Medical tourism contributed 10% of revenue of Apollo in pre-pandemic era.
Apollo’s market dominance and expansion plan in hospital and foray into online services have sharpened its competitive edge over competitors. Its healthcare business is expected to grow mid-teens this year.


Apollo Hospitals Enterprise (APHS IN): Set to Benefit from Medical Tourism Resumption in India

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.

Equity Capital Markets

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about our the trading updates.</li>
</ul>


Rainbow Children’s Hospital (RCH) raised around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about our the trading updates.


Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about the recent updates and peer comparison.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about the recent updates and peer comparison.


Rainbow Children’s Hospital - Recent Updates and Peer Comp

Krishna Institute of Medical Sciences / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/krishna-institute-of-medical-sciences-limited" target="_blank" data-smartkarma-citation="entities:34717:1" rel="noopener">Krishna Institute of Medical Sciences (KIMS IN)</a> shares gained ~18% since we initiated it on October 28, 2021. Investors can add to positions at the current level.</li>
<li>Regional focus is still paying off and KIMS reported solid Q3 results, with revenue and PAT growing by 10% and 76%, y/y, respectively, driven by higher patient volume and occupancy.</li>
<li>EBITDA margin of acquired assets has enough headroom to grow to the level of mature assets. The company is on track to add 1,650–1,800 beds in next three years.</li>
</ul>



Krishna Institute of Medical Sciences (KIMS IN) shares gained ~18% since we initiated it on October 28, 2021. Investors can add to positions at the current level.
Regional focus is still paying off and KIMS reported solid Q3 results, with revenue and PAT growing by 10% and 76%, y/y, respectively, driven by higher patient volume and occupancy.
EBITDA margin of acquired assets has enough headroom to grow to the level of mature assets. The company is on track to add 1,650–1,800 beds in next three years.


Krishna Institute of Medical Sciences (KIMS IN): Solid Q3 Results; Expansion Plan Is on Track

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): 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

Apollo Hospitals Enterprise (APHS IN): Set to Benefit from Medical Tourism Resumption in India

Apollo, due to its pan India presence and advanced technology offering, is set to benefit from reviving medical tourism in India. Its healthcare...

Tina Banerjee

Rainbow Children’s Hospital IPO Trading - Decent Anchor, Strong Insti Subs but Limited Upside

Rainbow Children’s Hospital raised around US$200m in its India IPO. In this note, we look at the subscription levels and talk about the trading...

Sumeet Singh

Rainbow Children’s Hospital - Recent Updates and Peer Comp

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

Krishna Institute of Medical Sciences (KIMS IN): Solid Q3 Results; Expansion Plan Is on Track

With the continued business recovery, KIMS reported improvement in every operating metrics in Q3FY22. The company aims to expand its bed capacity...

Tina Banerjee

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