Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.</li>
<li>All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.</li>
<li>The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.</li>
</ul>



Bundamedik Tbk PT (BMHS IJ) reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.
All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.
The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.


PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Krishna Institute of Medical Sciences / Equity Bottom-Up

<ul><li>The Consolidated occupancies are on lower side 68.2% vs 72.6% QoQ and ARPOB is Rs 29,800 vs. Rs 29,237 QoQ in Q3FY23.</li><li>Matured assets in telangana had reported 600bps QoQ fall in occupencies as similar trend is ovserved in the industry has impacted the overall growth of the company.</li><li>Consolidated PAT Rs 82 Cr is flat -2.4% YoY due to depriciation and finance costs.</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>

The Consolidated occupancies are on lower side 68.2% vs 72.6% QoQ and ARPOB is Rs 29,800 vs. Rs 29,237 QoQ in Q3FY23.Matured assets in telangana had reported 600bps QoQ fall in occupencies as similar trend is ovserved in the industry has impacted the overall growth of the company.Consolidated PAT Rs 82 Cr is flat -2.4% YoY due to depriciation and finance costs.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

<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> is seeing a continued business recovery reflected in improving operating metrics. In Q2FY23, KIMS reported record high quarterly sales, EBITDA, and footfall.</li>
<li>KIMS is following a disciplined growth strategy and plans to grow into markets that are adjacent to the current core markets of Andhra Pradesh and Telangana.   </li>
<li>KIMS has set foot in a new market of Maharashtra, outside of its core market. With lower margins from acquired assets than matured hospitals, KIMS has scope for margin improvement.</li>
</ul>



Krishna Institute of Medical Sciences (KIMS IN) is seeing a continued business recovery reflected in improving operating metrics. In Q2FY23, KIMS reported record high quarterly sales, EBITDA, and footfall.
KIMS is following a disciplined growth strategy and plans to grow into markets that are adjacent to the current core markets of Andhra Pradesh and Telangana.   
KIMS has set foot in a new market of Maharashtra, outside of its core market. With lower margins from acquired assets than matured hospitals, KIMS has scope for margin improvement.


Krishna Institute of Medical Sciences (KIMS IN): Improving Operations; Expansion to Drive Growth

Thematic (Sector/Industry)

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><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 Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

<ul>
<li>As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.</li>
<li>Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.</li>
<li>For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.</li>
</ul>


As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.
Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.
For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.


2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

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)

PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

Bundamedik recorded 17% revenue growth in core business in 2022. The company aims to achieve 17% revenue growth and 23–24% EBITDA growth in 2023,...

Tina Banerjee

Krishna Institute of Medical Sciences Ltd

Base Business Faces Continuous Decline in Occupancies. The Consolidated occupancies are on lower side 68.2% vs 72.6% QoQ and ARPOB is Rs 29,800 vs....

Axis Direct