Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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> to acquire controlling stake in Jaypee Healthcare (JHL), which owns 3 hospitals in Uttar Pradesh, including the renowned 500-beds Jaypee Hospital, Noida.</li>
<li>JHL reported revenue of INR4.21B and EBITDA of INR70M in FY24. With an EV of INR16.6B, the deal values JHL at EV/EBITDA of 23.7x, which seems reasonable.</li>
<li>This acquisition will significantly enhance Max Healthcare’s network and strengthen its leadership position in NCR, a region which is home to around 46M people.</li>
</ul>



Max Healthcare Institute (MAXHEALT IN) to acquire controlling stake in Jaypee Healthcare (JHL), which owns 3 hospitals in Uttar Pradesh, including the renowned 500-beds Jaypee Hospital, Noida.
JHL reported revenue of INR4.21B and EBITDA of INR70M in FY24. With an EV of INR16.6B, the deal values JHL at EV/EBITDA of 23.7x, which seems reasonable.
This acquisition will significantly enhance Max Healthcare’s network and strengthen its leadership position in NCR, a region which is home to around 46M people.


Max Healthcare (MAXHEALTH IN): Continues to Strengthen Presence in North India

<ul>
<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> has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).</li>
<li>The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.</li>
<li>The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  </li>
</ul>



Max Healthcare Institute (MAXHEALT IN) has entered into a share purchase agreement for acquisition of a 550-bedded Sahara Hospital in Lucknow, Uttar Pradesh for an enterprise value of INR9.4B (~$113M).
The Hospital currently serves ~2 lakh patients every year, with FY24 revenue run rate of INR2B. It has a renowned center of excellence for Neurosciences.
The Hospital has a potential to quickly ramp up beds in existing building and expand medical programs such as oncology, transplants, robotics, etc.  


Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  </li>
<li>In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for <a href="https://www.smartkarma.com/entities/fortis-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:881:1" rel="noopener">Fortis Healthcare (FORH IN)</a> to acquire 26.1% stake after obtaining court permission.</li>
<li>IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.</li>
</ul>



IHH Healthcare (IHH MK) reported 11% YoY revenue growth in its core hospital and healthcare business in 4Q22, mainly driven by higher inpatient admissions in most of the hospitals.  
In November 2022, India’s stock exchange regulator SEBI has advised IHH to proceed with the open offer for Fortis Healthcare (FORH IN) to acquire 26.1% stake after obtaining court permission.
IHH is cautiously optimistic of robust growth from its core business with the return of local and foreign patients to its hospitals.


IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

Bumrungrad Hospital Pub Co / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).</li>
<li>In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).</li>
<li>We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.


Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

India

Max Healthcare Institute Limited operates a chain of hospitals. The Hospital offers urology, oncology, orthopaedics, eye care, dermatology, lung transplant, nutrition and dietetics, dental care, ganstroenterology, and rehabilitation services. Max Healthcare Institute serves patients in India.

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Max Healthcare Institute (MAXHEALT IN)

Max Healthcare (MAXHEALTH IN): Continues to Strengthen Presence in North India

Max Healthcare to acquire controlling stake in Jaypee Healthcare, which owns three hospitals in Uttar Pradesh, including the renowned 500-beds...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

IHH reported 11% YoY and 7% QoQ revenue growth in hospital and healthcare business, driven by higher inpatient admissions. The company has got...

Tina Banerjee

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Max Healthcare (MAXHEALTH IN): Continues to Strengthen Presence in North India

Max Healthcare to acquire controlling stake in Jaypee Healthcare, which owns three hospitals in Uttar Pradesh, including the renowned 500-beds...

Tina Banerjee

Max Healthcare (MAXHEALTH IN): New Hospital Acquisition Expands Footfall in a New Populus City

​Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Tina Banerjee

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

IHH Healthcare (IHH MK): Core Business Recovery; Fortis Open Offer to Come Soon

IHH reported 11% YoY and 7% QoQ revenue growth in hospital and healthcare business, driven by higher inpatient admissions. The company has got...

Tina Banerjee

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

​Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...

Tina Banerjee

Max Healthcare is foraying in Lucknow by acquiring 550-bedded Sahara Hospital for INR 9.4B (~$113M). The Hospital currently serves ~2 lakh...

Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...