External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Equity Bottom-Up

<ul><li>Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)</li><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/share</li><li>Aditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720</li></ul><div class="content-highlight"><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></div>

Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/shareAditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720Content 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.

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Narayana Hrudayalaya Ltd / Equity Bottom-Up

<ul><li>NHL operates a chain of multispecialty, tertiary &amp; primary healthcare facilities that initially focused on cardiac &amp; renal</li><li>NHL network comprises 22 hospitals (including two managed hospitals), five heart centres, 19 primary care facilities (including clinics and information centres) and a multi-speciality hospital in Cayman Islands)</li><li>We value Narayana at SOTP of Rs 650 by valuing matured India &amp; Cayman hospitals at 16x FY23E EV/EBITDA, new hospitals at 2x and other business at 1x FY23E EV/sales.</li></ul><div class="content-highlight"><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></div>

NHL operates a chain of multispecialty, tertiary &amp; primary healthcare facilities that initially focused on cardiac &amp; renalNHL network comprises 22 hospitals (including two managed hospitals), five heart centres, 19 primary care facilities (including clinics and information centres) and a multi-speciality hospital in Cayman Islands)We value Narayana at SOTP of Rs 650 by valuing matured India &amp; Cayman hospitals at 16x FY23E EV/EBITDA, new hospitals at 2x and other business at 1x FY23E EV/sales.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.

Narayana Hrudayalaya: Rebound in Elective Surgeries Picking Up

<p>We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock is trading at ~15x FY23e EV/EBITDA, which limits the scope of further re-rating. Downgrade to ADD. Narayana Health (NH) Q4 results were strong with EBITDA at INR1.4bn (+48% YoY, +34% QoQ) vs. our expectation of INR1.1bn. The beat was largely driven by strong recovery in India business (pick-up in elective surgeries, lower COVID contribution) and continued momentum in Cayman Islands (40.5% EBITDA margins vs.</p><div class="content-highlight"><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></div>

We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock is trading at ~15x FY23e EV/EBITDA, which limits the scope of further re-rating. Downgrade to ADD. Narayana Health (NH) Q4 results were strong with EBITDA at INR1.4bn (+48% YoY, +34% QoQ) vs. our expectation of INR1.1bn. The beat was largely driven by strong recovery in India business (pick-up in elective surgeries, lower COVID contribution) and continued momentum in Cayman Islands (40.5% EBITDA margins vs.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.

Narayana Health (4QFY21): India recovery trends  a key monitorable. Downgrade to ADD

<p>Blended model of affordable + high-quality services The company has a legacy model based on affordability over the years. Due to strict control over costs and capital, Narayana was making reasonable profit. However, as it looks to scale up in other regions, where the consideration for quality has more weight than affordability, the model is likely to be modified from 'affordable'' to a mix of affordable + quality at premium.</p><div class="content-highlight"><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></div>

Blended model of affordable + high-quality services The company has a legacy model based on affordability over the years. Due to strict control over costs and capital, Narayana was making reasonable profit. However, as it looks to scale up in other regions, where the consideration for quality has more weight than affordability, the model is likely to be modified from 'affordable'' to a mix of affordable + quality at premium.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.

NH: Blended model of affordable + high-quality services The company has a legacy model based on a...

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.

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Narayana Hrudayalaya Ltd (NARH IN)

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

Prince Pipes: We maintain our BUY rating on Prince Pipes, with an unchanged target price of INR 940/sh (18.5x its Dec-23E EBITDA, implying 31x P...

HDFC Securities

Narayana Hrudayalaya: Rebound in Elective Surgeries Picking Up

NHL operates a chain of multispecialty, tertiary & primary healthcare facilities that initially focused on cardiac & renal.

ICICI Securities Limited

Narayana Health (4QFY21): India recovery trends a key monitorable. Downgrade to ADD

We increase our EBITDA estimates for FY22/23e by 2%/8% to factor in healthy recovery trends in India. However, at the CMP of INR505/sh., the stock...

HDFC Securities

NH: Blended model of affordable + high-quality services The company has a legacy model based on a...

Blended model of affordable + high-quality services The company has a legacy model based on affordability over the years. Due to strict control...

ICICI Securities Limited

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