In today’s briefing:
- Rainbow Children’s Hospital IPO Trading – Decent Anchor, Strong Insti Subs but Limited Upside
- Aristotle Capital Management Global Equity 1Q 2022 Commentary
- Shanghai Microport Endovascular MedTech (688016.CH) 21/22Q1 – This Is a Company Worth Investing In
- CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID
- Eris Lifesciences – In Line 4QFY22 at the Operational Level; Geared up for Launches in FY23
Rainbow Children’s Hospital IPO Trading – Decent Anchor, Strong Insti Subs but Limited Upside
- 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.
Aristotle Capital Management Global Equity 1Q 2022 Commentary
- For the first quarter of 2022, Aristotle Capital’s Global Equity Composite posted a total U.S.
- dollar return of -9.19% gross of fees (-9.28% net of fees) The company is an independent/employee-owned investment management organization that specializes in equity and fixed income portfolio management.
Shanghai Microport Endovascular MedTech (688016.CH) 21/22Q1 – This Is a Company Worth Investing In
- The aortic product line would bring strong growth in 1-2 years. From 3 years or longer term, Endovascular’s peripheral vascular interventional devices would be the main driver for high growth.
- We don’t think the centralized procurement would be a concern for the time being. As many products are or will apply for CE Mark, the progress of internationalization is promising.
- The current valuation is very attractive. Due to the pandemic/lockdown in China and many external uncertainties, share price could go lower, but it’s still a good company to invest in.
CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID
- Reiterate HOLD rating with a TP of B3.90, derived from 15xPE’22E, which is close to -2SD of 10-years trading mean. Although 22E earnings on a downhill path
- We estimate 1Q22E earnings to be the peak quarter at Bt1.3bn (+418%YoY,-28%QoQ) underpin by YoY growth in COVID-revenue, but QoQ fall from weaker EBIT margin.
- We believe earnings momentum to slow down in 2Q22, pressured by lower COVID-19 contribution, as a result of lower infection patients and stopped RT-PCR requirement.
Eris Lifesciences – In Line 4QFY22 at the Operational Level; Geared up for Launches in FY23
- Specialty segment gets a boost from the Oaknet acquisition
- Oaknet acquisition – New space addition at decent valuation
- Promotional efforts for launches lowers margin in 4QFY22 – Revenue grew 10% YoY to INR3.1b in 4QFY22 (est. INR2.9b).
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