Health Care: Siloam International Hospitals, Green Cross, Ipca Laboratories and more

• A webinar hosted by Smartkarma with Siloam International Hospitals revealed strong momentum behind its base-case revenues, with patient numbers, and some positive pricing strategies driving revenues.
• The company also continues to develop its centres of excellence and leading positions in a number of specialisations, which helps to widen catchment areas and increase the complexity of treatments. 
• Siloam continues to expand its hospital portfolio but may look to acquire more brownfield assets in the future plus it is experimenting with a managed services model. Valuations are attractive.

• Green Cross (006280 KS) is expected to receive FDA approval for its immune globulin injection, once the agency conducts onsite inspection of its production facility.
• After suffering in 2021, both blood products and vaccine business are back to double-digit growth path in Q1 2022. The company continues to win export orders for both of these.
• Hunter syndrome and hemophilia treatments are the company’s new growth engines. Green Cross has received approval for its hunter syndrome treatment in China and Japan.  

• The domestic formulation (DF) segment continues on its robust growth path, led by market share gain, favorable price hikes, addition of medical representatives (MRs), and its increased presence particularly in the cardiology segment.
• The exports opportunity is expected to improve with increased product launches in the UK, new launches and market share gain in Russia, and industry outperformance in Africa branded generics market.
• After 18% YoY decline in earnings in FY22, we expect 11% earnings CAGR over FY22- 24, led by 13%/8%/8% sales CAGR in DF, exports formulations, and API, respectively.

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