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Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Event-Driven

<p><a href="https://www.smartkarma.com/entities/881" target="_blank" data-smartkarma-citation="entities:881:1">Fortis Healthcare Ltd (FORH IN)</a>'s sale/bailout process has taken an orderly form, but with a fluid timeline. That said, we think that the short-term outlook for the stock is murky given the dynamics of a company in dire straits in a choppy regulatory environment. As a result, we don’t think that bids will increase over the prior round and that there's no rush to build a position. Rather, the real investment opportunity lies in the company’s potential turnaround, which will be a function of the capabilities of the buyer. We think that Manipal/TPG and <a href="https://www.smartkarma.com/entities/876" target="_blank" data-smartkarma-citation="entities:876:1">IHH Healthcare Bhd (IHH MK)</a> are the strongest bidders (in that order).</p><p>We have tagged this Insight as Bearish reflecting our short-term view on the stock.</p>

Fortis Healthcare Ltd (FORH IN)'s sale/bailout process has taken an orderly form, but with a fluid timeline. That said, we think that the short-term outlook for the stock is murky given the dynamics of a company in dire straits in a choppy regulatory environment. As a result, we don’t think that bids will increase over the prior round and that there's no rush to build a position. Rather, the real investment opportunity lies in the company’s potential turnaround, which will be a function of the capabilities of the buyer. We think that Manipal/TPG and IHH Healthcare Bhd (IHH MK) are the strongest bidders (in that order).We have tagged this Insight as Bearish reflecting our short-term view on the stock.

Indraprastha Medical Corporation (IPMC IN)

Fortis Healthcare

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