External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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

Max Healthcare Institute / Equity Bottom-Up

<ul><li>We downgrade Max Healthcare (MAXHEALTH) to REDUCE (from ADD earlier) with a TP of INR 880, based on a 29x blended Q1FY27E EV/EBITDA (vs FY26E EV/E), as we believe that the strong run-up in the stock price (up 28%/51% in last 6/12 months) factors most of the growth triggers</li><li>The valuation has turned rich (trades at 39/31/27x on FY25/26/27E EV/E vs its average of ~26x) and provides limited upside</li><li>While its capex plan is largely on track (to add 3,000+ bed capacity over FY25-27 with capex outlay of ~INR 47 bn) to support long-term growth, near-term concerns exist on limited headroom for volume growth for its existing hospital network (occupancy at 75-76%) and moderate ARPOB growth as it is already at a higher level of INR 76,000+</li></ul><p><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></p>

We downgrade Max Healthcare (MAXHEALTH) to REDUCE (from ADD earlier) with a TP of INR 880, based on a 29x blended Q1FY27E EV/EBITDA (vs FY26E EV/E), as we believe that the strong run-up in the stock price (up 28%/51% in last 6/12 months) factors most of the growth triggersThe valuation has turned rich (trades at 39/31/27x on FY25/26/27E EV/E vs its average of ~26x) and provides limited upsideWhile its capex plan is largely on track (to add 3,000+ bed capacity over FY25-27 with capex outlay of ~INR 47 bn) to support long-term growth, near-term concerns exist on limited headroom for volume growth for its existing hospital network (occupancy at 75-76%) and moderate ARPOB growth as it is already at a higher level of INR 76,000+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.

Max Healthcare Institute: Growth Priced-In, Valuation Rich, Time for Breather.