Apollo Hospitals continues to move from strength to strength
Chirag Batavia • 25 January 2022
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Apollo Hospitals (APOLLOHOSP)
- APHS continues to move from strength to strength and is executing well on leveraging its large and widespread existing infrastructure to create a strong digital ecosystem.
- 24/7 has also enhanced its brand visibility through a robust marketing and is witnessing strong traction.
- With an impending fundraise in HealthCo, we believe APHS can better compete with other e-health players and accelerate its digital journey.
- Offline pharmacy stores will continue to be added at a rate of 350-400 stores per year (net 174 added in 1HFY22).
- APHS has demonstrated a track record of creating new verticals in the past while the market remains competitive.
- We are impressed by APHS’ execution across segments and raise our FY2022-24 EBITDA estimates by 8-14% led by higher growth in the pharmacy and healthcare business.
- We have also raised our multiple for the healthcare business to 24X (versus 22X earlier) thereby revising Fair Value to Rs5,200. Retain ADD.
Note: The above is a brief note on the company, based on the inputs of the KIE research report dated 16th November 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Disclaimer: http://bit.ly/2n5AxIE
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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
