HYSET is a marketplace for medical services. The platform offers patients seeking care access to a network of healthcare providers. The business is headquartered in Ankara.

Her Yerde Saglik ve Elektronik Ticaret A.S. (HYSET), a wholly-owned subsidiary of Lokman Hekim, operates a marketplace for healthcare services where patients match their needs with products and packages the network hospitals have on offer.

Lokman has invested in a medical technology company to establish an exclusive online marketplace for healthcare services. Her Yerde Saglik ve Elektronik Ticaret A.S. (HYSET) is a wholly-owned subsidiary of Lokman. The medical marketplace helps patients match their needs and requirements with services available in the network.

Exposure to both enterprises and households makes glass manufacturing all the more attractive for investors looking to position for recovery in demand. With its diversified client base and margin accretive restructuring project underway, Sisecam should top the list of glassmakers set to benefit from the turnaround.

Sisecam, Europe’s largest glass manufacturer, is about to complete the ground work to consolidate its divisions under one umbrella/one brand. The project will delist four subsidiaries whose shares are publicly listed.

The December quarter net income reads $187 million, up 36% year on year (+13% excluding one-offs). Compass equity is worth north of $20 billion, on our assumptions.

OnDeck Capital reported a strong quarter surprising the market on originations and cost of funding. The weak spots are asset quality deterioration and poor prospects for cost of risk.

The launch is a natural extension of OnDeck's partnership efforts with banks which began three years ago. ODX is likely to help OnDeck crystallize value in its SaaS business and credit analytics by potentially attracting strategic interest in equity..

Operating leverage is working to LC's favor leading to growth in originations with margin gains and solid earnings. June quarter is indeed a strong beat. The downside risk, the elephant in the room, remains legal and regulatory.

Repricing of loan book late 2017 has started showing up in margins, which have beaten analysts’ June quarter estimates. The street is catching up but there is probably further upside risk to earnings. The shares are trading at compelling multiples.

Granting bank charters to enterprise fintech may be a good compromise for regulatory reasons. Yet, a bank charter to run a more competitive financial technology business is probably overstated as a commercial proposition.

Fortis Healthcare Ltd India shareholders have approved IHH's takeover of Fortis. The deal is now awaiting regulatory approvals. The Fortis investment is a big challenge for IHH and it may take several years before this investment becomes earnings accretive. IHH is also postponing expansion plans in Turkey.

The shares of EM medical service providers have come under selling pressure since last week. The weakness in shares is driven by EM currency sell-off. The contagion risk remains significant. We report updated valuation metrics across GEM space.

Lokman have had a busy quarter with investor events. Expect more in 2H18. Both trading and investments appear on track to meet guidance.

Lokman Hekim reported a strong set of results in its March quarter financials driven by growth in Ankara locations. Both top line and margins came in above expectations.

Lokman Hekim 3Q17 results beat street estimates. The earnings available for shareholders read TL1.6M versus a net loss of TL0.8M reported in June quarter. There is significant scope to benefit from operating leverage; the risks are now tilted towards the upside.

Medical Park and Memorial are reportedly planning to list their shares through public offerings next year. Private equity plans to divest stakes are no surprise but the valuations may fail to impress the sellers. GEM sector valuations are uninspiring as disappointed investors have reduced exposure since the beginning of 2016.

Recent academic research find evidence for presence of strong negative correlation between star analyst coverage and price synchronicity in China but not in the US.

Correlation coefficients or co-variances are too row metrics to depend on for portfolio diversification purposes. This short note promotes segmentation scores methodology as a more robust alternative. especially for funds investing cross-country.