Equity Research Monitor
The latest in enterprise and strategic research are at your fingertips below, summarized in Gaussian's research monitor.
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.
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The capacity expansion and upgrade at Lokman's Etlik Hospital, the most profitable location across Lokman group hospitals, should be earnings and value enhancing to shareholders.
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Lokman Hekim reported one of its strongest quarters since Van hospitals were acquired. December quarter sales grew 24.0% on the year, driven by growth in inpatient admissions at Van hospitals and improvement in patient traffic at Sincan, Lokman's flagship. The company also reported solid margin gains with EBITDA margin widening by 394bp on the year.
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Combined revenues in Van now make up 40% of Lokman's sales, up from 35% same period last year - that's the key take-away from September financials. Pace of growth at both Van and Van Hayat continues to outstrip the rest of the group.
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