14925051 Apollo Hospitals Sep09 Results
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Transcript of 14925051 Apollo Hospitals Sep09 Results
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Firstcall India Equity Advisors Pvt Ltd 1
Apollo Hospitals Enterprise Limited (AHEL)
BUY Target Price: Rs.659.00CMP: Rs.573.00 Market Cap.:Rs. 35399.94mn.Date: December 23, 2009
Key Ratios:
Particulars FY09 FY10E FY11EOPM (%) 16.63 17.34 17.28
NPM (%) 8.10 8.68 8.73
ROE (%) 8.61 10.41 10.75
ROCE (%) 10.91 12.97 13.44
P/BV(x) 2.52 2.31 2.06
P/E(x) 29.23 22.19 19.19
EV/EBDITA(x) 14.23 11.11 9.70
Debt-EquityRatio
0.33 0.34 0.33
Key Data:
Sector Pharma Sector
Face Value Rs.10.00
52 wk. High/Low
(Rs.)
625.00/350.00
SYNOPSIS We initiated the coverage of AHEL and set
a target price of Rs.659.00 for Medium toLong term gains.
Apollo Hospitals has expanded its globalreach with the opening of Apollo Bramwell
Hospital in Mauritius.
Apollo Hospitals secured $50 million worth ofloan from International Finance Corporation
(IFC), a member of the World Bank Group,to set-up high quality hospitals in remoteareas of India.
Apollo Hospitals has decided to makeinvestments to the tune of Rs 1,800 crore
over the next two years for building newhospitals across the country.
Apollo Hospitals is planning to add 2,000beds within the next two years for aninvestment of Rs 1,500 crore to Rs 1,600
crore.
The top line and Bottom line of thecompany are expected to grow at a CAGR
of 23% & 22% over 2008 to 2011E.
Share Holding Pattern:
V.S.R. SastryVice President
Equity Research Desk
91-22-25276077
Dr. V.V.L.N. Sastry Ph.D.
Chief Research Officer
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Firstcall India Equity Advisors Pvt Ltd 2
Table of Content
Investment Highlights......................................................................................... .03
Company
Profile
..06
Peer Group
comparison
...09
Keyconcern
.09
Financials
.10
Charts
....12
Outlook and
conclusions
.....13
Industry
Overview...
... 14
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Firstcall India Equity Advisors Pvt Ltd 3
Investment Highlights
Q2 FY10 Results Update
During the quarter ended September 2009, company has witnessed an
increase in the total revenue. During the quarter, Net sales rose by 25.01% toRs.4560.60 million from Rs.3648.30 million in the same quarter last year. The
Total Profit for the quarter ended September 2009 was Rs.340.60 million grew
by 13.04% from Rs.301.30 million compared to same quarter last year. Total
income of the company for the quarter stood at Rs 4581.50 million against
Rs 3703.10 million in the year-ago period, a growth of 23.72% on a YoY basis.
The basic EPS of the company stood at Rs.5.51 for the quarter ended Sep
2009.
Quarterly Results - Consolidated (Rs in
mn)
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Firstcall India Equity Advisors Pvt Ltd 4
As At Sep-09 Sep-08 %change
Net sales 4560.60 3648.30 25.01
Net profit 340.60 301.30 13.04
Basic EPS 5.51 5.00 10.21
Net Sales & PAT Growth
During the quarter, Net sales rose by 25.01% to Rs.4560.60 million from
Rs.3648.30 million in the same quarter last year and the Total Profit for the
quarter ended September 2009 was Rs.340.60 million grew by 13.04% from
Rs.301.30 million compared to same quarter last year.
EPS Growth
The basic EPS of the company stood at Rs.5.51 for the quarter ended Sep
2009 from Rs.5.00 for the quarter ended Sep 2008.
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Firstcall India Equity Advisors Pvt Ltd 5
Expands Global reach
Chennai-based Apollo Hospitals has expanded its global reach with the
opening of Apollo Bramwell Hospital in Mauritius. The 220-bed facility, a joint
venture between British American Investment and the company, has been
built with an investment of $70 million. It will be a multi-specialty care center
with the offerings in cardiology, cosmetic surgery, nephrology and
neurology, and will also provide ayurveda, acupuncture, aromatherapy
and music therapy, among others.
Recently, Apollo Hospitals secured $50 million worth of loan from
International Finance Corporation (IFC), a member of the World Bank
Group, to set-up high quality hospitals in remote areas of India.
Apollo walks out of Wockhardt Hospitals acquisition race
Chennai-based healthcare giant Apollo Hospitals is no more in the race for
acquiring Wockhardt Group offered hospitals in Bangalore, Mumbai and
Kolkata.
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Firstcall India Equity Advisors Pvt Ltd 6
The declaration comes after close assessment of the offer, which
concluded that the acquisition will not result in any great value unlocking
as Apollo Hospitals has very strong presence in all the three cities where
Wockhardt Hospitals are put on the block. Apart from this, the valuation did
not looked attractive due to higher premium asked by the Mumbai-based
pharma group. Wockhardt group is looking to sell its hospital chain arm
Wockhardt Hospitals to trim down its outstanding debt position which is
around Rs 3,700 crore.
Apollo Hospitals to invest Rs 1,800 Cr in two years
Apollo Hospitals Enterprise has decided to make investments to the tune of
Rs 1,800 crore over the next two years for building new hospitals across the
country. The Chennai based hospital is planning to add 2,000 beds within
the next two years for an investment of Rs 1,500 crore to Rs 1,600 crore. The
fund for the proposed investment is to be raised through a combination ofdebt and equity. The group is also planning to invest around Rs 200 crore
within next two years through its joint venture with One Equity Partners --
Western Hospital Corporation to set up a 600 bed hospital in Navi Mumbai
and Thane.
It proposes to set up a 200-bed hospital in Shanghai at an investment of
USD 120 million, 150-bed hospital in Vienna for USD 95 million and a hospital
in Nigeria. After hospitals, Apollo would also look at opening pharmacies in
these countries, as it tries to maximise its revenues abroad.
Company Profile
Apollo Hospitals Enterprise Limited (AHEL) was incorporated as a Public Limited
Company in the year 1979. Promoted by Dr. Prathap C Reddy, it is the first group
of hospitals that pioneered the concept of corporate healthcare delivery in
India. AHEL is a listed Company on the Bombay Stock Exchange.
AHEL today, is the leading private sector healthcare provider in Asia and owns
and manages a network of speciality hospitals and clinics, a chain of Pharmacy
retail outlets across the country, and provides Consultancy Services for
commissioning and managing the Speciality Hospitals. Today Apollo Hospitals is
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Firstcall India Equity Advisors Pvt Ltd 7
not just one of the country's premier healthcare providers but has also played a
pioneering role in helping India become a center-of-excellence in global
healthcare.
The Apollo Hospitals group today includes over 7500 beds across 43 hospitals in
India and overseas, neighbourhood diagnostic clinics, an extensive chain of
Apollo Pharmacies, medical BPO and health insurance services and clinical
research divisions that are working on the cutting edge of medical science.
However the largest achievement of the Apollo Group has been to take quality
healthcare to across the length and breadth of India.
By the start of the new millennium, Apollo Hospitals Group had become an
integrated healthcare organization with owned and managed hospitals,
diagnostic clinics, dispensing pharmacies and consultancy services. In addition,
the group's service offerings include healthcare at the patient's doorstep,
clinical & diagnostic services, medical business process outsourcing, third partyadministration services and heath insurance. To enhance performance and
service to customers, the company also makes available the services to support
the business of healthcare; telemedicine services, education and training
programmes & research services and a host of not- for- profit projects.
Medical Milestones:
Employs over 4000 specialists and super-specialists and 3000 medical
officers spanning over55 clinical departments in patient care.
Achieved a 99.6% success rate in cardiac bypass surgeries, over 91% of
these were beating heart surgeries.
Conducted over 100,000 cardiac surgeries - one of only 10 hospitals in the
world to achieve these volumes.
First Indian hospital group to introduce new techniques in Coronary
Angioplasty, Stereotactic Radiotherapy and Radiosurgery.
Performed over 7,50,000 major surgeries and over 10,00,000 minor surgical
procedures with exceptional clinical outcomes.
Pioneered orthopaedic procedures like hip and knee replacements, the
Illizarov procedure and the Birmingham hip re-surfacing technique.
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First hospital group to bring the 320 Slice CT- Angio scan system and the 64
Slice CT-Angio scan system to India.
First hospital group in South-East Asia to introduce the 16 Slice PET-CT Scan.
First to perform liver, multi-organ and cord blood transplants in India.
Equipped with the largest and most sophisticated sleep laboratory in the
world.
Introduced the most advanced CyberKnife Robotic Radio Surgery System
in Asia Pacific, the worlds first and only robotic radiosurgery system
designed to treat tumors anywhere in the body with sub-millimeter
accuracy.
Achievements/ recognition:
Over the years, Apollo has received many awards and accolades in recognition
of its pioneering achievements in Indian healthcare.
Apollo Hospitals, Chennai & Hyderabad won the healthcare awards 2008,
instituted by the Express Healthcare Publications (The Indian Express
Group). The awards received include:- Apollo Hospitals Chennai- Overall
Best Hospital of the year - Apollo Hospital Chennai- Operational
Excellence- Apollo Speciality Hospital, Chennai- Leveraging Global
Opportunity- Apollo Health City Hyderabad- Sustained Growth- ApolloHealth City Hyderabad- Patient Care.
Apollo Hospitals, Chennai has been rated 'Best Private Sector Hospital' in
India by The Week magazine for 2003, 2004, 2007 and 2008.
Apollo Hospitals was recognized as a 'Superbrand of India' in the
healthcare sector for 2003 and 2004.
Apollo Clinics were awarded Franchisor of the Year for 2003 and 2004.
The Asia-Pacific BioBusiness Leadership Award 2005 was awarded to Dr.
Prathap C. Reddy, Founder Chairman Apollo hospitals group.
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Modern Medicare Excellence Award 2006-07 award to Dr. Prathap C
Reddy, Founder Chairman, Apollo Hospitals Group, by ICICI Group, to
honour outstanding achievements in the healthcare industry.
Save a Child's Heart (SACH) - was a runner-up in the 'Corporate
Governance' category at Hospital Management Asia 2004, a major
hospital expo in Bangkok, Thailand.
Avaya Global Connect award went for the second successive year, in
2006, to Apollo Hospitals, Hyderabad for customer responsiveness in the
healthcare sector based on a nation wide polling exercise.
Company Services
Services offered by the company:
Cardiology & Cardiothoracic Surgery
Orthopedics & Joint Replacement Surgery
Spine Surgery
Oncology
Medical & Surgical Gastroenterology
Neurology & Neurosurgery
Nephrology & Urology
Critical Care Medicine.
Peer Group Comparison
Name of the
company
CMP (Rs.)
(As on
Dec. 23,
2009)
Market
Cap. (Rs.
mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend(%)
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Apollo Hospitals 573.00 35,399.94 22.26 25.74 2.52 65.00
Opto Circuits 225.50 41,243.80 7.59 29.71 9.74 40.00
Siemens Healthcare 1067.05 1,672.10 33.87 31.50 3.30 10.00
Indraprastha 40.25 3,689.80 3.23 12.46 3.03 15.00
Key Concerns
Global economic slowdown
Frequent change of exchange rates
Competition from domestic as well as international players of the sector is
a major concern for the company. If the company is not able to compete
effectively, it will effect the companys operations as well as financial
conditions.
Financials Results
12 Months Ended Profit & Loss Account (Standalone)
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Value(Rs.in.mn) FY08 FY09 FY10E FY11E
Description 12m 12m 12m 12m
Net Sales 11238.00 14579.80 18370.55 21126.13
Other Income 262.00 223.70 246.07 270.68
Total Income 11500.00 14803.50 18616.62 21396.81
Expenditure -9483.00 -12378.60 -15431.26 -17745.95
Operating Profit 2017.00 2424.90 3185.36 3650.86
Interest -199.00 -223.10 -379.27 -436.16
Gross profit 1818.00 2201.80 2806.09 3214.70
Deprecation -367.00 -439.20 -527.04 -579.74
Profit Before Tax 1451.00 1762.60 2279.05 2634.95
Tax -433.00 -541.70 -683.71 -790.49
Profit After Tax 1018.00 1180.70 1595.33 1844.47
Equity capital 586.00 602.40 617.80 617.80
Reserves 11793.00 13106.20 14701.53 16546.00
Face value 10.00 10.00 10.00 10.00
Total No. of Shares 58.60 60.24 61.78 61.78
EPS 17.37 19.60 25.82 29.86
Quarterly Ended Profit & Loss Account (Standalone)
Value(Rs.in.mn) 31-Mar-09 30-Jun-0930-Sep- 31-Dec-
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09 09(E)
Description 3m 3m 3m 3m
Net sales 3910.80 4059.50 4560.60 4788.63
Other income 55.20 146.80 20.90 24.04
Total Income 3966.00 4206.30 4581.50 4812.67
Expenditure -3375.50 -3383.20 -3830.10 -4022.45
Operating profit 590.50 823.10 751.40 790.22
Interest -49.60 -83.30 -102.50 -106.60
Gross profit 540.90 739.80 648.90 683.62
Deprecation -124.70 -130.60 -127.40 -133.77
Profit Before Tax 416.20 609.20 521.50 549.85
Tax -124.80 -161.20 -180.90 -164.95
Profit After Tax 291.40 448.00 340.60 384.89
Equity capital 602.40 617.80 617.80 617.80
Face value 10.00 10.00 10.00 10.00
Total No. of Shares 60.24 61.78 61.78 61.78
EPS 4.84 7.25 5.51 6.23
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Charts
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1 Year Comparative Graph
Outlook and Conclusion
At the current market price of Rs.573.00, the stock is trading at 22.19 x
FY10E and 19.19 x FY11E respectively.
Price to Book Value of the stock is expected to be at 2.31 x and 2.06 x
respectively for FY10E and FY11E.
Earning per share (EPS) of the company for the earnings for FY10E and
FY11E is seen at Rs.25.82 and Rs.29.86 respectively.
Net sales & Operating Profit of the company are expected to grow at a
CAGR of 23% and 22% over 2008 to 2011E.
On the basis of EV/EBITDA, the stock trades at 11.11 x for FY10E and 9.70 x
for FY11E.
Apollo Hospitals has expanded its global reach with the opening of Apollo
Bramwell Hospital in Mauritius.
Apollo Hospitals proposes to set up a 200-bed hospital in Shanghai at an
investment of USD 120 million, 150-bed hospital in Vienna for USD 95 million
and a hospital in Nigeria.
Apollo Hospitals is planning to add 2,000 beds within the next two years for
an investment of Rs 1,500 crore to Rs 1,600 crore.
Apollo Hospitals has decided to make investments to the tune of Rs 1,800
crore over the next two years for building new hospitals across the
country.
APOLLO HOSPITALS BSE SENSEX
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Firstcall India Equity Advisors Pvt Ltd 15
We recommend BUY in this particular scrip with a target price of
Rs.659.00 for Medium to Long term investment.
Industry Overview
Sector structure/Market size
Healthcare, which is a US$ 35 billion industry in India, is expected to reach over
US$ 75 billion by 2012 and US$ 150 billion by 2017, according to Technopak
Advisors in their report India Healthcare Trends 2008. The sector offers
immense potential to healthcare players as the country witnesses a rise in the
incidence of lifestyle-related and other diseases. A growing elderly population
and rise in income levels are also pushing for better facilities in the country.
To meet this growing demand, the country needs US$ 50 billion annually for thenext 20 years, says a Confederation of Indian Industry (CII) study. India needs to
add 3.1 million beds by 2018 to the existing 1.1 million, and requires immediate
investments of US$ 82 billion, as per the Technopak Advisors report.
India needs an investment of US$ 14.4 billion in the healthcare sector by 2025, to
increase its bed density to at least two per thousand population.
According to a latest report by McKinsey, driven by strong local demand, Indian
healthcare market is expected to continue growing close to previouslyprojected rates of 10 to 12 per cent. With average household consumption
expected to increase by more than seven per cent per annum, the annual
healthcare expenditure is projected to grow at 10 per cent and also the number
of insured is likely to jump from 100 million to 220 million.
India's healthcare industry registered 42.44 per cent growth in net profit during
April-June 2009, according to the Associated Chambers of Commerce and
Industry (ASSOCHAM). In the healthcare sector, the leading 10 companies
posted a growth of 23.94 per cent in total income and 21.37 per cent in total
expenditure during the quarter, the study said.
Health Insurance
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Currently only 10 per cent of the Indian population has health insurance, which
means that there is tremendous scope for growth in this area. The Indian health
insurance business is growing at 50 per cent. The sector is projected to grow to
US$ 5.75 billion by 2010, according to a study by the PHD Chamber of
Commerce and Industry.
Investments in Healthcare
The sector has been attracting huge investments from domestic players as well
as financial investors and private equity (PE) firms. Funds such as ICICI Ventures,
IFC, Ashmore and Apax Partners invested about US$ 450 million in the first six
months of 2008-09 compared with US$ 125 million in the same period a year
ago, according to an analysis carried out by Feedback Ventures. Feedback
Ventures expects PE funds to invest at least US$ 1 billion in the healthcare sectorin the next five years.
In February 2009, India Venture invested almost US$ 18 million in Tamil Nadu-
based Kavery Medical while in June IFC invested US$ 30 million in Max India.
Piramal Life Sciences, the research and development (R&D) arm of Piramal
Group is investing US$ 41.17 million in the next two years period to discover and
develop new chemical entities and novel drug delivery systems.
The Hinduja Group will invest up to US$ 72 million in increasing capacity of its
hospital in Mumbai by 350 beds in the next four years through expansion of
existing facility and setting up of a new unit.
As part of its Healthymagination initiative, GE will spend US$ 3 billion over the
next six years on research and development, provide US$ 2 billion of financing
over the next six years to drive healthcare information technology and health in
rural and underserved areas, and invest US$ 1 billion in partnerships, content and
services.
The government, along with participation from the private sector, is planning toinvest US$ 1 billion to US$ 2 billion in an effort to make India one of the top five
global pharmaceutical innovation hubs by 2020. The Ajay Piramal Group-owned
private equity (PE) firm, India Venture Advisors, will launch its second US$ 150
million healthcare fund next year.
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Medical Tourism
In 2007, India treated 450,000 foreign patients ranking it second in medical
tourism. According to a study by McKinsey and the CII, medical tourism in India
could become a US$ 2 billion industry by 2012 (from US$ 350 million in 2006).
Credit Suisse estimates medical tourism to be growing at between 25-30 per
cent annually.
The key selling points of the medical tourism industry are its cost effectiveness
and its combination with the attractions of tourism. Treatment cost is lowest in
India 20 per cent of the average cost incurred in the US, Singapore, Thailand
and South Africa. Besides world class medical facilities, India is also trying to
promote its traditional medicine such as ayurveda.
Areas of Opportunity
The fast growth in the Indian healthcare sector has created various pockets of
opportunities for investors. A recent FICCI-Ernst and Young report highlights
several such areas within the healthcare sector.
Medical infrastructure forms the largest portion of the healthcare pie. Beds
in excess of one million need to be added to reach a ratio of 1.85 per
thousand at an investment of US$ 77.9 billion.
The medical equipment industry is around US$ 2.17 billion and is growing
at 15 per cent per year. It is estimated to reach US$ 4.97 billion by 2012.
The medical textiles industry is projected to double to reach US$ 753
million by 2012.
Clinical trials have the potential to become a US$ 1 billion industry by 2010
and the health services outsourcing sector has the potential to grow to
US$ 7.4 billion by 2012, from US$ 3.7 billion in 2006.
Notwithstanding the current economic slowdown, the US$ 2.26 billion Indian
wellness services market is expected to grow at about 30-35 per cent for the
next five years on the back of rising consumerism, globalisation and changing
lifestyles, according to a FICCI-Ernst and Young study.
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The report classified wellness industry into seven core segments of allopathy,
alternative therapies, beauty, counselling, fitness/slimming, nutrition and
rejuvenation. While rejuvenation services such as spas, alternative therapies,
ayurveda treatments and beauty services are expected to grow by as much as
30 per cent, fitness comprising gyms and slimming centres are expected to grow
by more than 25 per cent.
Government Initiative
The Government launched the National Rural Health Mission (NRHM) in 2005. It
aims to provide quality healthcare for all and increase the expenditure on
healthcare from 0.9 per cent of GDP to 2-3 per cent of GDP by 2012.
During the 2009 interim budget, the government allocated US$ 2.42 billion for
NRHM. The Tamil Nadu government has allocated US$ 698.16 million for health
and family care for the year 2009-10, up from US$ 564.34 million a year ago. Theincreased budget includes creating a mega blood bankAsias largestin
Chennai and upgrading several hospitals, besides launching a new insurance
scheme.
The government has announced a US$ 63.2 million initiative to promote
domestic manufacture of medical devices such as stents, catheters, heart
valves and orthopaedic implants that will lead to lower prices of these critical
equipment.
________________ ____ ________________________
Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation
for the purchase or sale of any financial instrument or as an official confirmation of any
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Firstcall India Equity Advisors Pvt Ltd 19
transaction. The information contained herein is from publicly available data or other
sources believed to be reliable but do not represent that it is accurate or complete and it
should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of its
affiliates shall not be in any way responsible for any loss or damage that may arise to any
person from any inadvertent error in the information contained in this report. This document
is provide for assistance only and is not intended to be and must not alone be taken as the
basis for an investment decision.
Firstcall India Equity Research: Email [email protected]
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