Moneycontrol
Feb 16, 2017 02:02 PM IST | Source: Moneycontrol.com

Buy Max India; target of Rs 175: Edelweiss

Edelweiss is bullish on Max India has recommended buy rating on the stock with a target price of Rs 175 in its research report dated February 14, 2017.

Buy Max India; target of Rs 175: Edelweiss


Edelweiss' research report on Max India


MHC, Max India’s (Max) hospitals business revenue/EBITDA grew 14%/ 17% YoY, despite headwinds from demonetisation and weaker onset of winter compared to last year. Core operating metrics remained robust with ARPOB growing 7% YoY, and occupancy steady at 69%. Gross premiums in healthcare insurance business increased 24% and Max maintained EBITDA breakeven guidance for FY19 in this business.


Outlook


We believe Max is a compelling bet on the tertiary care opportunity in the NCR market, which could have upsides from investments in health insurance. Maintain ’BUY’ with TP of INR 175.

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