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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