Buy Narayana Hrudayalaya: target of Rs 545: ICICI Direct

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ICICI Direct research report on Narayana Hrudayalaya

Narayana Hrudayalaya’s (NH) subsidiary - Health City Cayman Islands (HCCI), already running a hospital at East End, Grand Cayman, Cayman Islands, is establishing a facility at a new location in the Camana Bay Development area of Grand Cayman. This is in order to expand the scope of super specialty treatment options already offered and offer medical services closer to the city centre. As such, the new facility, planned on a 3-acre land plot, is expected to have 50 operating beds and will be completely commercialised within two years with a capex outlay of ~US$100 million that will be funded through a mix of internal accruals and debt.

Outlook

We maintain our BUY recommendation and arrive at a target price of Rs 545 (earlier Rs 580) based on SOTP.

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