Lokman Hekim - Potential New Acquisition to add 200 bed capacity
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Lokman have had a busy quarter with investor events. Expect more in 2H18. Both trading and investments appear on track to meet guidance.
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Lokman Hekim 2020 results and outlook
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Lokman have had a busy quarter with investor events. Expect more in 2H18. Both trading and investments appear on track to meet guidance.
Read MoreHYSET by Lokman Hekim - the 21st Century Care with Price Transparency on Offer
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Her Yerde Saglik ve Elektronik Ticaret A.S. (HYSET), a wholly-owned subsidiary of Lokman Hekim, operates a marketplace for healthcare services where patients match their needs with products and packages the network hospitals have on offer.
Read MoreGEM Healthcare - HYSET, Lokman Hekim's Venture in MedTech
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Lokman has invested in a medical technology company to establish an exclusive online marketplace for healthcare services. Her Yerde Saglik ve Elektronik Ticaret A.S. (HYSET) is a wholly-owned subsidiary of Lokman. The medical marketplace helps patients match their needs and requirements with services available in the network.
Read MoreGEM Healthcare - IHH Healthcare Berhad: Fortis deal
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Fortis Healthcare Ltd India shareholders have approved IHH's takeover of Fortis. The deal is now awaiting regulatory approvals. The Fortis investment is a big challenge for IHH and it may take several years before this investment becomes earnings accretive. IHH is also postponing expansion plans in Turkey.
Read MoreGEM Healthcare - values after EM sell-off
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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.
Read MoreGEM Healthcare - Lokman Hekim on track to meet guidance
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Lokman have had a busy quarter with investor events. Expect more in 2H18. Both trading and investments appear on track to meet guidance.
Read MoreGEM Healthcare - Lokman reports recovery in EPS with risks now to the upside
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Lokman Hekim 3Q17 results beat street estimates. The earnings available for shareholders read TL1.6M versus a net loss of TL0.8M reported in June quarter. There is significant scope to benefit from operating leverage; the risks are now tilted towards the upside.
Read MoreGEM Healthcare - Lokman Hekim: Merits of Etlik expansion
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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.
Read MoreGEM Strategy - symbols undermining equity values all across Balkans
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The treatment of intellectual property, corporate identity, brands and other enterprise intangibles is fairly relaxed in the countries which collectively make up the region we call Emerging Europe. The rather careless attitude towards or lack of interest in intangible assets undermines equity values particularly in Greece, Turkey, Russia, and the Balkans.
Read MoreGEM strategy - Turkish rally has legs, the yields to fall 200bp and stocks to add 20%
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With Turkish GDP growth outstripping its peers, consumer price inflation steadily improving between now and the year end, and the market not having a strong view on either, Turkish assets should outperform global benchmarks. We project the Turkish Lira yield curve to shift down by at least 200bp before December. The equity valuations should also improve 20-25% by year-end.
Read MoreGEM Strategy - Chinese output gap: deflationary pressures are here to stay
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The purpose of this note is to show how dramatic the Chinese excess capacity is and how hard it will be to narrow the output gap in the near future unless some capacity is shut down. One way of looking at the output gap in China is to measure any excess capacity relative to population.
Read MoreGEM Healthcare - IHH Healthcare Berhad reports strong sales, mixed margins in 2015
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IHH reported decent sales growth across regions. The margins are somewhat weaker due to investments. RM2.3B in December quarter revenues registering 18% growth. EBITDA reads RM614.3M (+5%). Earnings posted 74% YoY growth to RM415.8B on several one-off items and exceptional gains. Full fiscal year 2015 revenues and EBITDA grew by 15% and 10% YoY to RM8.5B and RM2.1B, respectively. Investments are broadly on track to meet targets.
Read MoreGEM Healthcare - Lokman finished the year on a high note, EBITDA jumps
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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.
Read MoreGEM Healthcare following a year of consolidation
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2015 was a busy year both with consolidation and capacity investments led by IHH and South African providers. Capex should slow down to allow demand to mature in 2016 but the backlog of investments remains rich. There is little change in industry margins despite investments. Recap of investments, M&A valuations in India, Myanmar and UAE are in the main text.
Read MoreGEM Financials - Why Fed will tone down rate rhetoric and what to do with GEMs
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Strong dollar, weaker demand in emerging markets, shrinking repo balance sheets at U.S. institutions and excess capacity in China should force Fed tone down the rate hike rhetoric.
Read MoreGEM Strategy - Chinese and Turkish LEI surprise to the upside, Russia leaves the policy rate unchanged
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- China – positive risk to growth with strong LEI over the weekend
- Russia – the central bank leaves the rate unchanged with inflationary expectations on the rise
- Turkey – growth surprises to the upside, is a Fed hike priced fully?