Axis initiates coverage of India's Manipal Health with 'buy' on growth, M&A track record
BUZZ-Axis initiates coverage of India's Manipal Health with 'buy' on growth, M&A track record ** Brokerage firm Axis Capital initiates coverage of healthcare firm Manipal Health Enterprises MNIA.NS with "buy" rating; sets TP of 845 rupees
** Expect co to strengthen its leadership in Bengaluru, Kolkata, and Pune with double-digit growth across markets, says Axis
** Brokerage notes that co could benefit from 64% CONGO-R mix which comprise revenue coming in from corporate, insurance, government, and overseas patients
** Insurance-led payer base attracts mid-to-high single-digit volume growth for co
** Recent IPO retires debt from Sahyadri acquisition and cuts finance costs
** "We assign sector leading multiple on consistent growth across regions, visible organic expansion till FY30 and proven M&A engine with limited earnings risk"--Axis
** MNIA shares down 0.9%; YTD, shares up 6.4%
(Reporting by Saikeerthi in Bengaluru)
((Saikeerthi@thomsonreuters.com; (+91) 8296756080))
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Axis initiates coverage of India's Manipal Health with 'buy' on growth, M&A track record
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