SINGAPORE (June 18): NRA Capital likes Asian Healthcare Specialists for its highly profitable business and aggressive growth plans.
Best known for its The Orthopaedic Centre (TOC) chain of clinics, analyst Liu Jinshu says in an unrated Monday report AHS has good revenue generating ability, thanks to the popularity and skills of its top doctors.
In 1H18 ended March, each of the top four specialists earned $7,413/day or $2.7 million a year of sales, according to Liu. Factoring IPO and listing costs, Liu estimates that recurring PAT is about $3.64 million per year, on a post-listing equity base of only $12 million. This means AHS returns is greater than 20% of its equity each year.
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