Thyrocare IPO: ICICI sec with link

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Thyrocare Technologies (Thyrocare) is one of the leading pan-India diagnostic chains. The company currently offers 198 tests and 59 profiles of tests to detect a number of disorders. Thyrocare also offers patients and corporations a suite of wellness and preventive healthcare tests under the brand Aarogyam. The company has a pan-India network of 1041 authorised service providers across 466 cities and 24 states & union territories. In addition, through its subsidiary, Nueclear Healthcare (NHL), Thyrocare has set up a network of molecular imaging centres in New Delhi, Navi Mumbai and Hyderabad focusing on early and effective cancer monitoring. Key Strengths Emphasis on wellness and preventive care in diagnostic industry The need for preventive and wellness healthcare test offerings has been rising steadily in India given the rising middle class population, growing awareness on lifestyle diseases and benefits of preventive healthcare. An early entrant in cancer diagnosis, Thyrocare is also developing a network of molecular imaging centres for cancer diagnosis and has five operating PETCT scanners. With offerings in preventive & diagnostic services and radiology procedure, Thyrocare is well placed in a high growth and underpenetrated market. Portfolio of specialised tests The company offers a portfolio of 198 tests and 59 profiles of tests to diagnose a number of disorders, including thyroid, metabolism, autoimmunity, diabetes, anaemia, cancer, cardiovascular, infertility and various infectious diseases. In addition, it also offers patients and corporations a suite of wellness and preventive health care tests under brand Aarogyam. The company has also recently commenced testing services for water samples under the brand Whaters. Further, through the brand Sugar Scan, the company also offers a sugar scan blood glucose monitor, which is one of the simplest ways for patients to instantly determine their blood glucose levels at an affordable cost. Pan-India network of collection centres In FY15, the company processed more than 9 million samples and conducted more than 47 million tests. Thyrocare collects these samples through a pan-India network of authorised service providers, which operate under franchise agreements. It has a network of 1041 authorised service providers spread across 466 cities and 24 states & union territories. The wide network of authorised service providers is complemented by a fully automated central processing lab (CPL) in Navi Mumbai and recently opened regional processing labs (RPLs). Key concern • Dependence on authorised service providers • High revenue dependence on functioning of CPL and RPL • Competition risk • Vendor risk • Extensive regulatory compliance Priced at 51-54x on FY15 EPS of | 8.3 At the IPO price band of | 420-446, the stock is available at 51-54x on consolidated FY15 EPS of | 8.3.

LINK
http://content.icicidirect.com/mailimages/IDirect_Thyrocare_IPOReview.pdf