KIMS gains after 5% equity changes hands, third big block in 4 months

KIMS is a chain of 12 multi-specialty hospitals, operating mainly in Telangana, Andhra Pradesh and Maharashtra

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The share price of Krishna Institute of Medical Sciences (KIMS) ticked 4.5 percent higher in early trade of June 20 after 5 percent equity in the hospital chain changed hands, the thrid such moved in four months. About 40.7 lakh shares changed hands at Rs 1,710 per share on BSE.

At 9.30 am, the stock rose to Rs 1,778 against the previous close of Rs 1,700 but by 11.30 am, it cooled off to Rs 1,730.

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This is the third big block trade in KIMS. On May 30, General Atlantic Singapore sold 23.2 lakh shares, or a 2.89 percent stake, at Rs 1,600 a share. Prior to that on March 22, Polar Capital Funds Plc offloaded a 1.38 percent stake in the firm.

As of March 2023 end, promoters and promoter group held a 38.84 percent stake in the hospital chain, domestic institutional investors (DIIs) held a 29.76 percent stake and foreign institutional investors 19.41 percent.

The DIIs included Tata AIA Life Insurance, Axis Mutual Fund, Mirae Asset Large Cap Fund, HDFC Life Insurance and ICICI Prudential Life Insurance Co.

KIMS is a chain of 12 multi-specialty hospitals operating mainly in Telangana, Andhra Pradesh and Maharashtra. The company, with an aggregate capacity of over 4,000 beds, was founded in 2000.

Also Read: Know your stock | Why are analysts upbeat on KIMS?

According to the company’s website, about one-third of its 4,000 bed capacity was launched in the last four to five years.

KIMS’ sales growth has compounded 25 percent over the past three years and analysts believe the momentum will continue over the next three years as well.

It has various brownfield and greenfield capacity expansions planned  Kondapur (over 500 beds in a phased manner), Anantapur (more than 150 beds), Nashik (325 beds), Bengaluru (350 beds), and Thane (300 beds). These projects are on track and are expected to turn operational in FY25, analysts at Nuvama PCG said.

“With the addition of ~1,600 beds and assuming a 6 percent expansion in ARPOB (average revenue per occupied bed), we retain “buy” rating with a price target of Rs 1,935,” it said in a report dated May 21.

According to Bloomberg, the stock has 10 “buy” calls, one “hold” and one “sell” call.

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