Updates

Al Noor Hospitals

June 2014

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares spiked to a new high of 1165p at one point ahead of a strong update, which noted sales rising 25% to US$111.6m in the first quarter to 28â€ˆApril. The number of revenue generating physicians (its key proxy for future growth) increased by 32 in the quarter and by 132 year-on-year and the group remains on target to hire 70-80 in 2014 as a whole. In Q1 three new medical centres were commissioned. The centres at Bateen and Baniyas are in areas with significant Emirati populations while the ICAD medical centre is in an industrial workers residential facility. Al Noor remains debt free with US$63m cash and is still looking for more eps enhancing acquisitions. Jefferies expects eps of 76 cents (45.2p) this year and 90 c ...

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