Strong RoCE in GCC despite aggressive expansion Aster derives ~81% of revenues from GCC countries. In the last six years, the company has expanded its hospitals, clinics and pharmacy count by almost 2x. However, despite aggressive expansion, the RoCE has remained healthy (hospitals- 13% (established hospitals - 27%), clinics - 25% and pharmacies - 45%) due to 1) asset light model, 2) integrated business model, 3) faster occupancy owing to strong brand equity, 4) healthy ARPOB and 5) targeted strategy. We believe RoCE will improve further due to continuing...