Strong RoCE in GCC despite aggressive expansion Aster derives ~81% of revenues from GCC countries. In the last six years, it expanded its hospitals, clinics, pharmacy count by ~2x. However, despite aggressive expansion, RoCE stayed healthy [hospitals- 12% (established hospitals- 25%), clinics- 21% and pharmacies- 44%] 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 would improve further due to continuing improvement in occupancy,...