HCG is well-positioned to deliver strong revenue growth over the next 23 years, driven by improving ARPOB and continued bed additions. However, profitability recovery is expected to be gradual due to the debt-funded nature of recent capital expenditure. The management's plan for a capital infusion is likely to ease the interest burden. With KKR as the new promoter, the company is set for a transformative phase that should enhance growth and operational efficiency. We, therefore upgrade our rating to Accumulate with...