Religare Health Trust

Religare Health Trust (RHT): After a significant stock outperformance in 2014 (+29%, vs. the Singapore market’s 6.2% gain), Nomura downgraded RHT to Neutral (from Buy) with TP unchanged at $0.98. While house continues to believe the growth story in the India healthcare sector remains intact and an earnings spike in FY15 due to the maiden full year contribution from Mohali, Nomura reckons most of the positives are likely priced in.