Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.</li>
<li>Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.</li>
<li>The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.
Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.
The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.


Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> delivered consistent performance with 2024 revenue rising 16% YoY, while EBITDA growing at a faster pace of 17% YoY.</li>
<li>Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.</li>
<li>IHH added 1004 beds in 2024 and is well on track to add ~4,000 beds (+33% capacity) by 2028 through both organic and inorganic expansions.</li>
</ul>



IHH Healthcare (IHH MK) delivered consistent performance with 2024 revenue rising 16% YoY, while EBITDA growing at a faster pace of 17% YoY.
Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
IHH added 1004 beds in 2024 and is well on track to add ~4,000 beds (+33% capacity) by 2028 through both organic and inorganic expansions.


IHH Healthcare (IHH MK): Consistent 2024 Result; Stable Occupancy Amid Capacity Expansion

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<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively, after adjusting for hyperinflationary economy, driven by sustained demand and healthy case-mix.</li>
<li>Malaysia and Türkiye and Europe reported double-digit revenue growth, while EBITDA margin declined in both markets. Singapore is facing temporary margin pressure. India operation remained stable.</li>
<li>IHH has added ~1,000 beds in Malaysia and India, which should further drive growth. With growing healthcare needs both locally and globally, IHH Healthcare is confident of its trajectory.</li>
</ul>



IHH Healthcare (IHH MK) reported 3Q24 revenue and EBITDA growth of 10% and 7%, YoY, respectively, after adjusting for hyperinflationary economy, driven by sustained demand and healthy case-mix.
Malaysia and Türkiye and Europe reported double-digit revenue growth, while EBITDA margin declined in both markets. Singapore is facing temporary margin pressure. India operation remained stable.
IHH has added ~1,000 beds in Malaysia and India, which should further drive growth. With growing healthcare needs both locally and globally, IHH Healthcare is confident of its trajectory.


IHH Healthcare (IHH MK): Higher Patient Volume Drives Double-Digit Revenue Growth in 3Q24

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<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).</li>
<li>In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).</li>
<li>We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.


Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

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<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.</li>
<li>Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.</li>
<li>IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.</li>
</ul>



IHH Healthcare (IHH MK) remains consistent in delivering double-digit growth across key metrics. 2Q24 revenue increased 17%, while EBITDA grew at a faster pace of 22%.
Singapore, Turkiye &amp; Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
IHH is on track to add ~4,000 beds (+33% capacity) by 2028. The company is acquiring Island Hospital, a 600-bed hospital in Penang.


IHH Healthcare (IHH MK): Sturdy Performance; Core Markets Remain Strong: Expansion Plans on Track

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

Bumrungrad Hospital sees marginal revenue growth in 2024, with international patient revenue declining. Share prices are expected to remain under...

Tina Banerjee