Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul>
<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 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.</li>
<li>In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.</li>
<li>Competition from peers like BDMS and the new co-payment rules remain near term hiccups.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.
In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.
Competition from peers like BDMS and the new co-payment rules remain near term hiccups.


Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.</li><li>In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.</li><li>This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). </li></ul>

Technically, the SET Index is expected to move sideways, with the resistance at 1,208/1,220 points (75-day EMA) and the support at 1,190 points (50-day EMA)/1,180 points.In the short term, the index remains in a bullish flag rally phase, aiming to retest the previous resistance levels at 1,200/1,220 points after setting a new low for the year at 1,056.41 points on April 8.This upward movement signals a medium-term trend reversal to an uptrend (bottoming out). Next, the index is expected to enter a consolidation phase to confirm a higher low in the long term (the major buying zone lies at 1,145/1,128 points). 

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 25th. We estimate that they had an aggregated short interest worth USD1.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&amp;P, Kasikornbank, Scc, Gulf Energy Development.


Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

<ul><li>The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.</li><li>At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.</li><li>This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.</li></ul>

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade negotiations weigh on sentiment.At the same time, the index came under pressure following a selloff in the banking sector, driven by disappointing 1Q25 earnings.This was compounded by continued selling in blue-chip stocks, particularly in the energy, transportation, petroleum, and commerce sectors, leading to a sharp decline in the afternoon session.

<ul><li>The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.</li><li>However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.</li><li>As a result, the index recorded a 1.97% gain from the previous week.</li></ul>

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading atmosphere.However, strong buying interest in blue-chip stocks, especially DELTA, boosted the SET higher for the third consecutive day.As a result, the index recorded a 1.97% gain from the previous week.

Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

Price Gauge
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Bangkok Chain Hospital (BCH TB)

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...

Tina Banerjee

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Technical Analysis - APRIL 22, 2025

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade...

Krungthai XSpring

Technical Analysis - APRIL 21, 2025

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

​Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...

Tina Banerjee

KTX Zoom: US Non-Farm Payrolls - May 2, 2025

We maintain our recommendation to take profit on rallies for short-term investors, while long-term investors are advised to selectively buy on dips.

Krungthai XSpring

Thailand Short Interest Weekly (Apr 25th): Delta Electronics, Krung Thai Bank, Ptt E&P, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Krung Thai Bank, Ptt E&P,...

Ke Yan, CFA, FRM

Technical Analysis - APRIL 22, 2025

The market continues to lack new positive catalysts, while concerns over the trade war and anticipation of the outcome of the Thailand- US trade...

Krungthai XSpring

Technical Analysis - APRIL 21, 2025

The market is closely watching the Thailand–US trade talks as well as the 1Q25 earnings results from the bank sector, leading to a cautious trading...

Krungthai XSpring

Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...