Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.</li>
<li>We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.</li>
<li>In additions, we have also provided a table for stocks of interest in APAC healthcare sector.</li>
</ul>


In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.
We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.
In additions, we have also provided a table for stocks of interest in APAC healthcare sector.


Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.</li>
<li>With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.</li>
<li>Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.
With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.
Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.


Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since inception, the portfolio has gained 94% versus the SET 100 Index’s return of 37%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since inception, the portfolio has gained 94% versus the SET 100 Index’s return of 37%


The Stocks to Own in Thailand – Vol. 35

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rajthanee-hospital" target="_blank" data-smartkarma-citation="entities:23729:1" rel="noopener">Rajthanee Hospital (RJH TB)</a> reported triple-digit revenue and net profit growth in Q3, with gross margin reaching all-time high to 57.4%, due to Covid-19-related tailwind.</li>
<li>With the steadily declining new Covid-19 cases in Thailand, Rajthanee’s Q4 revenue is expected to decline sequentially. However, non-Covid business should continue to recover with the resumption of elective procedures.</li>
<li>Despite the shares trading at a reasonable P/E of 17x, I see limited upside due to its small and geographically concentrated operations, with substantial revenue exposure to social security schemes.</li>
</ul>



Rajthanee Hospital (RJH TB) reported triple-digit revenue and net profit growth in Q3, with gross margin reaching all-time high to 57.4%, due to Covid-19-related tailwind.
With the steadily declining new Covid-19 cases in Thailand, Rajthanee’s Q4 revenue is expected to decline sequentially. However, non-Covid business should continue to recover with the resumption of elective procedures.
Despite the shares trading at a reasonable P/E of 17x, I see limited upside due to its small and geographically concentrated operations, with substantial revenue exposure to social security schemes.


Rajthanee Hospital (RJH TB): Q4 Revenue Growth to Decelerate Sequentially as Covid Tailwind Fades

<p>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or some combination thereof.

The Stocks to Own in Thailand – Vol. 34

Thailand

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

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Bangkok Chain Hospital (BCH TB)

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

Tina Banerjee

Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival

With Thailand resuming quarantine-free travel and Omicron remaining less severe, BDMS is expected to see accelerated business recovery. Favorable...

Tina Banerjee

The Stocks to Own in Thailand – Vol. 35

Our research team constantly reviews the Thai market to try to find interesting ideas based upon Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

Rajthanee Hospital (RJH TB): Q4 Revenue Growth to Decelerate Sequentially as Covid Tailwind Fades

Q4 revenue is expected to slow down q/q as new Covid-19 cases in Thailand is declining steadily. However, non-covid business is recovering. The...

Tina Banerjee

The Stocks to Own in Thailand – Vol. 34

Our research team constantly reviews the Thai market to try to find interesting ideas base upon Fundamentals or Valuation or Momentum or Risk or...

A. Stotz Investment Research

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