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

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>Maintain HOLD rating, with a TP of Bt21, based on 23xPE’22E,which is close to -1SD of its 10-years trailing average. The 30% drop in share price from its August 21</li>
<li>Yesterday, the Centre for COVID-19 Situation decided to relax some restrictive measures including a revision to the colour-coded zoning and resuming Test&amp;Go registration for foreign travelers starting from 1 Feb</li>
<li>Expect 4Q21 earnings at Bt1.3bn (+384%YoY,-54%QoQ), tumble by weak margin due to the Covid cases declined 69%, but partially offset by pent-up demand for core services</li>
</ul>


Maintain HOLD rating, with a TP of Bt21, based on 23xPE’22E,which is close to -1SD of its 10-years trailing average. The 30% drop in share price from its August 21
Yesterday, the Centre for COVID-19 Situation decided to relax some restrictive measures including a revision to the colour-coded zoning and resuming Test&amp;Go registration for foreign travelers starting from 1 Feb
Expect 4Q21 earnings at Bt1.3bn (+384%YoY,-54%QoQ), tumble by weak margin due to the Covid cases declined 69%, but partially offset by pent-up demand for core services


BCH: Share Price Exaggerated COVID Restrictions Easing

<ul>
<li>Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO segment, since Covid patients </li>
<li>Estimate 4Q21 earnings at 1.5bn (+430YoY), the YoY surge is backed by healthy topline from organic earnings and alternative vaccines.</li>
<li>Despite a significant drop in COVID-related revenue, we expect 2022-23 earnings to be driven by general patients returning (28-24%YoY), larger SSO registered members (11% 3YCAGR), and vaccines services.</li>
</ul>


Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO segment, since Covid patients 
Estimate 4Q21 earnings at 1.5bn (+430YoY), the YoY surge is backed by healthy topline from organic earnings and alternative vaccines.
Despite a significant drop in COVID-related revenue, we expect 2022-23 earnings to be driven by general patients returning (28-24%YoY), larger SSO registered members (11% 3YCAGR), and vaccines services.


BCH: Core Operation to Drive 2022-23 Earnings

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

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

BCH: Core Operation to Drive 2022-23 Earnings

Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO...

Pi Securities PCL, Thailand

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

BCH: Share Price Exaggerated COVID Restrictions Easing

Maintain HOLD rating, with a TP of Bt21, based on 23xPE’22E, which is close to -1SD of its 10-years trailing average. The 30% drop in share price...

Pi Securities PCL, Thailand

BCH: Core Operation to Drive 2022-23 Earnings

Last week’s analyst meeting came out with a positive tone. We expect 4Q21 earnings to pose a robust YoY, organically through cash patients, and SSO...

Pi Securities PCL, Thailand

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