Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kpj-healthcare-berhad" target="_blank" data-smartkarma-citation="entities:877:1" rel="noopener">KPJ Healthcare (KPJ MK)</a> is seeing a resurgence in elective medical procedures and recovery of the health tourism sector. In Q3, total revenue hit highest level in last two years.</li>
<li>Growth was mainly driven by the improving hospital activities evidenced by the increase in patient visits and bed occupancy rate. Bed occupancy has reached pre-pandemic level.  </li>
<li>KPJ Healthcare has opened new flagship quaternary level smart hospital, Damansara Specialist Hospital 2 in September. The new hospital will add value and accelerate further growth for the company.</li>
</ul>



KPJ Healthcare (KPJ MK) is seeing a resurgence in elective medical procedures and recovery of the health tourism sector. In Q3, total revenue hit highest level in last two years.
Growth was mainly driven by the improving hospital activities evidenced by the increase in patient visits and bed occupancy rate. Bed occupancy has reached pre-pandemic level.  
KPJ Healthcare has opened new flagship quaternary level smart hospital, Damansara Specialist Hospital 2 in September. The new hospital will add value and accelerate further growth for the company.


KPJ Healthcare (KPJ MK): 3Q22 Result- Continued Improvement in Operating Parameters

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> is seeing continued business recovery. Robust inflows of international business and solid Thai and expat revenue lifted hospital revenue 20% higher than pre-COVID level.</li>
<li>Sustained high volumes of inquiries and appointment requests remain a strong forward indicator. Bed availability is expected to increase in 4Q after the completion of latest phase of renovations.</li>
<li>Net profit margin reached to a record high of 26.2% in 3Q. Favorable payor mix, cost management, continued discount reduction, and economies of scale should further drive margin gains.    </li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) is seeing continued business recovery. Robust inflows of international business and solid Thai and expat revenue lifted hospital revenue 20% higher than pre-COVID level.
Sustained high volumes of inquiries and appointment requests remain a strong forward indicator. Bed availability is expected to increase in 4Q after the completion of latest phase of renovations.
Net profit margin reached to a record high of 26.2% in 3Q. Favorable payor mix, cost management, continued discount reduction, and economies of scale should further drive margin gains.    


Bumrungrad Hospital Pub Co (BH TB): Robust International Business Push Revenue Above Pre-COVID Level

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 on our FVMR Methodology</li>
<li>Portfolio changes: Nine stocks remain, and five new join the fray</li>
<li>Since inception, it has gained 105% versus the SET 100 Index’s return of 38%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Nine stocks remain, and five new join the fray
Since inception, it has gained 105% versus the SET 100 Index’s return of 38%


The Stocks to Own in Thailand – Vol. 39

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>We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth</li>
<li>A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.</li>
<li>SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota</li>
</ul>


We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth
A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.
SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota


BCH : March Forward with Better Core Operations

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>  .</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.</li>
</ul>


I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB)  .
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at various aspects of the deal. In this note, we talk about its 3Q22 updates and run the deal through our ECM framework.


I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

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)

KPJ Healthcare (KPJ MK): 3Q22 Result- Continued Improvement in Operating Parameters

With continued improvement in hospital activities, KPJ Healthcare recorded accelerated double-digit revenue growth, with bed occupancy hitting pre...

Tina Banerjee

Bumrungrad Hospital Pub Co (BH TB): Robust International Business Push Revenue Above Pre-COVID Level

Increasing footfall of non-Thai patients lifted hospital revenue 15% and 20% above the pre-COVID levels in 2Q22 and 3Q22 respectively. The company...

Tina Banerjee

The Stocks to Own in Thailand – Vol. 39

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Nine stocks remain, five new join...

A. Stotz Investment Research

BCH : March Forward with Better Core Operations

We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown. Our neutral...

Pi Securities PCL, Thailand

I-Tail Corporation IPO - Blowout 3Q22, Revised Earnings, Updated Thoughts on Valuation

I-Tail, an OEM in the wet pet food category, aims to raise around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group. In this...

Sumeet Singh

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