Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 10th. We estimate that they had an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league tables 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 Intouch, CP Foods, PTT, Delta Electronics, Thanachart Capital, Delta Electronics, Ptt, Cp Foods, Thanachart Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 10th. We estimate that they had an aggregated short interest worth USD3.5bn.
We tabulate league tables 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 Intouch, CP Foods, PTT, Delta Electronics, Thanachart Capital, Delta Electronics, Ptt, Cp Foods, Thanachart Capital.


Thailand Short Interest Weekly (Apr 10th): Intouch, CP Foods, PTT, Delta Electronics

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 16th. We estimate that they had an aggregated short interest worth USD2.4bn.</li>
<li>We tabulate league tables 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 Bumrungrad Hospital, Intouch, SCB X, Amata, Muangthai Capital, Bumrungrad Hospital, Scb X, Muangthai Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jan 16th. We estimate that they had an aggregated short interest worth USD2.4bn.
We tabulate league tables 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 Bumrungrad Hospital, Intouch, SCB X, Amata, Muangthai Capital, Bumrungrad Hospital, Scb X, Muangthai Capital.


Thailand Short Interest Weekly (Jan 16th): Bumrungrad Hospital, Intouch, SCB X, Amata

Global Healthcare Analyst

Tina Banerjee

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> posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.</li>
<li>EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.</li>
<li>BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.


Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

<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 lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).</li>
<li>Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.</li>
<li>Maintaining stable margins with cost control would be key for the company amid revenue softness.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
Maintaining stable margins with cost control would be key for the company amid revenue softness.


Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables 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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Jul 18th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables 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 Airports of Thailand, Intouch, Gulf Energy Development, Home Product Center, Advanced Info Service, Airports Of Thailand, Gulf Energy Development, Advanced Info Service.


Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

Thailand

Bangkok Chain Hospital Public Company Limited operates a network of private hospitals and polyclinics across Thailand and in the Lao People's Democratic Republic, providing primary to tertiary medical services. These services encompass diagnosis, treatment, prevention, and rehabilitation for various conditions, including heart disease, eye ailments, and cancer. The company was founded in 1984 and is headquartered in Nonthaburi, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangkok Chain Hospital (BCH TB)

Thailand Short Interest Weekly (Apr 10th): Intouch, CP Foods, PTT, Delta Electronics

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP Foods (CPF TB), PTT (PTT...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jan 16th): Bumrungrad Hospital, Intouch, SCB X, Amata

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Intouch (INTUCH TB),...

Ke Yan, CFA, FRM

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Tina Banerjee

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), Intouch (INTUCH...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Apr 10th): Intouch, CP Foods, PTT, Delta Electronics

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), CP Foods (CPF TB), PTT (PTT...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Jan 16th): Bumrungrad Hospital, Intouch, SCB X, Amata

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital (BH TB), Intouch (INTUCH TB),...

Ke Yan, CFA, FRM

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

​Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Tina Banerjee

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

​Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Thailand Short Interest Weekly (Jul 18th): Airports of Thailand, Intouch, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), Intouch (INTUCH...

Ke Yan, CFA, FRM

Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...