Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Bottom-Up

Bangkok Chain Hospital / Equity Bottom-Up

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  <a href="https://www.smartkarma.com/companies/339" target="_blank" data-smartkarma-citation="companies:339">A. Stotz Investment Research</a> has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our observations about the firm's operations on-the-ground with you in this review. For those of you considering to buy the stock or simply want to know a little more about the company, we hope you find this useful.  A. Stotz Investment Research has already provided quite a detailed big picture description of the firm and its financial outlook as highlighted in the…

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

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A. Stotz Investment Research

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<ul><li>Relatively strong analyst recommendation, earnings on an upcycle trend, and improving asset turnover relative to its sector</li><li>BCH has introduced a new brand “Kasemrad International Hospital” in 2Q17 in order to increase its market segmentation for the upper mid-tier market. Five hospitals in the pipeline should be ready in 2018 and 2019</li><li>Social security patients is an important growth driver, 3Q17 revenue for these patients was up by 17% YoY mainly due to the recent price hike; BCH has room to add another 440,000 of these patients</li><li>BCH’s 18CE* 35.8x PE is below the sector but EPS growth is above</li><li>Risks: Possible delays of its greenfield projects</li></ul>* Consensus Estimates

Relatively strong analyst recommendation, earnings on an upcycle trend, and improving asset turnover relative to its sectorBCH has introduced a new brand “Kasemrad International Hospital” in 2Q17 in order to increase its market segmentation for the upper mid-tier market. Five hospitals in the pipeline should be ready in 2018 and 2019Social security patients is an important growth driver, 3Q17 revenue for these patients was up by 17% YoY mainly due to the recent price hike; BCH has room to add another 440,000 of these patientsBCH’s 18CE* 35.8x PE is below the sector but EPS growth is aboveRisks: Possible delays of its greenfield projects* Consensus Estimates

BCH (BCH TB): Social Security Mixed with Upscale Health Care

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of Forbes 50 Thailand list this year, whom we didn't notice much of last year yo. You ever know that feeling that you made it, but just barely. They allow 50 kids into the coolest night club in town, and right after you, the bouncer tells the rest to take a hike.<table class="table table-striped"><tbody>
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<td>Stocks</td>
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<td style="text-align: center;">Shr pr (Bt/sh)</td>
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</tbody></table>…

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of Forbes 50 Thailand list this year, whom we didn't notice much of last year yo. You ever know that feeling that you made it, but just barely. They allow 50 kids into the coolest night club in town, and right after you, the bouncer tells the rest to take a hike.

Stocks
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)
Family
Forbes rank
Wealth (US$ m)


PCSGH
Aut

…

The New Thai-Coons (Part 2): Class of 2017

<ul><li>Slow asset growth, more attractive to analysts, and relatively strong analyst recommendation relative to its sector </li><li>Social security patients (SC) are an important growth driver, 1Q17 SC revenue up 13% YoY; BCH has room to add another 440,000 SC patients </li><li>Continued expansion: BCH plans to construct four new hospitals, three in Thailand and one in Laos, under the Kasemrad brand in 2018-2020 </li><li>More attractive at 17CE* 1.4 PEG ratio versus Thai Health Care at a PEG ratio of 3.4 </li><li>Risks: Possible further delay in breakeven at its World Medical Center</li></ul>* Consensus Estimates

Slow asset growth, more attractive to analysts, and relatively strong analyst recommendation relative to its sector Social security patients (SC) are an important growth driver, 1Q17 SC revenue up 13% YoY; BCH has room to add another 440,000 SC patients Continued expansion: BCH plans to construct four new hospitals, three in Thailand and one in Laos, under the Kasemrad brand in 2018-2020 More attractive at 17CE* 1.4 PEG ratio versus Thai Health Care at a PEG ratio of 3.4 Risks: Possible further delay in breakeven at its World Medical Center* Consensus Estimates

BCH: Upscaling Facilities and Social Security Health Care Nationwide

<ul><li>Strong net profit momentum, improving asset turnover, and slow asset growth relative to its sector</li><li>Social security patients (SC) is an important growth driver, 3Q16 SC revenue up by 27% YoY; BCH has room to add another 350k SC patients</li><li>Overseas partnerships including a contract with the Omani government as well as Qatar to boost the quotas of international patients at its World Medical Center (WMC), revenue up by 48% YoY in 3Q16</li><li>More attractive at 17CE* 1.9 PEG ratio versus Thai Health Care at a PEG ratio of 3.3</li><li>Risks: Possible further delay in breakeven of its World Medical Center</li></ul>* Consensus Estimates

Strong net profit momentum, improving asset turnover, and slow asset growth relative to its sectorSocial security patients (SC) is an important growth driver, 3Q16 SC revenue up by 27% YoY; BCH has room to add another 350k SC patientsOverseas partnerships including a contract with the Omani government as well as Qatar to boost the quotas of international patients at its World Medical Center (WMC), revenue up by 48% YoY in 3Q16More attractive at 17CE* 1.9 PEG ratio versus Thai Health Care at a PEG ratio of 3.3Risks: Possible further delay in breakeven of its World Medical Center* Consensus Estimates

BCH: Growing Nationwide Upscale and Social Security Health Care

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.

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Bangkok Chain Hospital (BCH TB)

On the Ground Observations at BCH

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our...

Athaporn Arayasantiparb, CFA

The New Thai-Coons (Part 2): Class of 2017

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

On the Ground Observations at BCH

We spent three days at BCH (Bangkok Chain Hospital)'s Kasemraj Bangkhae branch while waiting for my mom to recover and share some of our...

Athaporn Arayasantiparb, CFA

BCH (BCH TB): Social Security Mixed with Upscale Health Care

Relatively strong analyst recommendation, earnings on an upcycle trend, and improving asset turnover relative to its sector BCH has introduced a...

A. Stotz Investment Research

The New Thai-Coons (Part 2): Class of 2017

The industrialists are usually shy and sit at the back of the room. That's how we found two new manufacturers and a doctor almost at the back of...

Athaporn Arayasantiparb, CFA

BCH: Upscaling Facilities and Social Security Health Care Nationwide

Slow asset growth, more attractive to analysts, and relatively stronganalyst recommendation relative to its sector Social security patients (SC)...

A. Stotz Investment Research

BCH: Growing Nationwide Upscale and Social Security Health Care

Strong net profit momentum, improving asset turnover, and slow asset growth relative to its sector Social security patients (SC) is an important...

A. Stotz Investment Research