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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Six stocks remain, and eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Six stocks remain, and eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 177% versus MSCI ASEAN’s 25%


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Thailand Health Care is back in favour among active EM investors. </li>
<li>Average weights soar to all-time highs, driven by buying in Bumrungrad Hospital and Bangkok Dusit Medical Services</li>
<li>This clear shift in sentiment could open the door for further investment from the 80% of managers who are yet to hold a position.</li>
</ul>


Thailand Health Care is back in favour among active EM investors. 
Average weights soar to all-time highs, driven by buying in Bumrungrad Hospital and Bangkok Dusit Medical Services
This clear shift in sentiment could open the door for further investment from the 80% of managers who are yet to hold a position.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>KKR cannot improve the terms of its offer but left the door open by stating that a deal can be quickly closed if the Board is willing to reset expectations.</li>
<li>The transaction is stuck in an impasse as <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a> will not recommend KKR’s offer until it is improved, and KKR says it cannot improve terms.</li>
<li>The peers’ shares have been, on average, flat since the undisturbed date. The shares are trading slightly below the undisturbed price and are attractive on fundamentals.</li>
</ul>


KKR cannot improve the terms of its offer but left the door open by stating that a deal can be quickly closed if the Board is willing to reset expectations.
The transaction is stuck in an impasse as Ramsay Health Care (RHC AU) will not recommend KKR’s offer until it is improved, and KKR says it cannot improve terms.
The peers’ shares have been, on average, flat since the undisturbed date. The shares are trading slightly below the undisturbed price and are attractive on fundamentals.


Ramsay’s Bait-And-Switch KKR Offer Heads for the Exit

Thailand

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

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Bangkok Dusit Medical Services (BDMS 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 ASEAN – Vol. 41

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight stocks added.

A. Stotz Investment Research

Thailand Health Care Recovery

Rising conviction levels among active EM managers have been reflected in increased ownership over the past 2-years, specifically in Bumrungrad...

Steven Holden

Ramsay’s Bait-And-Switch KKR Offer Heads for the Exit

The peers’ shares have been, on average, flat since the undisturbed date. The shares are below the undisturbed price and are attractive on...

Arun George

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