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 May 30th. 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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 30th. 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 Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.


Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin, despite slower revenue growth of +4-6% YoY (in line with our estimate of +4% YoY) due to the economic slowdown.</li><li>We estimate EPS growth over the next two years at a CAGR of +5%, which is below the sector average.</li><li>We maintain the fair value at Bt23.90, based on a required return of 4.4%.</li></ul>

We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin, despite slower revenue growth of +4-6% YoY (in line with our estimate of +4% YoY) due to the economic slowdown.We estimate EPS growth over the next two years at a CAGR of +5%, which is below the sector average.We maintain the fair value at Bt23.90, based on a required return of 4.4%.

Bangkok Dusit Medical Services - Focusing on Cost Control

Global Healthcare Analyst

Tina Banerjee

<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 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.</li>
<li>EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.</li>
<li>Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.


Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.</li>
<li>We tabulate league table 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 Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 16th. We estimate that they had an aggregated short interest worth USD2.1bn.
We tabulate league table 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 Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL, Scb X.


Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

<ul><li>1Q25 net profit was in line with expectations. However, the outlook remains uncertain due to a potential decline in Myanmar patient visits following the recent earthquake and slowing economic growth, which could intensify competition among mid-sized hospitals.</li><li>As a result, we project long-term EPS growth at just a CAGR of 5%, below the industry average.</li><li>We maintain our Neutral rating and the fair value at Bt23.90, based on a required return of 4.4%. </li></ul>

1Q25 net profit was in line with expectations. However, the outlook remains uncertain due to a potential decline in Myanmar patient visits following the recent earthquake and slowing economic growth, which could intensify competition among mid-sized hospitals.As a result, we project long-term EPS growth at just a CAGR of 5%, below the industry average.We maintain our Neutral rating and the fair value at Bt23.90, based on a required return of 4.4%. 

Bangkok Dusit Medical Services - In-Line 1Q25 Earnings...

Thailand

Bangkok Dusit Medical Services Public Company Limited is Thailand's largest private healthcare group, operating a network of private hospitals and healthcare facilities in Thailand and Cambodia. The company provides a comprehensive range of medical services, including preventive care, treatment, and rehabilitation, through its various hospital brands such as Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. Additionally, it engages in businesses supporting medical care, such as medical laboratories, pharmaceutical production, and distribution of medical equipment. The company was founded in 1969 and is headquartered in Bangkok, Thailand.

Bangkok Dusit Medical Services (BDMS-R TB)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Bangkok Dusit Medical Services (BDMS-R TB)

Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Gulf Energy Development,...

Ke Yan, CFA, FRM

Bangkok Dusit Medical Services - Focusing on Cost Control

We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin,...

Krungthai XSpring

Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

Bangkok Dusit Medical Services (BDMS TB) sees 6% revenue growth in 1Q25, driven by international and Thai patient revenue. Profits rise, but short...

Tina Banerjee

Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service,...

Ke Yan, CFA, FRM

Bangkok Dusit Medical Services - In-Line 1Q25 Earnings...

1Q25 net profit was in line with expectations. However, the outlook remains uncertain due to a potential decline in Myanmar patient visits...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Gulf Energy Development,...

Ke Yan, CFA, FRM

Bangkok Dusit Medical Services - Focusing on Cost Control

We have a positive view on the BDMS’s ability to continue reducing costs, which should help maintain or even improve its high EBITDA margin,...

Krungthai XSpring

Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

​Bangkok Dusit Medical Services (BDMS TB) sees 6% revenue growth in 1Q25, driven by international and Thai patient revenue. Profits rise, but short...

Tina Banerjee

Thailand Short Interest Weekly (May 16th): Tmbthanachart Bank, Scc, Advanced Info Service, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Tmbthanachart Bank, Scc, Advanced Info Service,...

Ke Yan, CFA, FRM

Bangkok Dusit Medical Services - In-Line 1Q25 Earnings...

1Q25 net profit was in line with expectations. However, the outlook remains uncertain due to a potential decline in Myanmar patient visits...

Krungthai XSpring

Bangkok Dusit Medical Services (BDMS TB) sees 6% revenue growth in 1Q25, driven by international and Thai patient revenue. Profits rise, but short...