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 Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.</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 Advanced Info Service, Carabao.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Mar 14th.We estimate that they had an aggregated short interest worth USD1.9bn.
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 Advanced Info Service, Carabao.


Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

Global Healthcare Analyst

Tina Banerjee

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> reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.</li>
<li>Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.</li>
<li>The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported marginal revenue growth in 2024, with margins expanding on lower expenses. Revenue from international patients witnesses contraction, while domestic patient volumes provide traction.
Competition from peers like BDMS remains a concern in near term. With the entire Ramadan period falling in 1Q25, Bumrungrad’s international patient revenue is expected to remain muted in 1Q25.
The share prices of Bumrungrad are expected to remain under pressure with the commencement of operation at BIH Phuket being the only near-term trigger for the company.


Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

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.

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8% (previously Bt29.00 and 3.5%).</li><li>The tactical view is now neutral (previously limited downside risk).</li><li>We maintain a positive view on the fundamentals, as the market price implies upside of +19% to the fair value.</li></ul>

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8% (previously Bt29.00 and 3.5%).The tactical view is now neutral (previously limited downside risk).We maintain a positive view on the fundamentals, as the market price implies upside of +19% to the fair value.

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

<ul><li>The 4Q24E net profit is expected to have remained stable YoY and QoQ and is projected to continue this trend into 1Q25E.</li><li>As a result, long-term growth is anticipated at a 2024-26E EPS CAGR of +5%, below the industry’s average growth of +7%.</li><li>We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.</li></ul>

The 4Q24E net profit is expected to have remained stable YoY and QoQ and is projected to continue this trend into 1Q25E.As a result, long-term growth is anticipated at a 2024-26E EPS CAGR of +5%, below the industry’s average growth of +7%.We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

Technical Analysis

Bangkok Dusit Medical Services / Technical Analysis

<ul><li>Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows.</li><li>This led to gains in power plant stocks, along with increased buying activity in the finance, tourism, ICT, electronics, and hospital sectors.</li><li>As a result, the index held firm above 1,350 points, despite light trading volume.</li></ul>

Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows.This led to gains in power plant stocks, along with increased buying activity in the finance, tourism, ICT, electronics, and hospital sectors.As a result, the index held firm above 1,350 points, despite light trading volume.

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
P/E	0.00
Dividend (Yield)	0.00

Bangkok Dusit Medical Services (BDMS-R TB)

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

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

Ke Yan, CFA, FRM

Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

Bumrungrad Hospital sees marginal revenue growth in 2024, with international patient revenue declining. Share prices are expected to remain under...

Tina Banerjee

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8%...

Krungthai XSpring

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

Krungthai XSpring

Technical Analysis

Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows. This led to...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Mar 14th): Advanced Info Service, Carabao

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

Ke Yan, CFA, FRM

Bumrungrad Hospital (BH TB): Dwindling International Revenue on Competition; No Near-Term Respite

​Bumrungrad Hospital sees marginal revenue growth in 2024, with international patient revenue declining. Share prices are expected to remain under...

Tina Banerjee

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8%...

Krungthai XSpring

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

Krungthai XSpring

Technical Analysis

Asian bourses and the SET eased following Trump's policy statement, while the baht strengthened, fueling expectations of fund inflows. This led to...

Krungthai XSpring

Bumrungrad Hospital sees marginal revenue growth in 2024, with international patient revenue declining. Share prices are expected to remain under...