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 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).</li>
<li>In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).</li>
<li>We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.


Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

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.

<ul><li>Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points (25/10-day EMA).</li><li>We maintain the recommendation to sell on rises and wait for buying opportunities at support levels.</li><li>MOSHI maintains its target of 20% YoY growth in total sales revenue for 2024, expecting 2H24 to outperform 1H24 due to the high season for the business, new branch openings, and the development and launch of new products.</li></ul>

Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points (25/10-day EMA).We maintain the recommendation to sell on rises and wait for buying opportunities at support levels.MOSHI maintains its target of 20% YoY growth in total sales revenue for 2024, expecting 2H24 to outperform 1H24 due to the high season for the business, new branch openings, and the development and launch of new products.

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points (25/10-day EMA).</li><li>In the medium term, the index remains in a large sideways range of 1,273-1,716 points.</li><li>The short-term trend continues to decline, with the index seeking a major support level, with a pattern of lower highs and lower lows for the eighth consecutive day.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points (25/10-day EMA).In the medium term, the index remains in a large sideways range of 1,273-1,716 points.The short-term trend continues to decline, with the index seeking a major support level, with a pattern of lower highs and lower lows for the eighth consecutive day.

BoJ Meeting; US Earnings From Apple and Amazon

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.</li><li>We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.</li><li>This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at 1,456 points (25-day EMA) and 1,450 points.We remain cautious of the risk of continued foreign fund outflows, as indicated by the KTX USD/THB Carry Trade, which suggests that although the baht has depreciated by 4.2% MTD, it still has potential to weaken further, possibly returning to its normal range at Bt34.60/USD.This implies that the Thai stock market index is nearing a level where investors may return to do trading buy.

<ul><li>Technically, the SET Index is expected to have a chance to rebound, with the resistance at 1,494/1,500 points and the support at 1,482/1,475 points (10-day EMA).</li><li>In the medium term, the index is moving in a sideways pattern within a broader range of 1,273-1,716 points and is currently in the process of testing the resistance.</li><li>In the short term, there is a chance of recovery, despite the index forming a lower high and lower low yesterday.</li></ul>

Technically, the SET Index is expected to have a chance to rebound, with the resistance at 1,494/1,500 points and the support at 1,482/1,475 points (10-day EMA).In the medium term, the index is moving in a sideways pattern within a broader range of 1,273-1,716 points and is currently in the process of testing the resistance.In the short term, there is a chance of recovery, despite the index forming a lower high and lower low yesterday.

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)

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Bangkok Dusit Medical Services (BDMS-R TB)

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...

Tina Banerjee

3Q24 Earnings Results

Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points...

Krungthai XSpring

BoJ Meeting; US Earnings From Apple and Amazon

Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points...

Krungthai XSpring

Weekly Strategy & 3Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at...

Krungthai XSpring

3Q24 US Earnings

Technically, the SET Index is expected to have a chance to rebound, with the resistance at 1,494/1,500 points and the support at 1,482/1,475...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

​Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...

Tina Banerjee

3Q24 Earnings Results

Technically, the SET Index is expected to weaken, with support levels at 1,446/1,440 points (50-day EMA) and the resistance at 1,460/1,465 points...

Krungthai XSpring

BoJ Meeting; US Earnings From Apple and Amazon

Technically, the SET Index is expected to move sideways down, with the support at 1,443/1,432 points and the resistance at 1,454/1,461 points...

Krungthai XSpring

Weekly Strategy & 3Q24 Earnings Results

Technically, the SET Index is expected to move sideways up, with the resistance at 1,470 points (10-day EMA) and 1,478 points and the support at...

Krungthai XSpring

3Q24 US Earnings

Technically, the SET Index is expected to have a chance to rebound, with the resistance at 1,494/1,500 points and the support at 1,482/1,475...

Krungthai XSpring

Bumrungrad reported 5% YoY sales decline in 3Q24, mainly due to negative geo-political impact on international patient revenue, which declined 7%...