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>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.</li><li>The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).</li><li>The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).</li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447 points.The final reading for 2Q24E GDP growth is expected to remain at +3% QoQ (compared to 1.4% in 1Q24).The final report for 2Q24E is expected to show a decline in core PCE growth to +2.8% QoQ (down from +3.7% in 1Q24).

Final Reading of US 2Q24E GDP and Core PCE

<ul><li>We initiate coverage on BDMS with a Neutral rating and a 12- month fair value (12M FV) of Bt28.75, based on the earnings yield method with a required return of 3.7%.</li><li>The valuation metrics indicate long-term earnings growth at a CAGR of 8% in 2024-26E; meanwhile, the share price implies downside of -3%, and the tactical upside is very limited.</li><li>We like BDMS for its diversified revenue streams across various patient groups, its extensive network of hospitals, and its ability to cater to patients with health insurance, complex medical conditions, and the aging population through wellness services.</li></ul>

We initiate coverage on BDMS with a Neutral rating and a 12- month fair value (12M FV) of Bt28.75, based on the earnings yield method with a required return of 3.7%.The valuation metrics indicate long-term earnings growth at a CAGR of 8% in 2024-26E; meanwhile, the share price implies downside of -3%, and the tactical upside is very limited.We like BDMS for its diversified revenue streams across various patient groups, its extensive network of hospitals, and its ability to cater to patients with health insurance, complex medical conditions, and the aging population through wellness services.

Bangkok Dusit Medical Services - Expected Earnings Peak in 3Q24E Already Priced In

Global Healthcare Analyst

Tina Banerjee

<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> has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.</li>
<li>We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.</li>
<li>In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.
We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.
In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.


Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

<ul><li>Technically, the SET Index is expected to move sideways down, with support at 1,320/1,315 points (50-day EMA) and the resistance at 1,337/1,344 points.</li><li>The MPC is expected to maintain the policy interest rate at 2.5% during its upcoming meeting but may signal a potential rate cut at the subsequent meeting.</li><li>The FOMC minutes from the July meeting are expected to convey positive signals, despite the Fed's decision to maintain the fed funds rate at 5.25-5.5% for the eighth consecutive time.</li></ul>

Technically, the SET Index is expected to move sideways down, with support at 1,320/1,315 points (50-day EMA) and the resistance at 1,337/1,344 points.The MPC is expected to maintain the policy interest rate at 2.5% during its upcoming meeting but may signal a potential rate cut at the subsequent meeting.The FOMC minutes from the July meeting are expected to convey positive signals, despite the Fed's decision to maintain the fed funds rate at 5.25-5.5% for the eighth consecutive time.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281 points.</li><li>In the short term, however, the index is in an uptrend, continuing to rise from the year's low of 1,273.17 points on August 5.</li><li>We recommend buying stocks in the food, tourism, agriculture, energy, retail, and healthcare sectors, as their 1H24 earnings performances appear strong, with 12M net profit forecasts being revised upward.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281 points.In the short term, however, the index is in an uptrend, continuing to rise from the year's low of 1,273.17 points on August 5.We recommend buying stocks in the food, tourism, agriculture, energy, retail, and healthcare sectors, as their 1H24 earnings performances appear strong, with 12M net profit forecasts being revised upward.

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)

Final Reading of US 2Q24E GDP and Core PCE

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447...

Krungthai XSpring

Bangkok Dusit Medical Services - Expected Earnings Peak in 3Q24E Already Priced In

We initiate coverage on BDMS with a Neutral rating and a 12- month fair value (12M FV) of Bt28.75, based on the earnings yield method with a...

Krungthai XSpring

Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...

Tina Banerjee

MPC Meeting and US FOMC Minutes

Technically, the SET Index is expected to move sideways down, with support at 1,320/1,315 points (50-day EMA) and the resistance at 1,337/1,344...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Final Reading of US 2Q24E GDP and Core PCE

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance at 1,471/1,477 points and the support at 1,451/1,447...

Krungthai XSpring

Bangkok Dusit Medical Services - Expected Earnings Peak in 3Q24E Already Priced In

We initiate coverage on BDMS with a Neutral rating and a 12- month fair value (12M FV) of Bt28.75, based on the earnings yield method with a...

Krungthai XSpring

Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

​Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...

Tina Banerjee

MPC Meeting and US FOMC Minutes

Technically, the SET Index is expected to move sideways down, with support at 1,320/1,315 points (50-day EMA) and the resistance at 1,337/1,344...

Krungthai XSpring

Today's Dominant Ideas

Technically, the SET Index is expected to move sideways up, with the resistance at 1,301/1,306 points (25-day EMA) and the support at 1,287/1,281...

Krungthai XSpring

Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...