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 fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the resistance at 1,550 points (10-day EMA)/1,556 points.</li><li>The market will focus on the first Cabinet meeting of the new government.</li><li>Externally, we will be monitoring the US CPI in August, which is likely to accelerate for the third consecutive month, possibly prompting the Fed to keep the fed funds rate high for a longer duration.</li></ul>

Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the resistance at 1,550 points (10-day EMA)/1,556 points.The market will focus on the first Cabinet meeting of the new government.Externally, we will be monitoring the US CPI in August, which is likely to accelerate for the third consecutive month, possibly prompting the Fed to keep the fed funds rate high for a longer duration.

Krungthai XSpring Zoom Eng. September 13, 2023

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> will acquire remaining stake in Indian hospital chain operator Ravindranath GE Medical Associates for RM415M. The transaction is expected to close by 4Q23.</li>
<li>IHH is acquiring Bedrock Healthcare for RM245M. Bedrock operates 82-bed hospital in the Malaysian state of Sarawak and has earmarked a vacant land for the construction of a 200-bed hospital.</li>
<li>In 1Q23, IHH reported highest ever quarterly revenue of RM5.1B, representing 24% YoY growth on higher patient volume across key markets. Net income nearly triples to RM1.4B.</li>
</ul>



IHH Healthcare (IHH MK) will acquire remaining stake in Indian hospital chain operator Ravindranath GE Medical Associates for RM415M. The transaction is expected to close by 4Q23.
IHH is acquiring Bedrock Healthcare for RM245M. Bedrock operates 82-bed hospital in the Malaysian state of Sarawak and has earmarked a vacant land for the construction of a 200-bed hospital.
In 1Q23, IHH reported highest ever quarterly revenue of RM5.1B, representing 24% YoY growth on higher patient volume across key markets. Net income nearly triples to RM1.4B.


IHH Healthcare (IHH MK): Recent Acquisitions Are Positive for Future Growth; Strong 1Q23 Performance

<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> recorded 10% YoY growth in revenue from hospital operations in 2Q23, driven by 22% YoY from international patients, which contributed 26% of revenue.</li>
<li>Thai patient revenues increased 7% YoY, despite COVID-19 related revenue decreased sharply from year-ago quarter.</li>
<li>EBITDA margin declined 70 basis points YoY to 22.6% due to lower occupancy rate and economies of scales from a decline in number of COVID-19 patients.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) recorded 10% YoY growth in revenue from hospital operations in 2Q23, driven by 22% YoY from international patients, which contributed 26% of revenue.
Thai patient revenues increased 7% YoY, despite COVID-19 related revenue decreased sharply from year-ago quarter.
EBITDA margin declined 70 basis points YoY to 22.6% due to lower occupancy rate and economies of scales from a decline in number of COVID-19 patients.


Bangkok Dusit Medical Services (BDMS TB): International Patients Drove 2Q23 Performance

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>In 1Q23, <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" data-smartkarma-citation="entities:882:1" rel="noopener">Bangkok Chain Hospital (BCH TB)</a> recorded 62% YoY decline in revenue from hospital operation, dragged by 39% YoY decline in revenue from general patients (66% of total revenue).</li>
<li>COVID-19 revenue contributed 48% of revenue in 1Q22, thereby creating a high base for 1Q23. Even if we exclude COVID-19 revenue received in 1Q22, 1Q23 revenue was down 28% YoY.</li>
<li>BCH will need time to recover and record growth. Consensus expects BCH to report revenue and EPS decline of 34% and 47%, YoY, respectively in 2023.</li>
</ul>


In 1Q23, Bangkok Chain Hospital (BCH TB) recorded 62% YoY decline in revenue from hospital operation, dragged by 39% YoY decline in revenue from general patients (66% of total revenue).
COVID-19 revenue contributed 48% of revenue in 1Q22, thereby creating a high base for 1Q23. Even if we exclude COVID-19 revenue received in 1Q22, 1Q23 revenue was down 28% YoY.
BCH will need time to recover and record growth. Consensus expects BCH to report revenue and EPS decline of 34% and 47%, YoY, respectively in 2023.


Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result

<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> recorded 4% YoY growth in hospital revenue in 1Q23, driven by higher patient intensity at Center of Excellence (COE) and returning of international patients.</li>
<li>However, Thai patient revenues decreased 6% YoY due to a decrease of COVID-19 related revenues, in line with improving COVID-19 situation in Thailand.</li>
<li>BDMS targets to increase its bed capacity to ~9,000 beds in 2027 from 8,400 beds in 2022. BDMS targets revenue CAGR of 6–8% during 2023–2025.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) recorded 4% YoY growth in hospital revenue in 1Q23, driven by higher patient intensity at Center of Excellence (COE) and returning of international patients.
However, Thai patient revenues decreased 6% YoY due to a decrease of COVID-19 related revenues, in line with improving COVID-19 situation in Thailand.
BDMS targets to increase its bed capacity to ~9,000 beds in 2027 from 8,400 beds in 2022. BDMS targets revenue CAGR of 6–8% during 2023–2025.


Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

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)

Krungthai XSpring Zoom Eng. September 13, 2023

Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the...

Krungthai XSpring

IHH Healthcare (IHH MK): Recent Acquisitions Are Positive for Future Growth; Strong 1Q23 Performance

IHH Healthcare is expanding its presence in India and Malaysia through acquisitions, with a focus on increasing patient volume and revenue growth....

Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB): International Patients Drove 2Q23 Performance

In 2Q23, revenue grew 11% YoY to THB24B, driven by 22% YoY growth from international patients (26% of revenue). Despite sharp decline in COVID...

Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

In 1Q23, BDMS recorded 38% growth in international patient revenues due to recovery of fly-in patients mainly from Middle East, Cambodia, and...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Zoom Eng. September 13, 2023

Technically, the SET Index is expected to fluctuate, with the support at 1,540 points/1,529 points (the gap opened on August 21) and the...

Krungthai XSpring

IHH Healthcare (IHH MK): Recent Acquisitions Are Positive for Future Growth; Strong 1Q23 Performance

​IHH Healthcare is expanding its presence in India and Malaysia through acquisitions, with a focus on increasing patient volume and revenue growth....

Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB): International Patients Drove 2Q23 Performance

In 2Q23, revenue grew 11% YoY to THB24B, driven by 22% YoY growth from international patients (26% of revenue). Despite sharp decline in COVID...

Tina Banerjee

Bangkok Chain Hospital (BCH TB): High COVID-Related Base Effect Impacted 1Q23 Result

In 1Q23, BCH recorded 62% YoY decline in revenue from hospital operation. COVID-19 contributed 48% of total revenue and 26% of total patient volume...

Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB): Returning of International Patients Drove 1Q23 Performance

In 1Q23, BDMS recorded 38% growth in international patient revenues due to recovery of fly-in patients mainly from Middle East, Cambodia, and...

Tina Banerjee

IHH Healthcare is expanding its presence in India and Malaysia through acquisitions, with a focus on increasing patient volume and revenue growth....