Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<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 double-digit growth revenue, EBITDA, and net profit in 1Q24. International and Thai patients reported revenue growth of 12% and 10%, YoY, respectively.</li>
<li>EBITDA grew at a faster pace of 13% YoY to THB6.8B, due to tight cost control. Net profit of THB4.1B beat estimates.</li>
<li>BDMS opened one secondary care hospital with 113 registered beds in March. Phuket Cancer Center is expected to start operation in 3Q24.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted double-digit growth revenue, EBITDA, and net profit in 1Q24. International and Thai patients reported revenue growth of 12% and 10%, YoY, respectively.
EBITDA grew at a faster pace of 13% YoY to THB6.8B, due to tight cost control. Net profit of THB4.1B beat estimates.
BDMS opened one secondary care hospital with 113 registered beds in March. Phuket Cancer Center is expected to start operation in 3Q24.


Bangkok Dusit Medical Services (BDMS TB): Thai and International Patients Drives 1Q24 Result

Bumrungrad Hospital Pub Co / 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 strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.</li>
<li>International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.</li>
<li>With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported strong 1Q24 results, with revenue growing 8% YoY to THB6,576M, EBITDA climbing 22% to THB2,676M, and net profit increasing 25% to THB1,985M.
International patients revenue increased 6% YoY. Slow growth in the revenue from international patients can be attributable to high base, as it grew by a whopping 105% YoY in 1Q23.
With tight control on cost, the company has reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%, respectively.


Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Two stocks remain, 12 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Two stocks remain, 12 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 227% versus MSCI ASEAN’s 26%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 118% versus the SET 100 Index’s return of 23%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 118% versus the SET 100 Index’s return of 23%


The Stocks to Own in Thailand – Vol. 44

<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> reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.</li>
<li>4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.</li>
<li>The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.</li>
</ul>



IHH Healthcare (IHH MK) reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.
4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.
The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.


IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

Thailand

Bangkok Dusit Medical Services Public Company Limited operates hospital networks. The Firm manages hospital groups and wellness clinics to provide cost-efficiencies, high-quality, and best-outcomes, as well as pharmaceutical businesses, insurance, information technology, and pathology services. Bangkok Dusit Medical Services focuses on patients and healthcare professionals.

Bangkok Dusit Medical Services (BDMS-R TB)

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Bangkok Dusit Medical Services (BDMS-R TB)

Bangkok Dusit Medical Services (BDMS TB): Thai and International Patients Drives 1Q24 Result

Bangkok Dusit Medical sees double-digit revenue growth in 1Q24, driven by international and Thai patients, amid healthy occupancy. New cancer care...

Tina Banerjee

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

With tight cost control, Bumrungrad reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%,...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 46

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, the portfolio has generated a before...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 44

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight new join...

A. Stotz Investment Research

IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bangkok Dusit Medical Services (BDMS TB): Thai and International Patients Drives 1Q24 Result

​Bangkok Dusit Medical sees double-digit revenue growth in 1Q24, driven by international and Thai patients, amid healthy occupancy. New cancer care...

Tina Banerjee

Bumrungrad Hospital (BH TB): Record High Margins in 1Q24; Reasonable Growth in Foreign Patients

​ With tight cost control, Bumrungrad reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%,...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 46

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Since its inception, the portfolio has generated a before...

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 44

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight new join...

A. Stotz Investment Research

IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

​IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...

Tina Banerjee

Bangkok Dusit Medical sees double-digit revenue growth in 1Q24, driven by international and Thai patients, amid healthy occupancy. New cancer care...

With tight cost control, Bumrungrad reported record high margins in 1Q24, with gross, EBITDA, and net margin reaching 51.7%, 40.7%, and 30.2%,...

IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...