Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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> recorded 23% YoY increase in revenue from hospital operation to THB6 billion in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients.</li>
<li>Revenue from Thai patients increased 14% YoY and contributed 35% of total revenue. Revenues from Thai and Expat exceeded pre-COVID levels since 3Q20 and continued to grow.</li>
<li>Despite an increase in SG&amp;A expenses, EBITDA increased 40% YoY to THB2 billion in 2Q23, with an EBITDA margin of 38.9% in 2Q23 compared to 34.4% in 2Q22.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) recorded 23% YoY increase in revenue from hospital operation to THB6 billion in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients.
Revenue from Thai patients increased 14% YoY and contributed 35% of total revenue. Revenues from Thai and Expat exceeded pre-COVID levels since 3Q20 and continued to grow.
Despite an increase in SG&amp;A expenses, EBITDA increased 40% YoY to THB2 billion in 2Q23, with an EBITDA margin of 38.9% in 2Q23 compared to 34.4% in 2Q22.


Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

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

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> 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

<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> recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.</li>
<li>International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.</li>
<li>The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  </li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.
International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.
The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  


Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

Thonburi Healthcare Group / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thonburi-healthcare-group-pcl" target="_blank" data-smartkarma-citation="entities:24386:1" rel="noopener">Thonburi Healthcare Group (THG TB)</a> recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of inpatient division.</li>
<li>With the recovery in core healthcare services, THG expects its revenue to grow 10% YoY this year, accelerating from 6% revenue growth recorded in 2022.</li>
<li>In the next 3 years, THG plans to increase 195 outpatient rooms and 419 beds and is set to spend nearly THB5 billion on capex during 2023–2025.</li>
</ul>



Thonburi Healthcare Group (THG TB) recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of inpatient division.
With the recovery in core healthcare services, THG expects its revenue to grow 10% YoY this year, accelerating from 6% revenue growth recorded in 2022.
In the next 3 years, THG plans to increase 195 outpatient rooms and 419 beds and is set to spend nearly THB5 billion on capex during 2023–2025.


Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

Thailand

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

Bumrungrad recorded 23% YoY revenue growth in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients. EBITDA increased 40% YoY, with...

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

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

In 1Q23, revenue from non-Thai patients grew 78% YoY and 3% QoQ to contribute 67% of total revenue. Bumrungrad is constructing a 150-bed boutique...

Tina Banerjee

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

THG recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of IPD. During...

Tina Banerjee

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52-week Range

Market Cap (USDm)

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Bumrungrad Hospital (BH TB): Robust Performance Across All Segments Drove Q2 Result

Bumrungrad recorded 23% YoY revenue growth in 2Q23, mainly driven by 29% YoY revenue growth from non-Thai patients. EBITDA increased 40% YoY, with...

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

Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

In 1Q23, revenue from non-Thai patients grew 78% YoY and 3% QoQ to contribute 67% of total revenue. Bumrungrad is constructing a 150-bed boutique...

Tina Banerjee

Thonburi Healthcare Group (THG TB): Improving Core Operation and Future Expansion to Drive Growth

THG recorded 23% YoY increase in non-COVID medical services revenue in 1Q23, mainly driven by higher pay per bed and utilization of IPD. During...

Tina Banerjee