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> reported double-digit top and bottomline growth in 4Q23. Growth was attributable to international and Thai non-COVID patient revenues growth.</li>
<li>In 2023, total revenue was THB102B, up 10% YoY, matching the higher end of the guidance range of 9–10%. EBITDA margin of 24.2% remained higher than guidance of 24.0%.</li>
<li>In 2024, BDMS expects healthcare business to grow continuously on the back of secular tailwinds in the healthcare sector in Thailand.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) reported double-digit top and bottomline growth in 4Q23. Growth was attributable to international and Thai non-COVID patient revenues growth.
In 2023, total revenue was THB102B, up 10% YoY, matching the higher end of the guidance range of 9–10%. EBITDA margin of 24.2% remained higher than guidance of 24.0%.
In 2024, BDMS expects healthcare business to grow continuously on the back of secular tailwinds in the healthcare sector in Thailand.


Bangkok Dusit Medical Services (BDMS TB): Core Business Drives 4Q23 Result; Outlook Remains Positive

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.

Thematic (Sector/Industry)

<ul><li>The SET was volatile in a tight range and faced profit taking after surging quickly.</li><li>However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.</li><li>Consequently, the index was able to close up, even though foreign investors turned to sell.</li></ul>

The SET was volatile in a tight range and faced profit taking after surging quickly.However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.Consequently, the index was able to close up, even though foreign investors turned to sell.

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> has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.</li>
<li>Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.</li>
<li>Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.</li>
</ul>



Thonburi Healthcare Group (THG TB) has underperformed most of its peers over the last six months. Thus far this year, the company’s financial performance also remained unimpressive.
Despite a healthy 29% YoY increase in normalized medical services revenue, normalized net profit decreased 8% YoY in 3Q23 as the company experienced significantly higher financial costs.
Although the company is repaying debts, debt level is still elevated and is expected to remain so in the near-term due to upcoming capex plans.


Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

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.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 184% versus MSCI ASEAN’s 21%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Seven stocks remain, seven new join the fray</li>
<li>Since inception, it has gained 104% versus the SET 100 Index’s return of 21%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Seven stocks remain, seven new join the fray
Since inception, it has gained 104% versus the SET 100 Index’s return of 21%


The Stocks to Own in Thailand – Vol. 43

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)

Bangkok Dusit Medical Services (BDMS TB): Core Business Drives 4Q23 Result; Outlook Remains Positive

BDMS sees double-digit growth in 4Q23 driven by international and Thai non-COVID patient revenues. The company is expecting continued growth in...

Tina Banerjee

Technical Analysis - Feb 8, 2024

The SET was volatile in a tight range and faced profit taking after surging quickly. However, the MPC meeting results were as expected

Krungthai XSpring

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 45

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

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 43

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

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Bangkok Dusit Medical Services (BDMS TB): Core Business Drives 4Q23 Result; Outlook Remains Positive

​BDMS sees double-digit growth in 4Q23 driven by international and Thai non-COVID patient revenues. The company is expecting continued growth in...

Tina Banerjee

Technical Analysis - Feb 8, 2024

The SET was volatile in a tight range and faced profit taking after surging quickly. However, the MPC meeting results were as expected

Krungthai XSpring

Thonburi Healthcare Group (THG TB): High Debt Has Clouded Near-Term Growth Prospect

​Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...

Tina Banerjee

The Stocks to Own in ASEAN – Vol. 45

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

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 43

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

A. Stotz Investment Research

BDMS sees double-digit growth in 4Q23 driven by international and Thai non-COVID patient revenues. The company is expecting continued growth in...

Thonburi struggled to perform well compared to its peers. Despite 29% YoY increase in normalized medical services revenue, normalized net profit...