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> 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

<ul>
<li>In 2023, <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 23% YoY revenue growth to THB25.6B, driven by 32%, 17%, and 11% YoY growth in international, expat, and Thai patients, respectively.</li>
<li>Driven by high margin international patients, increasing inpatient revenue, and continued cost management, gross profit, EBITDA, and net profit margin expanded in 2023.</li>
<li>Unrest in Middle-East remained an overhang on BH’s shares. However, revenue from Middle-East patients increased at 23.3% in H2 2023 compared to H1 2023.</li>
</ul>


In 2023, Bumrungrad Hospital Pub Co (BH TB) reported 23% YoY revenue growth to THB25.6B, driven by 32%, 17%, and 11% YoY growth in international, expat, and Thai patients, respectively.
Driven by high margin international patients, increasing inpatient revenue, and continued cost management, gross profit, EBITDA, and net profit margin expanded in 2023.
Unrest in Middle-East remained an overhang on BH’s shares. However, revenue from Middle-East patients increased at 23.3% in H2 2023 compared to H1 2023.


Bumrungrad Hospital (BH TB): Record High Performance in 2023; Middle-East Performance Recovers

<ul>
<li>In 3Q23, <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 18% YoY revenue growth to THB6.8 billion, driven by 27% and 20% YoY growth in Thai and expat patients revenue, respectively.</li>
<li>Revenue from international patients grew 16% YoY, driven by Middle-east and China, which grew 31% and 21%, YoY, respectively. EBITDA, PAT, and their respective margins reached record high in 3Q23.</li>
<li>Due to heavy revenue exposure in Middle-east, the ongoing tension in the region is acting as a setback. Bumrungrad shares tumbled ~15% over the last one month.</li>
</ul>


In 3Q23, Bumrungrad Hospital Pub Co (BH TB) reported 18% YoY revenue growth to THB6.8 billion, driven by 27% and 20% YoY growth in Thai and expat patients revenue, respectively.
Revenue from international patients grew 16% YoY, driven by Middle-east and China, which grew 31% and 21%, YoY, respectively. EBITDA, PAT, and their respective margins reached record high in 3Q23.
Due to heavy revenue exposure in Middle-east, the ongoing tension in the region is acting as a setback. Bumrungrad shares tumbled ~15% over the last one month.


Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

<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

<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

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): 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

Bumrungrad Hospital (BH TB): Record High Performance in 2023; Middle-East Performance Recovers

Bumrungrad Hospital sees 23% revenue growth in 2023, driven by international, expat, and Thai patients, with expanding margins. Revenue from...

Tina Banerjee

Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

Bumrungrad reported 18% YoY revenue growth in 3Q23, driven by Thai and expat patients. EBITDA and PAT reached record high. However, ongoing...

Tina Banerjee

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

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

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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

Bumrungrad Hospital (BH TB): Record High Performance in 2023; Middle-East Performance Recovers

​Bumrungrad Hospital sees 23% revenue growth in 2023, driven by international, expat, and Thai patients, with expanding margins. Revenue from...

Tina Banerjee

Bumrungrad Hospital (BH TB): Strong 3Q23 Performance; Middle-East Tension Plays Spoilsports

​Bumrungrad reported 18% YoY revenue growth in 3Q23, driven by Thai and expat patients. EBITDA and PAT reached record high. However, ongoing...

Tina Banerjee

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

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

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%,...

Bumrungrad Hospital sees 23% revenue growth in 2023, driven by international, expat, and Thai patients, with expanding margins. Revenue from...

Bumrungrad reported 18% YoY revenue growth in 3Q23, driven by Thai and expat patients. EBITDA and PAT reached record high. However, ongoing...