Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical (RFMD SP)</a> reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.</li>
<li>Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. </li>
<li>Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.</li>
</ul>



Raffles Medical (RFMD SP) reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.
Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. 
Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.


Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

Thematic (Sector/Industry)

<ul>
<li>In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.</li>
<li>We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.</li>
<li>In additions, we have also provided a table for stocks of interest in APAC healthcare sector.</li>
</ul>


In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.
We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.
In additions, we have also provided a table for stocks of interest in APAC healthcare sector.


Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

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.

<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%


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
<li>We look at Indonesian Hospitals, as <a href="https://www.smartkarma.com/entities/saratoga-investama-sedaya-tbk-pt" target="_blank" data-smartkarma-citation="entities:13714:1" rel="noopener">Saratoga</a> buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass-market bread maker ROTI as KKR seeks an exit.</li>
<li>We also look at the telecom tower space as transactions on the Philippines heat up and examine the current state of play in Indonesian towers. </li>
</ul>


CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.
We look at Indonesian Hospitals, as Saratoga buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass-market bread maker ROTI as KKR seeks an exit.
We also look at the telecom tower space as transactions on the Philippines heat up and examine the current state of play in Indonesian towers. 


CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

RMG’s operating performance remained resilient to the pandemic, driven by healthcare services business. Resumption of medical tourism in Singapore...

Tina Banerjee

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

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

CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

This week we look at Indonesian Hospitals, as Saratoga buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

RMG’s operating performance remained resilient to the pandemic, driven by healthcare services business. Resumption of medical tourism in Singapore...

Tina Banerjee

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

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

CrossASEAN Ground Zero - Hospitals in Play, ROTI in Play, and Philippine Towers

This week we look at Indonesian Hospitals, as Saratoga buys into Brawijaya Hospital focusing attention on the space. We also look at leading mass...

Angus Mackintosh

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%,...