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)

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to all our Thai friends in your time of grief.Thailand is sailing into unchartered waters, considering that nearly everyone alive has only known one King and that his fiat power was immense, built up over years of devotion to the country.We expect that the Thai stock market will be hurt in the near term, but will eventually stabilize.

Thailand Mourns Fallen King, Healing Will Take Some Time

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.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with the support at 1,437/1,431 points (75-day EMA) and the resistance at 1,450/1,457 points.</li><li>The government has announced measures to address NPL issues, which are expected to positively impact banking stocks and vehicle title loan companies.</li><li>The inflation rate for November is expected at +0.2% MoM and +2.7% YoY (compared to October's +0.2% MoM and +2.6% YoY).</li></ul>

Technically, the SET Index is expected to move sideways, with the support at 1,437/1,431 points (75-day EMA) and the resistance at 1,450/1,457 points.The government has announced measures to address NPL issues, which are expected to positively impact banking stocks and vehicle title loan companies.The inflation rate for November is expected at +0.2% MoM and +2.7% YoY (compared to October's +0.2% MoM and +2.6% YoY).

Krungthai XSpring Zoom Eng. December 11, 2024

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.</li>
<li>All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.</li>
<li>The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.</li>
</ul>



Bundamedik Tbk PT (BMHS IJ) reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.
All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.
The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.


PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

<ul>
<li>We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level</li>
<li>Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21</li>
<li>Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO </li>
</ul>


We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level
Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21
Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO 


<ul>
<li>We maintain our HOLD rating but raise our TP by 12% to Bt37.50(22.4xPE’23E,its pre-COVID level)to factor in earnings upgrade.Despite weakening earnings trend in 2H22 due to fading COVID related revenue</li>
<li>Neutral tone from the analyst meeting The management expect non-Covid contribution (43% of 2Q22)to continue growing in 2H22 and cushion the fading COVID contribution off pent-up demand from cash patients</li>
<li>RJH plans to open a new cancer hospital in Ayutthaya,around 2Q23 with an estimated total investment costs of Bt210m(70% of FY2021 CAPEX).The hospital is expected to generate revenue of Bt4.0m/month</li>
</ul>


We maintain our HOLD rating but raise our TP by 12% to Bt37.50(22.4xPE’23E,its pre-COVID level)to factor in earnings upgrade.Despite weakening earnings trend in 2H22 due to fading COVID related revenue
Neutral tone from the analyst meeting The management expect non-Covid contribution (43% of 2Q22)to continue growing in 2H22 and cushion the fading COVID contribution off pent-up demand from cash patients
RJH plans to open a new cancer hospital in Ayutthaya,around 2Q23 with an estimated total investment costs of Bt210m(70% of FY2021 CAPEX).The hospital is expected to generate revenue of Bt4.0m/month


RJH : Expect 3Q22 Earnings Trend to Drop QoQ

Thailand

Rajthanee Hospital Public Company Limited is a Thailand-based company primarily engaged in healthcare services, operating as a general hospital. The company runs two hospitals, Rajthanee Hospital and Rajthanee Rojana Hospital, both located in Phra Nakhon Si Ayutthaya Province. They offer comprehensive medical services, including various specialized centers like emergency trauma, pediatric, heart, and orthopedic centers, as well as medical clinics. The company was established in 1990 and commenced operations in 1992, with its headquarters in Phra Nakhon Si Ayutthaya, Thailand.

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Rajthanee Hospital (RJH TB)

Thailand Mourns Fallen King, Healing Will Take Some Time

His Majesty King Bhumibol Adulyadej (Rama IX) passed away at Siriraj Hospital in Bangkok yesterday, 13 October 2016, at 3.52pm. Our condolences to...

A. Stotz Investment Research

Krungthai XSpring Zoom Eng. December 11, 2024

Technically, the SET Index is expected to move sideways, with the support at 1,437/1,431 points (75-day EMA) and the resistance at 1,450/1,457...

Krungthai XSpring

PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

Bundamedik recorded 17% revenue growth in core business in 2022. The company aims to achieve 17% revenue growth and 23–24% EBITDA growth in 2023,...

Tina Banerjee

RJH : Weak Margin Pressured 3Q22 Result

We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre...

Pi Securities PCL, Thailand

RJH : Expect 3Q22 Earnings Trend to Drop QoQ

We maintain our HOLD rating but raise our TP by 12% to Bt37.50 (22.4xPE’23E, its pre-COVID level) to factor in earnings upgrade. Despite weakening...

Pi Securities PCL, Thailand

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