Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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

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<a href="https://www.smartkarma.com/entities/rajthanee-hospital" target="_blank" data-smartkarma-citation="entities:23729:1" rel="noopener">Rajthanee Hospital (RJH TB)</a> reported triple-digit revenue and net profit growth in Q3, with gross margin reaching all-time high to 57.4%, due to Covid-19-related tailwind.</li>
<li>With the steadily declining new Covid-19 cases in Thailand, Rajthanee’s Q4 revenue is expected to decline sequentially. However, non-Covid business should continue to recover with the resumption of elective procedures.</li>
<li>Despite the shares trading at a reasonable P/E of 17x, I see limited upside due to its small and geographically concentrated operations, with substantial revenue exposure to social security schemes.</li>
</ul>



Rajthanee Hospital (RJH TB) reported triple-digit revenue and net profit growth in Q3, with gross margin reaching all-time high to 57.4%, due to Covid-19-related tailwind.
With the steadily declining new Covid-19 cases in Thailand, Rajthanee’s Q4 revenue is expected to decline sequentially. However, non-Covid business should continue to recover with the resumption of elective procedures.
Despite the shares trading at a reasonable P/E of 17x, I see limited upside due to its small and geographically concentrated operations, with substantial revenue exposure to social security schemes.


Rajthanee Hospital (RJH TB): Q4 Revenue Growth to Decelerate Sequentially as Covid Tailwind Fades

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

We visited two small-cap companies from totally different industries today. These are the key highlights.<ul>
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Rajthanee Hospital, a small hospital chain based in Ayuthya, achieved 15.7% revenue growth CAGR since 2016 on the back of its proximity to industrial estates.</li>
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CAZ has seen its backlog double to Bt2.5bn largely due to its good relations with major clients (PTT) and partners (Samsung and other Korean chaebol), which dole out projects in the oil &amp; gas sector to it.</li>
<li>Internally, CAZ follows a sophisticated cost control method sporting bar codes and GPS to track materials and dedicated cost-control staff.</li>
</ul>

We visited two small-cap companies from totally different industries today. These are the key highlights.

Rajthanee Hospital, a small hospital chain based in Ayuthya, achieved 15.7% revenue growth CAGR since 2016 on the back of its proximity to industrial estates.

CAZ has seen its backlog double to Bt2.5bn largely due to its good relations with major clients (PTT) and partners (Samsung and other Korean chaebol), which dole out projects in the oil &amp; gas sector to it.
Internally, CAZ follows a sophisticated cost control method sporting bar codes and GPS to track materials and dedicated cost-control staff.


Small Cap Diary: Rajthanee Hospital, CAZ

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)

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