Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<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

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

Bangkok Chain Hospital / Equity Bottom-Up

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal growth 0%), implying 43.8xPE’19E, a a 19% premium to the Thai Health Care sector. The story:<ul>
<li>Hospital with the most number of Social Security registered against an ageing society theme.</li>
<li>Market overreacted to earnings disappointment in 4Q18.</li>
<li>New strategies attract foreign patients, boosting flagship hospital</li>
<li>IVF Lab to create new growth opportunities</li>
<li>Adding three hospitals in areas of large potential demand.</li>
</ul>Risks: Lack of medical personnel &amp; changes in social security policy

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal growth 0%), implying 43.8xPE’19E, a a 19% premium to the Thai Health Care sector. The story:
Hospital with the most number of Social Security registered against an ageing society theme.
Market overreacted to earnings disappointment in 4Q18.
New strategies attract foreign patients, boosting flagship hospital
IVF Lab to create new growth opportunities
Adding three hospitals in areas of large potential demand.
Risks: Lack of medical personnel &amp; changes in social security policy

BCH: Private Chain Hospital with High Sustainable Growth

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Capital Markets

Thonburi Healthcare Group / Equity Capital Markets

Investors, both Thai and Canadian, seem crazy about healthcare. We caught wind that a small player, Thonburi (THG), could be listed some time this year. Using two different methods, MCorp Review estimate that the stock is worth between Bt11.8/sh to Bt17.4/sh, so we might be willing to take a plunk if it doesn't IPO too close to the top of the range. Healthcare stocks typically trade at one of the highest multiples in Thai markets, so you're lucky if you can get it cheap.Founded by the Vanasin family, these guys are not healthcare elites yo. Returns are generally lower than the big boys, and it's probably more like a hospital for locals. In fact, Thonburi is the poorer side of Bangkok.

Investors, both Thai and Canadian, seem crazy about healthcare. We caught wind that a small player, Thonburi (THG), could be listed some time this year. Using two different methods, MCorp Review estimate that the stock is worth between Bt11.8/sh to Bt17.4/sh, so we might be willing to take a plunk if it doesn't IPO too close to the top of the range. Healthcare stocks typically trade at one of the highest multiples in Thai markets, so you're lucky if you can get it cheap.Founded by the Vanasin family, these guys are not healthcare elites yo. Returns are generally lower than the big boys, and it's probably more like a hospital for locals. In fact, Thonburi is the poorer side of Bangkok.

IPO Radar: Thonburi, Scruffy Hospital from the West Side Yo!

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense that is just part of life down here, we think there are five important lessons to take away, regarding: 1) the importance of investors; 2) liabilities-cash flow matching; 3) sticking to core competencies as well as avoiding : 4) currency pegs to dollars (or any currency); and 5) capital controls. No event in Thai business history has transformed the landscape more than the 1997 crisis. In this review, we highlight a few anecdotes of those who survived and those who didn't (at least not in their original forms).

Five Biggest Lessons from Thai Financial Crisis

Thailand

Samitivej Public Company Limited owns and operates the Samitivej Hospitals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Samitivej Public (SVH TB)

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

Q4 revenue is expected to slow down q/q as new Covid-19 cases in Thailand is declining steadily. However, non-covid business is recovering. The...

Tina Banerjee

BCH: Private Chain Hospital with High Sustainable Growth

We initiate coverage on BCH with a BUY rating, based on a target price of Bt21, which is derived from a DCF methodology (WACC 6.8% and terminal...

Pi Securities PCL, Thailand

IPO Radar: Thonburi, Scruffy Hospital from the West Side Yo!

Investors, both Thai and Canadian, seem crazy about healthcare. We caught wind that a small player, Thonburi (THG), could be listed some time this...

Athaporn Arayasantiparb, CFA

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

This is an invest-able idea at the private level with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over...

Charles De Trenck

Five Biggest Lessons from Thai Financial Crisis

Over the past 20 years, Thailand faced two financial crisis, namely Tom Yum Goong in 1997 and Lehman in 2008. Discounting the political nonsense...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)