A director at Vibhavadi Medical Center Public Company Limited bought 200,000 shares at 2.050THB and the significance rating of the trade was 38/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directo...
We are neutral on VIBHA’s 2H22 performance as it should see a lower contribution from COVID-19-related items. Although the new hospital in CMR has benefitted from increasing awareness during the pandemic, a significant number of greenfield projects, especially at VBR, will put pressure on equity income in the subsequent quarters. Hence, upside is limited. Upgrade to HOLD. Target price: Bt2.50.
GREATER CHINA Sector Consumer: Near-term fluctuation to continue; CTGDF is still our top pick. INDONESIA Update Nippon Indosari Corpindo (ROTI IJ/BUY/Rp1,285/Target: Rp1,600): 3Q22 results preview: Increase in ASP and recovery in daily sales. MALAYSIA Update My EG Services (MYEG MK/BUY/RM0.84/Target: RM1.30): Following an in-depth session on MYEG’s blockchain-related business initiatives, we raised our 2022-23 earnings forecasts. Maintain BUY. SINGAPORE Update Ascott Residence Trust (ART SP/B...
VIBHA delivered good 1Q22 earnings due to surging revenue from its subsidiary CMR, a share of profits from VBR as the Omicron variant spread and the return of non-COVID-19 patients to Vibhavadi Hospital. We expect subsequent earnings to normalise as contribution from COVID-19-related items fades. However, the downside is limited as VIBHA does not directly handle COVID-19 patients. Maintain HOLD. Target price: Bt2.40.
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt19.30/Target: Bt26.00) 1Q22: Impressive earnings. Bangkok Chain Hospital (BCH TB/SELL/Bt20.00/Target: Bt18.00) 1Q22: Strong core profit from COVID-19 patients, to normalise from 2Q22. Chularat Hospital (CHG TB/SELL/Bt3.74/Target: Bt3.40) 1Q22: Robust results from COVID-19 patients, to normalise from 2Q22. Esso Thailand (ESSO TB/HOLD/Bt8.90/Target: Bt8.50) 1Q22: Strong results but positive outlook already priced in. Hana Microelectron...
VIBHA delivered stronger-than-expected 4Q21 results thanks to lower-than-expected reduction of share of profit from its associates and higher-than-expected revenue from CMR because of the rising number of COVID-19 patients in Northern Thailand. We foresee 2022 normalising from the high base owing to diminishing contribution from COVID-19-related items as Thailand is gradually moving towards COVID-19 endemic. Maintain HOLD. Target price: Bt2.40.
KEY HIGHLIGHTS Sector Hotel Impact of Russia-Ukraine crisis on Thailand’s tourism. Results Chularat Hospital (CHG TB/SELL/Bt3.46/Target: Bt3.10) 4Q21: Earnings beat due to higher-than-expected number of COVID-19 patients. Downgrade to SELL. Esso Thailand (ESSO TB/HOLD/Bt7.50/Target: Bt7.20) 4Q21: Strong results, positive outlook in 1Q22. Upgrade to HOLD. Hana Microelectronics (HANA TB/BUY/Bt61.75/Target: Bt70.00) 4Q21: Disappointing results from non-core items. Vibhavadi Medical Center (V...
GREATER CHINA Results Trip.com (9961 HK/BUY/HK$194.00/Target: HK$231.00): 3Q21: A muted quarter, pending border reopening to fuel growth. INDONESIA Sector Consumer: Cigarettes: Milder excise tax rise. GGRM and HMSP trading below -1SD PE. MALAYSIA Results VS Industry (VSI MK/BUY/RM1.30/Target: RM1.90): 1QFY22: In line; VS remains our top EMS pick with its ability to drive record earnings, standing out among peers as the clear winner of the US-China trade diversion. SINGAPORE Sector Property: C...
We expect VIBHA to benefit in 4Q21 from the rising number of COVID-19 patients in Northern Thailand and in 2022 from COVID-19 vaccines. Nevertheless, 2022 results should normalise as COVID-19 gradually turns into an endemic. Most good news has been priced in during the recent strong rally. Maintain HOLD. Target price: Bt2.40.
VIBHA reported 2Q21 core profit of Bt243m, which turned profitable from 2Q20 losses thanks to COVID-19 items at VIBHA and exceptionally strong performance in its associates that had been dedicatedly converting some of the facilities to serve COVID-19 patients. With valuation relatively expensive to peers and no news of any catalysts in 3Q21, we justify the upside is limited. Downgrade to HOLD. Target price: Bt2.50.
KEY HIGHLIGHTS Sector Hotel 2Q21 results wrap-up and 2H21 sector outlook. Results Bumrungrad Hospital (BH TB/HOLD/Bt128.00/Target: Bt135.00) 2Q21: Earnings better than consensus’ forecast; good news priced in. CP ALL (CPALL TB/BUY/Bt57.50/Target: Bt64.00) 2Q21: Results were higher than expectations; downside risk is limited; Upgrade to BUY. Hana Microelectronics (HANA TB/HOLD/Bt72.25/Target: Bt70.00) 2Q21: Results beat our and market’s estimates; expect strong earnings ahead. Vibhavadi Medi...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
GREATER CHINA Update WuXi Biologics (Cayman) (2269 HK/BUY/HK$132.10/Target: HK$160.00): Raises revenue and adjusted earnings growth guidance to 65% yoy for 2021. Xinyi Solar (968 HK/HOLD/HK$14.94/Target: HK$13.60): Potential solar glass demand recovery in 2H21; downgrade to HOLD. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/HOLD/Rp3,910/Target: Rp4,080): Concern over huge size of rights issue for Pegadaian and PNM acquisitions. MALAYSIA Results Bermaz Auto (BAUTO MK/HOLD/RM1.48/Target: RM1....
KEY HIGHLIGHTS Reinitiate Coverage Vibhavadi Medical Center (VIBHA TB/BUY/Bt2.20/Target: Bt2.50) To benefit from COVID-19 services and return of patients. Update Central Pattana (CPN TB/BUY/Bt50.00/Target: Bt62.00) Thailand starts vaccinating against third wave of COVID-19 infection
VIBHA announced a net loss of Bt60m in 2Q20. The results are poorer than our expectation. The net loss could be attributed to a decline in patient numbers across VIBHA’s hospitals as well as slimmer profit margins. Currently, VIBHA trades at an average PE level of Thai’s healthcare peers (36x). Maintain HOLD. Target price: Bt1.35. Entry price: Bt1.20.
KEY HIGHLIGHTS Results Amata Corporation (AMATA TB/BUY/Bt13.40/Target: Bt20.42) 2Q20: Decline in earnings within expectation. Bangkok Chain Hospital (BCH TB/BUY/Bt15.30/Target: Bt18.50) 2Q20: With management’s good strategy, earnings growth is expected to continue in 2H20 and well into 2021. BTS Group Holdings Public Company (BTS TB/HOLD/Bt10.90/Target: Bt12.20) 1QFY21: Earnings beat expectations on the back of mass transit business. Chularat Hospital Public Company Limited (CHG ...
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