reports
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect A Strong Quarter In 3Q25
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt178.00/Target: Bt214.00) We upgrade BH to BUY with a target price of Bt214.00. BH’s outlook has improved with its strong 3Q25 performance and positive sentiment drivers. BH did not join the Kuwait conference and will not receive any negative impact. BH focuses on high-paying foreign and inpatient clients, insulating it from the new pricing measures. Net profit is expected at Bt2.5b (+4.6% yoy), supported by recovering Middle Eastern demand. Wit...
- Benjaphol Suthwanish
- Tanapon Cholkadidamrongkul
Thailand Daily - Thursday, October 16, 2025
Top Stories Company Update | Asset World Corporation (AWC TB/BUY/Bt2.08/Target: Bt3.30) AWC’s Jurassic World at Asiatique, launched in Aug 25 with Bt1.4b capex, exceeds targets with 2,400-2,800 visitors and Bt2m daily revenue. The park attracted mainly Thai families and school groups, with rising foreign visitors, particularly from China and Korea. It boosted Asiatique’s retail traffic, strengthening rental demand. AWC has planned periodic content refreshes to sustain interest and may replica...
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Claire Wang Kelai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Thursday, October 16, 2025
Greater China Economics | Inflation September’s CPI inflation improved slightly to -0.3% yoy (+0.1ppt), with core CPI reaching a ytd high of 1.0% yoy. However, food prices remained weak (-4.4% yoy), led by a 17% yoy fall in pork prices. PPI deflation eased to -2.3% yoy (+0.6ppt), with broad recovery in mining and quarrying and raw metal materials. Looking ahead, look out for improvement in consumer goods PPI inflation, which should be indicative of a sustainable improvement in pricing power....
01093 CSPC PHARMACEUTICAL GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
X2S SINOPHARM GROUP CO. LTD. CLASS H
AXIATA HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
MAXIS AXIATA GROUP BERHAD
T MAXIS BHD
3933 TELEKOM MALAYSIA BHD
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
AWC GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 ASSET WORLD CORP PUBLIC COMPANY LTD
TDC CSPC PHARMACEUTICAL GROUP LTD
603259 TIME DOTCOM BHD
2269 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS (CAYMAN) INC.
06160 HANSOH PHARMACEUTICAL GROUP
300765 BEIGENE LTD.
CDB WUXI APPTEC CO. LTD. CLASS H
8AZ CSPC INNOVATION PHARMACEUTICAL CO L
BTG CELCOMDIGI BHD
300244 AZTECH GLOBAL LTD
DKFT IJ BETAGRO PUBLIC COMPANY LIMITED
ONC@US@ DIAN DIAGNOSTICS GROUP CO
CENTRAL OMEGA RESOURCES
BEONE MEDICINE INC
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
Bumrungrad Hospital Public Company Limited: 1 director
A director at Bumrungrad Hospital Public Company Limited bought 100,000 shares at 180.250THB and the significance rating of the trade was 67/100. 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 directors ...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Cautiously Optimistic In 2H25
The tone at BH’s 2Q25 analyst meeting was positive. Management provided a positive development update on the Kuwaiti patient issue, indicating that it should be resolved soon. The 3Q25 guidance is also promising as last year’s base will no longer include the Kuwait patient portion and revenue intensity is expected to improve. We are more positive on BH, but the timeline and the magnitude of Kuwaiti patients’ return is still uncertain, and the market has already priced this in. Maintain HOLD...
- Benjaphol Suthwanish
- Kasemsun Koonnara
- Thanawat Thangchadakorn
Thailand Daily - Tuesday, August 05, 2025
KEY HIGHLIGHTS Sector Property Expect earnings to recover in 2Q25, but 2H25 outlook remains uncertain. Update Bumrungrad Hospital (BH TB/HOLD/Bt176.50/Target: Bt185.00) Cautiously optimistic in 2H25. Kasikorn Bank (KBANK TB/BUY/Bt160.50/Target: Bt192.00 To increase dividend policy from 25% to 50% and guide for potential capital management.
- Alden Gabriel Lam
- Audrey Celia
- Benjaphol Suthwanish
- Greater China Research Team
- John Cheong Ming Chern
- Jonathan Koh
- Kasemsun Koonnara
- Philip Wong
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Tuesday, August 5, 2025
GREATER CHINA Strategy Alpha Picks: August Conviction Calls: Add JBM Healthcare and Lenovo to our BUY list. Take profit on CATL, Han’s Laser, KE Holdings and Longfor. INDONESIA Strategy 1H25 Results Recap: Among the 40 stocks under our coverage that have announced their results, 25% beat forecasts, 39% were in line and 35% were below expectations. Results Indofood CBP (ICBP IJ/BUY/Rp9,550/Target: Rp13,800): 1H25: Core profit in line with our expectation. MALAYSIA Update Alpha IVF (ALPHA MK/BUY...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - More Overhangs To Result In Weak 2Q25 Ea...
BH is expected to report a net profit of Bt1.7b (-11.4% yoy, -1.3% qoq) in 2Q25. Top-line should be weak at Bt6.0b (-5.0% yoy, -2.5% qoq), as it continues to be pressured by the slower return of Middle Eastern patients and the Thai-Cambodia conflict which will likely lead to a slowdown in Cambodian patient arrivals. We remain cautious on BH as there are still several overhangs related to foreign patient markets that could cause a further decline in revenue intensity just like in 1Q25. Maint...
- Benjaphol Suthwanish
- Tanaporn Visaruthaphong
- Alden Gabriel Lam
- Benjaphol Suthwanish
- Ejann Hiew
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kong Ho Meng
- Lester Siew
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, July 17, 2025
GREATER CHINA Update Xtep International Holdings (1368 HK/BUY/HK$5.34/Target: HK$8.00) Confident in achieving full-year targets; Saucony on track to reach mid-term goal. INDONESIA Small/Mid Cap Highlights Bank KB Bukopin (BBKP IJ/NOT RATED/Rp60) Turnaround hinges on CoF reduction. MALAYSIA Update Kuala Lumpur Kepong (KLK MK/HOLD/RM20.46/Target: RM20.50) We expect 3QFY25 results to come in flat qoq, supported by firmer plantation output and lower forex ...
- Benjaphol Suthwanish
- Benyamin Mikael
- Claire Wang Kelai
- Damon Shen
- Desmond Chong Chee Wai
- Jieqi Liu
- Kasemsun Koonnara
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Roy Chen Chengzhi
- Thailand Research Team
- Tham Mun Hon
- Wei Xiang Ku
Regional Morning Meeting Notes: Tuesday, June 17, 2025
GREATER CHINA Economics Economic Activity Mixed bag for May. Sector Property Property market weakens further in May 25, with diverging city-tier performance. INDONESIA Initiate Coverage Bumi Resources Minerals (BRMS IJ/BUY/Rp454/Target: Rp610) Soaring to new heights; initiate coverage with BUY. MALAYSIA Update Press Metal ...
ORI ORIGIN PROPERTY
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
QH QUALITY HOUSES
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
SPALI SUPALAI PCL
C6L SINGAPORE AIRLINES LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
PTTEP PTT EXPLORATION & PRODUCTION PLC
AP AP THAILAND
CHG CHULARAT HOSPITAL
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
LPN LPN DEVELOPMENT PCL
PMAH PRESS METAL ALUMINIUM HOLDIN
PSH PRUKSA HOLDING PCL
BRMS IJ BUMI RESOURCES MINERALS
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Heidi Mo Jinghui
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Ken Lee
- Kenny Yong Hui Lim
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Notes - Friday, May 02, 2025
GREATER CHINA Sector Macau Gaming: Apr 25 GGR beat expectations; May Day Golden Week visitor arrivals expected to grow 4% yoy. Results ASMPT (522 HK/BUY/HK$52.20/Target: HK$68.00): 1Q25: Earnings disappoint; mainstream tools recovering in 2025 but visibility remains low. Maintain BUY. China Tourism Group Duty Free (601888 CH/BUY/Rmb63.40/Target: Rmb70.80): 1Q25: Core net profit down 16% yoy; sequential improvement in Hainan duty-free sales. Ganfeng Lithium (1772 HK/BUY/HK$18.94/Target: HK$30.00)...
00388 HONG KONG EXCHANGES & CLEARING LTD.
02328 PICC PROPERTY & CASUALTY CO. LTD. CLASS H
600887 INNER MONGOLIA YILI INDUSTRIAL GROUP CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
BMRI PT BANK MANDIRI (PERSERO) TBK
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
Q5T FAR EAST HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
ECW ECO WORLD DEVELOPMENT GROUP
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
CMRY PT CISARUA MOUNTAIN DAIRY TBK
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
XIAOMI XIAOMI CORP
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Less Optimistic On Foreign Patient Numbe...
The tone at BH’s 1Q25 analyst meeting was negative. Management still does not expect a rebound in hospital revenue as a result of the earthquake in Mar 25. The drop in revenue intensity in 1Q25 could become a concern if it becomes a recurring trend. Despite the positive development in Saudi Arabia and Bangladesh, we are less optimistic on BH as it lacks a substantial catalyst to improve its earnings. Downgrade to HOLD. Target price: Bt178.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Friday, May 02, 2025
KEY HIGHLIGHTS Sector Property 1Q25 earnings under pressure; recovery outlook remains uncertain. Update Asset World Corporation (AWC TB/BUY/Bt2.20/Target: Bt3.30) Expect strong earnings growth in 1Q25. Bumrungrad Hospital (BH TB/HOLD/Bt168.50/Target: Bt178.00) Less optimistic on foreign patient numbers. Downgrade to HOLD. Siam Cement (SCC TB/HOLD/Bt160.00/Target: Bt160.00) Timeline for the LSP project to resume operations remains uncertain.
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 1Q25: Weak Results In Line With Expectat...
BH reported a net profit of Bt1.73b (-12.6% yoy, -8.9% qoq) in 1Q25, which is in line with our and consensus estimates. The high base last year and the earlier timing of Ramadan this year caused top-line to drop by 6.1% yoy. Growth in revenue from Thai patients was weak at 1.3% yoy and was not sufficient to compensate for the shortfall in foreign patient revenue. We are more optimistic about BH’s 2Q25 outlook as the impact from Ramadan was already realised in 1Q25. Maintain BUY. Target pric...
- Benjaphol Suthwanish
- Kampon Akaravarinchai
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 25, 2025
KEY HIGHLIGHTS Sector Banking 1Q25: Results beat; banks prioritise less on loan growth. Downgrade to MARKET WEIGHT. Results Bumrungrad Hospital (BH TB/BUY/Bt169.00/Target: Bt232.00) 1Q25: Weak results in line with expectations. Update Thai Foods Group (TFG TB/BUY/Bt5.05/Target: Bt6.70) Expect record-high earnings in 1Q25 and 2Q25. Thanachart Capital (TCAP TB/HOLD/Bt47.00/Target: Bt48....
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Ken Lee
- Ming San Soong
- Paula Ruth
- Posmarito Pakpahan
- Sunny Chen
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, April 25, 2025
GREATER CHINA Results Aier Eye Hospital Group (300015 CH/BUY/Rmb12.72/Target: Rmb17.80) 2024: Satisfactory results; expects strong recovery in 2025. Upgrade to BUY. Ningbo Tuopu Group Co (601689 CH/BUY/Rmb50.96/Target: Rmb83.00) 4Q24: Earnings up 38.5% yoy, in line. Maintain BUY with target price unchanged at Rmb83.00. TAL Educational Group (TAL US/BUY/US$9.36/Target: US$14.00) 4QFY25: Earnings miss amid ramped-up investments in AI-powered learning. INDONESIA Sector Telecommun...
IZZ TAL EDUCATION GROUP SPONSORED ADR CLASS A
KKP KIATNAKIN BANK
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
ISAT INDOSAT
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
TOWR PT SARANA MENARA NUSANTARA TBK
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
BBCA PT BANK CENTRAL ASIA TBK
BN4 KEPPEL CORPORATION LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
TCAP THANACHART CAPITAL PCL
MLT MAPLETREE LOGISTICS TRUST
MYEG MY EG SERVICES BHD
KTB KONTOOR BRANDS
EXCL XL AXIATA TBK PT
SCB SCB X PUBLIC COMPANY LIMITED
MTEL IJ PT DAYAMITRA TELEKOMUNIKASI
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Expect Weak 1Q25 Earnings Due To Margin ...
We expect BH to report a net profit of Bt1.7b in 1Q25 (-13.2% yoy, -9.4% qoq). Top-line should be weak at Bt6.1b (-6.5% yoy, -5.6% qoq) due to the high base last year and the earlier timing of Ramadan this year. As a result, the expected decrease in Middle Eastern patient volume should also lead to a yoy margin contraction. We expect the 2Q25 outlook to improve, as a yoy growth will come off a more normalised base in 2Q24. Maintain BUY. Target price: Bt232.00.
- Benjaphol Suthwanish
- Thanawat Thangchadakorn
Thailand Daily - Friday, April 18, 2025
KEY HIGHLIGHTS Results Bangkok Bank (BBL TB/HOLD/Bt146.50/Target: Bt154.00) 1Q25: Results beat expectations; investment gain boosted the bottom line. TISCO Financial Group (TISCO TB/HOLD/Bt100.00/Target: Bt94.00) 1Q25: Results in line; revises down 2025 credit cost target to 100bp. Update Bumrungrad Hospital (BH TB/BUY/Bt168.00/Target: Bt232.00) Expect weak 1Q25 earnings due to margin pressure.
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