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Bumrungrad Hospital Public Company Limited: 1 director
A director at Bumrungrad Hospital Public Company Limited bought 100,000 shares at 176.000THB and the significance rating of the trade was 66/100. 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.
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - Outlook For Foreign Patients Remains Und...
We attended BH’s 4Q24 analyst meeting and the tone was neutral. The strong growth of Thai patients in 4Q24 was attributable to the health checkup season. There have been favourable developments in Middle Eastern countries like Kuwait and Saudi Arabia but a definite timeline is still lacking. We believe that earnings growth in 1Q25 will be challenging due to the shortfall in Kuwait. However, we expect to see a gradual improvement from 2Q25 onwards. Maintain BUY. Target price: Bt232.00.
- Benjaphol Suthwanish
- Kasemsun Koonnara
Thailand Daily - Thursday, March 06, 2025
Update Bumrungrad Hospital (BH TB/BUY/Bt195.50/Target: Bt232.00) Outlook for foreign patients remains under observation. Origin Property (ORI TB/HOLD/Bt2.68/Target: Bt2.90) Conservative 2025 business plan focusing on financial stability. Stecon Group (STECON TB/BUY/Bt5.40/Target: Bt6.50) Overhang clears; earnings recovery in sight
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Claire Wang Kelai
- Desmond Chong Chee Wai
- Guan An Tan
- Jonathan Koh
- Kasemsun Koonnara
- Kong Ho Meng
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Tham Mun Hon
Regional Morning Notes - Thursday, March 06, 2025
GREATER CHINA Economics Highlights From The NPC: A comprehensive response to economic challenges. Update Cathay Pacific Airways (293 HK/HOLD/HK$10.76/Target: HK$11.30): Cathay’s stellar 2024 earnings performance is unlikely to be sustainable in the long run, but a potential beat of street estimates may still provide a near-term trading opportunity. INDONESIA Update Bank Rakyat Indonesia (BBRI IJ/BUY/Rp3,840/Target: Rp4,500): Spike in CoC in 1Q25; focus on cleaning up loans. MALAYSIA Sector Tec...
- Benjaphol Suthwanish
Bumrungrad Hospital (BH TB) - 4Q24: Strong 4Q24 Earnings Attributable ...
BH reported a net profit of Bt1.9b in 4Q24 (+10.6% yoy, -2.7% qoq), above our expectations but in line with consensus’. The strong earnings were mainly contributed by the utilisation of tax benefit in the quarter. Top-line came in at Bt6.5b, down slightly yoy due to the continuous drop in foreign patient revenue, partly offset by the strong growth of Thai patients. We expect to see slight growth in 1Q25 with a mixed outlook. Maintain BUY. Target price: Bt232.00.
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