Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical (RFMD SP)</a> reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.</li>
<li>Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. </li>
<li>Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.</li>
</ul>



Raffles Medical (RFMD SP) reported 27% y/y revenue growth to S$723.8 million and net profit increase of 30% y/y to S$83.7 million in 2021.
Following full border reopening by Singapore beginning April, medical tourism is set to revive. As a leading hospital operator in Singapore, Raffles is well-positioned to grab the opportunity. 
Regular share buyback and recent stake increase by a major investor further enhance conviction on the company’s growth potential.


Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

Thematic (Sector/Industry)

<ul>
<li>In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.</li>
<li>We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.</li>
<li>In additions, we have also provided a table for stocks of interest in APAC healthcare sector.</li>
</ul>


In this Original, we have provided an analysis of why we believe APAC healthcare sector is poised for stellar growth in long-term, mainly driven by its favorable demographics.
We have handpicked four APAC healthcare companies, with market cap of $5 billion+ and ADTV of $5 million+ and analyzed their long-term growth stories and fundamentals.
In additions, we have also provided a table for stocks of interest in APAC healthcare sector.


Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.</li>
<li>We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.</li>
<li>In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.
We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.
In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.


Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.</li>
<li>We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.
We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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

IHH Healthcare (IHH MK)

Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

RMG’s operating performance remained resilient to the pandemic, driven by healthcare services business. Resumption of medical tourism in Singapore...

Tina Banerjee

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

Tina Banerjee

Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...

Tina Banerjee

CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&A picking up...

Angus Mackintosh

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Raffles Medical (RFMD SP): Resilient Business Model; Border Reopening to Further Boost Growth

RMG’s operating performance remained resilient to the pandemic, driven by healthcare services business. Resumption of medical tourism in Singapore...

Tina Banerjee

Smartkarma Originals: APAC Healthcare Series - Top Picks Are Poised for Multi-Year Growth

APAC healthcare is among the world’s fastest growing markets, thereby gaining importance from investors. We have highlighted 4 APAC healthcare...

Tina Banerjee

Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition

​Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...

Tina Banerjee

CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&A picking up...

Angus Mackintosh

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

Bumrungrad reported mixed 2Q24 performance with revenue up 3% YoY, but bottomline growth outpaced revenue. International patient revenue...