Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

BDMS' Q4 results were encouraging with revenue +12%, EBITDA +14%, and net income (excluding non-recurring items +21%. Revenue from existing hospitals was +7% while new hospitals (open less than two years) added 4% (other operations added 1%.)EBITDA was +14% (EBITDA margin was 22.4%, +40bps) with operating expenses +11%. Importantly, depreciation expense decelerated markedly to +8% as the company starts to lap the impact of the opening of five hospitals from early 2015. Capacity utilization…

BDMS' Q4 results were encouraging with revenue +12%, EBITDA +14%, and net income (excluding non-recurring items +21%. Revenue from existing hospitals was +7% while new hospitals (open less than two years) added 4% (other operations added 1%.)EBITDA was +14% (EBITDA margin was 22.4%, +40bps) with operating expenses +11%. Importantly, depreciation expense decelerated markedly to +8% as the company starts to lap the impact of the opening of five hospitals from early 2015. Capacity utilization…

Thailand's Bangkok Dusit Medical Services is in the midst of a program to increase its network to 50 hospitals from 42 currently (35 in 2014) through new hospital construction and acquisitions. Boluses of substantial capacity additions are a recurring risk for Asia's growth-oriented private hospital companies. Even in situations where new capacity won't undermine supply-demand balance, the acceleration of capacity growth increases the risk of margin pressure. &nbsp; &nbsp;

Thailand's Bangkok Dusit Medical Services is in the midst of a program to increase its network to 50 hospitals from 42 currently (35 in 2014) through new hospital construction and acquisitions. Boluses of substantial capacity additions are a recurring risk for Asia's growth-oriented private hospital companies. Even in situations where new capacity won't undermine supply-demand balance, the acceleration of capacity growth increases the risk of margin pressure. &nbsp; &nbsp;

Bangkok Dusit Medical: The Risks of the Big Ramp Up

Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

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Bangkok Chain Hospital (BCH TB)

Digesting the New Beds

BDMS' Q4 results were encouraging with revenue +12%, EBITDA +14%, and net income (excluding non-recurring items +21%. Revenue from existing...

Kemp Dolliver, CFA

Bangkok Dusit Medical: The Risks of the Big Ramp Up

Thailand's Bangkok Dusit Medical Services is in the midst of a program to increase its network to 50 hospitals from 42 currently (35 in 2014)...

Kemp Dolliver, CFA

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