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

Equity Bottom-Up

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.</li>
<li>Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.</li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. </li>
</ul>



Siloam International Hospitals (SILO IJ) held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.
Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. 


Siloam International Hospitals (SILO IJ) - Core Strength in Display

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.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology</li>
<li>Portfolio changes: Three stocks remain, 11 new join the fray</li>
<li>Since inception, it has gained 95% versus the SET 100 Index’s return of 36%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology
Portfolio changes: Three stocks remain, 11 new join the fray
Since inception, it has gained 95% versus the SET 100 Index’s return of 36%


The Stocks to Own in Thailand – Vol. 36

Global Healthcare Analyst

Tina Banerjee

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.</li>
<li>With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.</li>
<li>Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.
With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.
Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.


Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival

<ul>
<li>Although the operating environment is still challenging, <a href="https://www.smartkarma.com/entities/kpj-healthcare-berhad" target="_blank" data-smartkarma-citation="entities:877:1" rel="noopener">KPJ Healthcare (KPJ MK)</a>’s recovery in financial performance is expected to continue in 2022.</li>
<li>The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.</li>
<li>In December, the company appointed its new chief operating officer effective immediately.</li>
</ul>


Although the operating environment is still challenging, KPJ Healthcare (KPJ MK)’s recovery in financial performance is expected to continue in 2022.
The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.
In December, the company appointed its new chief operating officer effective immediately.


KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

<section class="figure">
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.</p>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.</p>
</section>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.</p>
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</section>
<p>The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.</p>
<section class="figure">
<figure class="editor-figure mceNonEditable"></figure>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.</p>
</section>
<section class="figure"></section>
<div>Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.</div>
<div></div>
<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.</p>
</div>


Siloam International Hospitals (SILO IJ) is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
Siloam International Hospitals (SILO IJ) booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.

Siloam International Hospitals (SILO IJ) continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.



The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.


Siloam International Hospitals (SILO IJ) continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.


Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.


Siloam International Hospitals (SILO IJ) continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.


Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

Thailand

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

Siloam International Hospitals (SILO IJ) - Core Strength in Display

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are...

Angus Mackintosh

The Stocks to Own in Thailand – Vol. 36

We highlight 14 stocks in Thailand that look interesting to us based upon our FVMR Methodology. Portfolio changes: Three stocks remain, 11 new join...

A. Stotz Investment Research

Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival

With Thailand resuming quarantine-free travel and Omicron remaining less severe, BDMS is expected to see accelerated business recovery. Favorable...

Tina Banerjee

KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

This insight has analyzed the recovery of the operation of the company as reported in Q3 results and near-term outlook amid resurgence of COVID...

Tina Banerjee

Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

Siloam Hospital provides exposure to a high growth portfolio of hospitals in Indonesia, which stand it in good stead to see strong growth and...

Angus Mackintosh

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