Guangdong Kanghua IPO: Concentration Risk and More Track Record Needed
Guangdong Kanghua (GDKH) has one of the largest for-profit private hospital in China (Kanghua hospital) in terms of registered beds and third...
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Thai Healthcare: A Sector of Extremes
Thai mainstream hospital chains are all priced at over 35x PE each. On a relative basis, we believe market leader BDMS has the best relative value,...
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Expansion Plans Continuing to Pinch
Margin pressure continues through Q2 -- Q2 EPS were S0.95 cents (+2%) on a 19.8% increase in revenue (S$118.9 million) as expansion programs and...
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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...
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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)...
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