Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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News from Caixin

Jinxin Fertility Group  / Equity Bottom-Up

<ul><li>Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.</li><li>Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.</li><li>It did not specify how much capital Jinxin will invest.</li></ul>

Jinxin Fertility Group Ltd., China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer, venturing into Southeast Asia as demand in China declines with more couples opting not to have babies.Hong Kong-listed Jinxin Fertility has signed an equity investment deal to become a “significant shareholder” of PT Morula Indonesia, an IVF specialist affiliated with PT Bundamedik Tbk, a major women- and children-focused health care services group in Indonesia, according to a joint statement Monday.It did not specify how much capital Jinxin will invest.

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment 

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.</li>
<li>All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.</li>
<li>The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.</li>
</ul>



Bundamedik Tbk PT (BMHS IJ) reported 15% decline in revenue in 2022. However, non-COVID business recorded revenue growth of 17%. Contribution of core business to total revenue increased to 92%.
All the key operating parameters improved significantly from pre-COVID level. Occupancy rate of the existing hospitals improved to 66% in 2022 from 58% in 2021. New hospitals recorded 71% occupancy.
The company aims to achieve revenue growth of ~17% YoY and EBITDA growth of 23–24% YoY in 2023, supported by the significant development of the company’s core business.


PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

<ul>
<li>Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable<br>of the 7 stocks added to our list of fallen angels.</li>
<li>Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently<br>commenced repurchases under a 10% buyback mandate.</li>
<li>Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX.<br>They’re a premium women and children's hospital with leading IVF clinics.</li>
</ul>


Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionable of the 7 stocks added to our list of fallen angels.
Keeping in Singapore, luxury watch retailer Hour Glass (HG SP) has recently commenced repurchases under a 10% buyback mandate.
Across to Indonesia, Bundamedik (BMHS IJ) is the latest hospital to list on the IDX. They’re a premium women and children's hospital with leading IVF clinics.


Wickhams Hill Research | Under-The-Radar Issue 1

Indonesia

PT Bundamedik Tbk provides health care services. The Company offers maternal and child health services. Bundamedik serves patients in Indonesia.

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Bundamedik Tbk PT (BMHS IJ)

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

Chinese IVF Specialist Expands Into Southeast Asia With Indonesian Investment

Jinxin Fertility Group Ltd. , China’s largest private provider of in vitro fertility (IVF) services, is buying a stake in an Indonesian peer,...

Caixin Global

PT Bundamedik Tbk (BMHS IJ): Growing Core Business; Eyeing Mid-Teens Revenue Growth in 2023

Bundamedik recorded 17% revenue growth in core business in 2022. The company aims to achieve 17% revenue growth and 23–24% EBITDA growth in 2023,...

Tina Banerjee

Wickhams Hill Research | Under-The-Radar Issue 1

Singapore listed MM2 Asia Ltd (MM2 SP) looks to be the most immediately actionableof the 7 stocks added to our list of fallen angels.

Lloyd Moffatt

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