In today’s briefing:
- Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved
- Hansoh Pharmaceutical (3692.HK)- Positive Growth in 2023, but Valuation Turning Point Hasn’t Arrived
Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved
- Bumrungrad Hospital Pub Co (BH TB) recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.
- International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.
- The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.
Hansoh Pharmaceutical (3692.HK)- Positive Growth in 2023, but Valuation Turning Point Hasn’t Arrived
- VBP would continue to have an impact on Hansoh’s generic drug business in 2023.Such negative impact would gradually fade from 2024 as big varieties have all been included in VBP.
- The core difference between Hansoh and Hengrui is that someone similar to Zhang Lianshan’s role arrived late, resulting in a slower start and weaker overall framework for innovation drug business.
- Hansoh Pharmaceutical (3692 HK) is still in the process of business transformation. Before the harvest time of innovative drug pipeline comes, Hansoh’s valuation growth would still be a long-term story.
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