In today’s briefing:
- Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition
- Quiddity Leaderboard SET50 Dec 24: 4 Changes Possible; Reference Period Starts on 1st Sep
- Sansiri – Hyatt Acquires Standard International
Bumrungrad Hospital (BH TB): Cautiously Optimistic on Growth Prospect Amid Intensifying Competition
- Bumrungrad Hospital Pub Co (BH TB) has reported mixed performance in 2Q24, with revenue growing 3% YoY to THB6,331M. However, bottomline growth outpaced the revenue growth.
- We are cautiously optimistic about the future growth prospect of the company as well as valuation multiple expansion prospect due to intensifying competition in attracting international patients.
- In recent times, revenue contribution from international patients has not changed much and is hovering around a range of 53–55%, significantly lower than pre-COVID time’s range of 64–67%.
Quiddity Leaderboard SET50 Dec 24: 4 Changes Possible; Reference Period Starts on 1st Sep
- The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
- In this insight, we take a look at the potential ADDs/DELs for SET 50 during the index rebal event in December 2024.
- Currently, we see 4 expected ADDs/DELs but the 3-month reference period used for average market cap rankings starts on 1st September and only after that the rankings will become stable.
Sansiri – Hyatt Acquires Standard International
- We maintain an Outperform rating on SIRI, holding a positive view on the sale of hotel management rights to the Hyatt Group, which is favorable to both the firm’s earnings and financial position.
- SIRI’s fundamental valuation is attractive, while the tactical factors are viewed neutrally. This should help offset the slower EPS growth expected due to the high base in 2023.
- The 1H24 dividend yield is 4.0% from the DPS of Bt0.07, with the XD date scheduled for August 28, 2024.
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