In today’s briefing:
- GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom
- Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result
GMM Group Pre-IPO: Tuning into Thailand’s Digital Music Boom
- GMM Music (2465778D TB) is looking to raise at least US $100m in its upcoming Thai IPO.
- It is part of the largest, sprawling, public listed media conglomerate, GMM Grammy, and operates a pure play music business covering the entire value chain.
- In this note, we look at the firm’s past performance.
Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result
- Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
- In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
- We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.
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