In today’s briefing:
- Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival
- VGI: Positive for Short-Term Outlook While Long-Term Remain Promising
Bangkok Dusit Medical (BDMS TB): Thailand Reopening+ Less Severe Omicron= Continued Business Revival
- Bangkok Dusit Medical Services (BDMS TB) should benefit from Thailand’s resumption of quarantine-free travel from February 1. International patients contributed 30% of total revenue of BDMS in pre-pandemic period.
- With the less severe Omicron variant, BDMS non-COVID revenue is expected to recover. Its revenue and net profit through first nine months of 2021 are still lower than pre-pandemic levels.
- Digitalization initiatives of BDMS will be a stable source of income and long-term growth driver for the company, contributing 10–15% of total revenue in next five years.
VGI: Positive for Short-Term Outlook While Long-Term Remain Promising
- We maintain BUY rating for VGI with the new target price of Bt6.50 (Previous TP: Bt8.10), derived from SOTP method or 50% premium to Thai media peers. Target price downgrade
- Bt12.9bn from Capital raising will be utilized to pay loan repayment from JMART 15% stake investment (Bt8.2bn) and future business expansion via M&A.
- Expect 4QFY22 earnings (Jan’22-Mar’22) to face a hiccup given Omicron virus spread in Jan’22.We anticipate the media revenue stream to retreat to 70%of the level we have seen during pre-pandemic
Before it’s here, it’s on Smartkarma
