ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

Asian Hospitals - In Through The Out Door

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CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Bumrungrad Hospital Pub Co / Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> has announced it will sell all of its stake in <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB),</a> consisting of 180.7 m shares and representing 22.71% of the company's outstanding shares, in a THB18.6bn deal, following an earlier failed attempt to take over <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB).</a> The name of the buyer has not yet been revealed. The selling price was set at THB103 per share, a discount to yesterday's close of THB115.</p>
<p><a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> remains one of the best quality hospital companies in Thailand and the most geared into any recovery in international patient revenues.</p>
<p>The company's 3Q2020 numbers are already reflecting a recovery in its patient numbers driven by Thai and expat patients. </p>
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<div id="oa-360-1606267460248_vvz0jxr1t">The fact that <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> is selling a stake will have no operational impact on the company, as it was a strategic stake without any direct involvement in management.</div>
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<div>Valuations remain attractive given the prospect of a rapid rebound in earnings as international patient numbers recover in 2021, with the company trading well-below pre-pandemic valuation levels. </div>
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Bangkok Dusit Medical Services (BDMS TB) has announced it will sell all of its stake in Bumrungrad Hospital Pub Co (BH TB), consisting of 180.7 m shares and representing 22.71% of the company's outstanding shares, in a THB18.6bn deal, following an earlier failed attempt to take over Bumrungrad Hospital Pub Co (BH TB). The name of the buyer has not yet been revealed. The selling price was set at THB103 per share, a discount to yesterday's close of THB115.
Bumrungrad Hospital Pub Co (BH TB) remains one of the best quality hospital companies in Thailand and the most geared into any recovery in international patient revenues.
The company's 3Q2020 numbers are already reflecting a recovery in its patient numbers driven by Thai and expat patients. 


The fact that Bangkok Dusit Medical Services (BDMS TB) is selling a stake will have no operational impact on the company, as it was a strategic stake without any direct involvement in management.



Valuations remain attractive given the prospect of a rapid rebound in earnings as international patient numbers recover in 2021, with the company trading well-below pre-pandemic valuation levels. 


Bumrungrad Hospital Pub Co (BH TB) - Shedding BDMS in a Side Issue to Recovery