Asia Plus keeps overweight on hospital stocks, highlights BDMS and PR9 as top picks

Thunhoon··TH·Read original
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Summary · why it matters

The research team at Asia Plus Securities issued an analysis of hospital sector stocks, assessing that the impact of flooding in several areas of Bangkok and its vicinity on hospital businesses is limited and only short-term. BDMS, which has a network of hospitals in the affected areas, stated that its buildings and operations were not damaged. The main impact came from travel restrictions, causing some patients to postpone appointments or non-urgent treatments by about 3–4 days, and services are expected to gradually return after the situation eases. Meanwhile, BCH, a hospital in its group located in Bangkok, was not in a directly flooded area, so it was affected only by travel restrictions and some postponed appointments. PR9 and BH are expected to be affected relatively limitedly, as they are stand-alone hospitals without networks spread widely across flooded areas. The research team expects the impact on the group's revenue and profit to be insignificant, because it is a postponement of service use rather than a loss of revenue, and after the water recedes the hospital group still has a chance to get a boost from demand for treatment deferred from the previous period, as well as patients with seasonal diseases and illnesses related to rain and flooding, especially influenza, COVID-19, and waterborne infectious diseases. The research team maintains its investment weighting for the hospital group at "overweight," viewing the flood situation as only short-term pressure rather than a risk to fundamentals and profit forecasts, and selects BDMS and PR9 as top picks with "buy" recommendations and 2027 fair values of 25.00 baht and 23.00 baht, respectively.

Impact on assets 4

Health Care▲ · 3 stocks
Bumrungrad Hospital PCL
BH
± MixedDemandrelevance

BH expected to be affected relatively limitedly as a stand-alone hospital without networks spread across flooded areas.

Aging Population▲ · 1 stocks
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