Healthcare: regulatory concerns, hospitals are overcharging and govt wants to clampdown. 2 ways: 1. further breakdown of fees 2. pharmacy prescription.
Most Thais do not visit clinics bcos insurance usually covers only for hospitals, shortage of clinics and general perception that hospitals are better than clinics. Doctors also do not want to go to work in clinics as there is more prestige with hospitals. Hospital wait is usually 1 day.
Industry EPS CAGR 15% for 2015-17
Patient growth: Thais 3-4% Intl 5-10%, for large private hospitals intl patients account for 60-70%.
ASP growth: 4-6%
Banks: Cyclical weakness
NPL 15% during AFC but 3% now
Cost income ratio: SCB has 40% but industry closer to 45% which is also healthy
Rising fee income with cross-selling and bacassurance
ROE: Ave 13% but Kbank and SCB at 20%
BAY: Changing too slowly, no new innovation unlike when GE took over. Free float 5%.
Most Thais do not visit clinics bcos insurance usually covers only for hospitals, shortage of clinics and general perception that hospitals are better than clinics. Doctors also do not want to go to work in clinics as there is more prestige with hospitals. Hospital wait is usually 1 day.
Industry EPS CAGR 15% for 2015-17
Patient growth: Thais 3-4% Intl 5-10%, for large private hospitals intl patients account for 60-70%.
ASP growth: 4-6%
Banks: Cyclical weakness
NPL 15% during AFC but 3% now
Cost income ratio: SCB has 40% but industry closer to 45% which is also healthy
Rising fee income with cross-selling and bacassurance
ROE: Ave 13% but Kbank and SCB at 20%
BAY: Changing too slowly, no new innovation unlike when GE took over. Free float 5%.
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