Investor Presentation 1Q18 Results May 2018 Important Notice The - PowerPoint PPT Presentation

Investor Presentation 1Q18 Results May 2018

Important Notice  The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Bangkok Dusit Medical Services Public Company Limited (“BDMS” and shares in BDMS, ”shares”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any connection with, any contract or commitment whatsoever.  This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which BDMS operates and general achievement of BDMS business forecasts, which will cause the actual results, performance or achievements of BDMS to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.  This presentation has been prepared by the BDMS. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the BDMS or any of its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.  This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes.  This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. 2

Contents  Overview  1Q18 in review  Operational Statistics & Financial Highlights  Healthcare Industry 3

Overview 4 4

BDMS Overview 45 Hospitals ~ 8,000 Beds Brand No. of No. of Hospitals Beds* BDMS Wellness 10 Centers of Bangkok Hospital 21 3,602 Clinic Excellence Samitivej Hospital 6 1,288 12,000+ Doctors Pharmaceutical Phyathai Hospital 5 1,241 8,000+ Nurses manufacturer 14,000+ Staffs and drug stores Paolo Hospital 6 1,008 BNH Hospital 1 144  Established on February 26, 1972 Royal Hospital 2 130  Top 5 private hospital operators in the world by market capitalization Local Hospital 4 546  Hub-and-Spoke model with an established * Maximum number of beds according to structure of the hospitals patient referral system helps create efficiency through scale 5

Target Patients / Purchasing Power Diversification of Patient Mix Social Middle-Income High-Income International Security Patients Patients Patients Patients Secondary Medical Sophistication Tertiary Super Tertiary 6

‘Hub -and- Spoke‘ Model Providing a Proven Patient Referral System and Creating Efficiency Through Scale Clinics / Medical Spoke Diagnostics Referral patients Doctors Referral Patients patients Hub (Super Tertiary / Tertiary) Nurses Referral patients Spoke Medical Referral Spoke equipment patients 1 Strong patient referral system within and across each hub and spoke 2 Enhances synergies and benefits of scale among hospitals within the group Shared supporting services among multiple hubs which enhance efficiency and competitiveness 3 4 Established system provides a platform for future expansion 7

Successful Track Record of Expansion Through M&A and Greenfield Projects Strong Share Price Performance Backed by a Successful Expansion Track Record Share Price 2015 2017 (THB) • Bangkok Phetchaburi 2006 • Paolo Kaset 2011 • Sri-Rayong 30 2004 • Increase in stake of • Bangkok Surat • Bangkok Hua Hin • Dibuk • Bangkok Heart Bangkok Pattaya, Bangkok • Samitivej Chonburi • Bangkok Pakchong Chanthaburi and Samitivej • Bangkok Samui 25 • Bangkok Muangraj • Health Network Sriracha (became 43 2013 • Bangkok Phuket subsidiaries) (8 Phyathai & Paolo • Samitivej Thonburi • Samitivej Sukhumvit and hospitals ) • Bangkok Ratchasima 42 45 20 • Bangkok Phitsanulok Samitivej Srinakarin 2016 • Paolo Rangsit 15 37 2014 31 2007 2005 • Bangkok Chiangmai • Royal Angkor International • BNH • Royal Phnom Penh (Cambodia) 10 (Cambodia) 29 • Wattanosoth • Samitivej Chinatown • Royal Rattanak (Cambodia) * • Bangkok Khon Kaen 28 5 2012 18 • Bangkok Sanamchan & Thepakorn 16 • Bangkok Udon 12 • Sririroj International 10 0 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Green font indicates Greenfield projects Brown font indicates acquisitions Number of hospitals in the network post-acquisition # * Transfer of business to our new facility, Royal Phnom Penh Solid Revenue Growth Over the Past Decade (2004-2017 CAGR of 21.7%) with Resilient EBITDA margin Total Revenue (THB mm) and EBITDA margin (%) 24.6% 22.4% 23.4% 23.3% 23.1% 23.1% 23.1% 23.2% 21.3% 22.1% 22.9% 21.4% 20.6% 21.3% 18.4% 5,635 10,724 15,981 18,885 21,652 21,974 24,051 37,371 47,862 51,407 56,607 63,655 68,844 72,772 20,029 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q18 Source: Derived from BDMS’ financial statements BDMS has developed 14 new hospitals and acquired a total of 30 hospitals to date 8

BDMS Future Plan Key Strategies 2017 2020 2018 2019  45 Hospitals  ~ 50 hospitals  ~ 8,000 beds  ~ 8,500 beds 2025  Paolo Kaset o Bangkok Chiangrai o Phoenix Project o International (162 beds) (80 beds) (175 beds) Hospital Hospitals in  Bangkok Surat o Chiva Transitional (100 beds) Pipeline o (150 beds) Care (52 beds) Jomtien Hospital (233 beds) o 8 Clinics and o  BDMS Full operation Wellness partial hotel for for BDMS Clinic: 1 Clinic Wellness Wellness Clinic  Increase utilization of ramping-up hospitals Focus on  Improving operational efficiencies Margin  Centers of excellence Expansion  International medical affiliation  Completed continuum of healthcare Long-term  Top referral hospitals in Asia Pacific Target  Long-term EBITDA margin target of ~ 25% 9

BDMS Complete Continuum of Healthcare Centers of Excellence Super Tertiary Care Tertiary Care Secondary Care Early Promotive Preventive Curative Transitional Rehabilitative Detection Chiva Transitional Care Hospital BDMS Wellness Clinic Phoenix Project Non-Hospital Strategic Investment Sterile Drug Manufacturer & Distributor Generic Drug Manufacturer Drug Store 10

BDMS Centers of Excellence Network Upgrading Existing 10 Hospitals to Become Centers of Excellence with the Focus on International Patients 6 Bangkok Chiangmai Bangkok Headquarter 1 7 Bangkok Udon BDMS Medical CoE (Phoenix) 2 Samitivej Sukhumvit 3 Samitivej Srinakarin Phyathai 2 Royal Phnom Penh 4 8 Bangkok Pattaya 9 Bangkok Rayong 10 5 Bangkok Phuket 11

BDMS Wellness Clinic A Brand New Wellness Clinic Delivering World-Class Services 8 Centers of Preventive Excellence 1 Regenerative Clinic Musculoskeletal and 2 Sports Clinic 3 Cardioscience Clinic 4 Neuroscience Clinic 5 Digestive Wellness Clinic 6 Breast Clinic  Comprehensive preventative-care center  7 Fertility Clinic Targeting high-end Thai and International customers  Currently open Regenerative Clinic and Musculokskeletal and Dental Clinic 8 Sports Clinic 12

Global Hospital Rankings Revenue (USD mm) Market Capitalization (USD mm) EBITDA Margin Net Profit Margin Remark: - Market capitalization as of 22 May 2018 - Financial performance for year ended December 2017 except Ramsay for the year ended June 2017 13

The Best Managed Healthcare Company in Asia by FinanceAsia BDMS won Best Managed Healthcare Company in Asia from FinanceAsia’s 18 th Annual Best companies in Asia Poll which gathered over 140 responses from fund managers and analysts around the world 14

1Q18 in review 15

Consolidated Financial Summary 1Q18 Results  Operating income of THB 20,029 mm increased 15% yoy mainly from  Patient revenue increased 15% yoy attributed to  Solid growth from Center of Excellence  Increasing in influenza and outbreak  Expansion of insurance patients base 1Q18 Gr. (yoy) % to Revenue Breakdown by location  Bangkok & Vicinity 13% 57%  Upcountry 18% 43% Breakdown by nationality  Thai 16% 68%  International 12% 32% Breakdown by type of patients  Outpatients 11% 45%  Inpatients 19% 55%  Revenue from sales of goods grew 20% yoy from increase in sales of A.N.B. Laboratories, Bangkok Save Drug and The Medicpharma 16

Consolidated Financial Summary 1Q18 Profitability Ratio (THB mm) 1Q18 1Q17 Gr. (yoy) EBITDA 4,933 3,790 30% EBITDA margin 24.6% 21.8% EBIT 4,013 2,869 40% EBIT margin 20.0% 16.5% Net profit 2,919 1,974 48% Net profit margin 14.6% 11.3% EPS (THB) 0.19 0.13 48% 17