BH : Company Update - Focus on Market Diversification Strategies We maintain Buy for BH as we view that market expansion outside the Middle East group (Bangladesh, Indonesia), which has high growth trends, will help offset Kuwait revenue. Combined with the potential to treat complex diseases with advanced innovation, this creates a niche market with low price sensitivity and higher profit margins than the sector. BH's share price has declined -34%ytd and is trading at Forward PE below -2.0SD, which we view as having already reflected the net profit downgrade and Middle East issues.