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Bangkok Chain Hospital PCL: Bottom-line as expected; record high profit forecast for 2Q21

  • Profit was in line with our estimate and the consensus
  • BCH reported a net profit of Bt324m for 1Q21
  • We expect BCH to report a record profit for 2Q21

We expect the stock to rally in response to the impressive 1Q21 result and in anticipation of a record 2Q21 number. BCH still trades at a compelling 2021 PER of 32.0x, the lowest among our Healthcare coverage. Our TRADING BUY call stands to a DCF-derived target price of Bt21 (7.0% WACC and 2.0% terminal growth).

Profit was in line with our estimate and the consensus

BCH reported a net profit of Bt324m for 1Q21, up by 25% YoY and 16% QoQ. The result was in line with our estimate and the consensus.


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