Earnings Report /
Thailand

Chularat Hospital PCL: Deep miss! 4Q22 to be better

  • Far below our estimate and the consensus

  • CHG posted a core profit of Bt258m for 3Q22

  • Healthcare revenue was Bt2.0bn in 3Q22

Bualuang Securities
14 November 2022

CHG’s stock priced declined on Friday, largely pricing in the 3Q22 profit miss. We see the current price as a good entry point, as all the bad stuff was marked to the 3Q22 financial statements. We have upgraded our call from HOLD to BUY with an unchanged YE23 target price of Bt4.30 (6.9% WACC and 2.0% terminal growth).

Far below our estimate and the consensus

CHG posted a core profit of Bt258m for 3Q22, down by 84% YoY and 71% QoQ. The result was 47% below our estimate and 45% short of the consensus (GM was 8.4% slimmer than we had assumed).