Equity Analysis /

TH : Bangkok Chain Hospital - Attractive valuation

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    16 August 2022
    Published byCGS-CIMB

    BCH posted THB1,144m core net profit in 2Q22, flat yoy but -44% qoq. This was 15% above our forecast but 7% below Bloomberg consensus. Covid-19 revenues formed 56% of 2Q22 income. We raise our FY22F core net profit forecast by 19% but cut FY23-24F by 11-13%. We reiterate Add with an unchanged THB24.50 target price (23.5x FY23F P/E, its 5-year historical mean).