TH : Bangkok Chain Hospital - Covid-19 revenues likely to peak in 2Q21F

We expect BCH to conduct 500k Covid-19 tests in 2Q21F vs. 129k in 1Q21. We expect Covid-19 related revenues to form half of its 2Q21F revenues. With stronger-than-expected Covid-19 related revenues, we revise up our earnings forecasts by 9-13% for FY21-23F. We reiterate our Hold rating with a higher THB19.70 target price (33.3x FY22F P/E, -0.25 s.d.).

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