Equity Analysis /

TH : Bumrungrad Hospital - Driven by strong foreign patient revenues

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    28 April 2022
    Published byCGS-CIMB

    BH reported THB725m core net profit in 1Q22, 37% above our forecast and 12% above Bloomberg consensus, on strong revenues and low SGA. We revise up our core net profit forecasts by 35-40% for FY22-24F. We reiterate our Hold rating with a higher THB179 target price (30x FY23F EV/EBITDA, 1 s.d. below its 5-year historical mean).