BH posted THB1,166m core net profit in 2Q22, +439% yoy and +61% qoq, a record quarterly high for the company. We expect foreign patient flows to remain strong in FY22-24F. As such, we raise our core EPS forecasts by 14-29% for FY22-24F. We reiterate our Add call with a higher THB239 target price (29x FY23F EV/EBITDA, -0.5 s.d. from its 5-year mean).