TH : Chularat Hospital - Likely to benefit from more referral cases

We believe that CHG will benefit not only from performing Covid-19 tests but also from more heart disease patients referred from public hospitals. We raise our core profit forecasts by 6-7% yoy for FY21-23F on the back of more referral cases and revenues from Covid-19 tests. We reiterate our Add call on CHG with a higher THB3.42 target price (35.5x FY22F P/E, -0.25 s.d.). CHG remains our top pick in the sector.