Equity Analysis /

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

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    20 April 2021
    Published by

    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.