TH : Chularat Hospital - New revenue sources to boost growth

CHG started booking management fees from public hospitals in 1Q21. We believe this new source of revenue will continue over the next few years. With management fees and Covid-19 related revenues, we expect CHG’s total revenue to rise 15% yoy in FY21F and 6% in FY22F vs. 5% in FY20. We reiterate our Add call with a higher THB3.75 target price (35.0x FY22F P/E, -0.25 s.d.). CHG remains our top pick in the sector.

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