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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