CHG reported THB252m core net profit for 1Q21, +35% yoy but -1% qoq, 18% above our forecast and 13% above consensus. NHSO revenue jumped 63% yoy and outpatient revenues rose 15% yoy in 1Q21. We reiterate Add with an unchanged THB3.42 target price (35.5x FY22F P/E, -0.25 s.d.). CHG remains our top pick in the sector.
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