TH : Praram 9 Hospital - Sacrificing margin to boost inpatient revenue

PR9’s 1Q21 core profit of THB39m (+3% yoy, -53% qoq) was 18% above our forecast but 17% below consensus; revenues were stronger than expected. Even though its inpatient revenues rose 9% yoy in 1Q21, its gross margin dropped, which reflected more aggressive pricing strategy, in our view. We reiterate Reduce call with an unchanged THB9.60 target price (29x FY22F P/E, -1 s.d.).

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