Given declining Covid-19 revenues, we expect RAM’s hospital revenue to fall 20% yoy in FY22F before rising 5% yoy in FY23F. RAM plans to open Ramkhamhaeng 2 Hospital and a new Mother and Child Centre at Vibharam Pattanakarn Hospital in 2H22F. Reiterate Hold with an unchanged THB48 target price (31x FY23F P/E, the sector’s 5-year mean).