We lift our FY22-24F EPS forecasts by 4-26% on the back of higher Covid-19 revenue. RAM is sitting on huge capital gains on investments in THG and Synphaet. RAM invested in THG in 2021, while it invested in Synphaet a long time ago. We downgrade RAM from Add to Hold with a higher THB48 target price (31x FY23F P/E, sector’s 5-year mean).

Equity Analysis /
ThailandTH : Ramkhamhaeng Hospital - Higher Covid-19 revenue priced in
Kasem Prunratanamala
Head of Thailand Research @ CGS-CIMB
25 March 2022

25 March 2022
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