Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Vibhavadi Medical Center / Equity Bottom-Up

We initiate coverage of VIBHA with a BUY rating, based on a target price of Bt3.0 derived from 38xPE’19E, which is equal to the stock’s five-year average trading range and at a 10% premium to the Thai Healthcare sector. 
The story:
<ul class="">
<li>The strategy based on inorganic growth</li>
<li>Harvest period and reinvestment support a bright outlook</li>
<li>Supportive environment from an aging society</li>
<li>Currently the cheapest hospital chain in Thailand</li>
</ul>
Risks:
<ul>
<li>Supply of medical staff and access to professional expertise</li>
<li>Healthcare industry’s sensitivity to legal issues</li>
</ul>
Background: 
Established in 1986, Vibhavadi Hospital Public Company Limited (VIBHA), operates and holds stakes in hospitals in Central and Northern Thailand. Currently, the group’s hospitals have a total of 2,172 beds via an 83.58% holding in Chiang Mai Ram Hospital (CMR), a 40.75% stake in Vibharam Hospital and a 28.57% stake in Bangpo Hospital, as well as the original Vibhavadi Hospital.

We initiate coverage of VIBHA with a BUY rating, based on a target price of Bt3.0 derived from 38xPE’19E, which is equal to the stock’s five-year average trading range and at a 10% premium to the Thai Healthcare sector. 
The story:

The strategy based on inorganic growth
Harvest period and reinvestment support a bright outlook
Supportive environment from an aging society
Currently the cheapest hospital chain in Thailand

Risks:

Supply of medical staff and access to professional expertise
Healthcare industry’s sensitivity to legal issues

Background: 
Established in 1986, Vibhavadi Hospital Public Company Limited (VIBHA), operates and holds stakes in hospitals in Central and Northern Thailand. Currently, the group’s hospitals have a total of 2,172 beds via an 83.58% holding in Chiang Mai Ram Hospital (CMR), a 40.75% stake in Vibharam Hospital and a 28.57% stake in Bangpo Hospital, as well as the original Vibhavadi Hospital.

VIBHA: Large Hospital Chain at the Cheapest Price

Thailand

Rajthanee Hospital Public Company Limited provides general medical and surgical hospital services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rajthanee Hospital (RJH TB)

VIBHA: Large Hospital Chain at the Cheapest Price

We initiate coverage of VIBHA with a BUY rating, based on a target price of Bt3.0 derived from 38xPE’19E, which is equal to the stock’s five-year...

Pi Securities PCL, Thailand

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)