BCH: Turning Back to Core Operation Post 1Q22 Peak

BCH : 2Q22 Earnings In-Line with Estimate

BCH: Core Operation to Drive 2022-23 Earnings

BCH: Expect 3Q21 Should Be Peak Earnings Quarter of the Year

BCH: Share Price Exaggerated COVID Restrictions Easing

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

Bangkok Chain Hospital / Equity Bottom-Up

<ul>
<li>Maintain HOLD rating with a TP of B21.00, based on 14.36xPE’22E, which is close to -2SD of 3-years trading average. Despite expected 43% drop in 22E earnings,rising Omicron cases coupled </li>
<li>Its 4Q21 earnings was at Bt2.5bn (+791% YoY,-14%QoQ), suppressed QoQ upon weak  revenue growth, caused by lower Covid-related revenue.</li>
<li>BCH’s 2021 earnings was at Bt6.8bn, grew 454%YoY, attributed to solid revenue growth (+139%YoY) and margin expansion (+17ppts), upon higher Covid-contribution.</li>
</ul>


Maintain HOLD rating with a TP of B21.00, based on 14.36xPE’22E, which is close to -2SD of 3-years trading average. Despite expected 43% drop in 22E earnings,rising Omicron cases coupled 
Its 4Q21 earnings was at Bt2.5bn (+791% YoY,-14%QoQ), suppressed QoQ upon weak  revenue growth, caused by lower Covid-related revenue.
BCH’s 2021 earnings was at Bt6.8bn, grew 454%YoY, attributed to solid revenue growth (+139%YoY) and margin expansion (+17ppts), upon higher Covid-contribution.


BCH: Good Value but Limited Room for Growth