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CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Equity Bottom-Up

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>Strong net profit momentum, improving asset turnover, and slow asset growth relative to its sector</li><li>Social security patients (SC) is an important growth driver, 3Q16 SC revenue up by 27% YoY; BCH has room to add another 350k SC patients</li><li>Overseas partnerships including a contract with the Omani government as well as Qatar to boost the quotas of international patients at its World Medical Center (WMC), revenue up by 48% YoY in 3Q16</li><li>More attractive at 17CE* 1.9 PEG ratio versus Thai Health Care at a PEG ratio of 3.3</li><li>Risks: Possible further delay in breakeven of its World Medical Center</li></ul><p><em>* Consensus Estimates</em></p>

Strong net profit momentum, improving asset turnover, and slow asset growth relative to its sectorSocial security patients (SC) is an important growth driver, 3Q16 SC revenue up by 27% YoY; BCH has room to add another 350k SC patientsOverseas partnerships including a contract with the Omani government as well as Qatar to boost the quotas of international patients at its World Medical Center (WMC), revenue up by 48% YoY in 3Q16More attractive at 17CE* 1.9 PEG ratio versus Thai Health Care at a PEG ratio of 3.3Risks: Possible further delay in breakeven of its World Medical Center* Consensus Estimates

BCH: Growing Nationwide Upscale and Social Security Health Care