BCH : 2Q22 Earnings In-Line with Estimate

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>We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth</li>
<li>A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.</li>
<li>SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota</li>
</ul>


We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown.Our neutral view is supported by intact organic growth
A beacon of light in 4Q22 and onwardsWe expect 4Q22 earnings momentum to drop YoY off last year’s high base,but rebound QoQ from a net loss of Bt403m in 3Q22.
SSO segment (35% of 2Q22 sales) will benefit from a rising number of insurers, currently at 1m insured people (15% above pre-COVID) out of the 1.52m quota


BCH : March Forward with Better Core Operations