CHG: 1Q22 Earnings to Hold up Strong Amid Surged COVID

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

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Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We keep our HOLD rating with a TP of Bt3.90, based on an unchanged 15xPE’22E. Although, 2022E earnings are expected to continue normalizing in 2H22</li>
<li>2Q22 earnings grew YoY but fell QoQ CHG’s 2Q22 earnings was at Bt878m, rose 52%YoY but declined 35%QoQ, which was 11% and 6% above our and market expectation, respectively.</li>
<li>Earnings trend to normalize in 2H22 We believe 2H22 earnings momentum will drop both YoY and HoH, given pandemic-related contribution fades off in the latter half of the year</li>
</ul>


We keep our HOLD rating with a TP of Bt3.90, based on an unchanged 15xPE’22E. Although, 2022E earnings are expected to continue normalizing in 2H22
2Q22 earnings grew YoY but fell QoQ CHG’s 2Q22 earnings was at Bt878m, rose 52%YoY but declined 35%QoQ, which was 11% and 6% above our and market expectation, respectively.
Earnings trend to normalize in 2H22 We believe 2H22 earnings momentum will drop both YoY and HoH, given pandemic-related contribution fades off in the latter half of the year


CHG : 2Q22 Earnings Grew YoY but Fell QoQ

Chularat Hospital

CHG : 2Q22 Earnings Grew YoY but Fell QoQ