Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Bangkok Chain Hospital / Equity Bottom-Up

<ul><li>BCH maintains a positive outlook on revenue growth at +8-10% YoY, in line with our estimate of +7% YoY.</li><li>The company is confident that the Social Security Office (SSO) will have a sufficient budget throughout the year, avoiding the revenue reversals seen in 2024, while foreign patient volumes are improving despite the absence of Kuwaiti government-funded patients.</li><li>The core performance in 2Q25E is expected to grow strongly YoY and QoQ, with continued momentum into 2H25E.</li></ul>

BCH maintains a positive outlook on revenue growth at +8-10% YoY, in line with our estimate of +7% YoY.The company is confident that the Social Security Office (SSO) will have a sufficient budget throughout the year, avoiding the revenue reversals seen in 2024, while foreign patient volumes are improving despite the absence of Kuwaiti government-funded patients.The core performance in 2Q25E is expected to grow strongly YoY and QoQ, with continued momentum into 2H25E.

Bangkok Chain Hospital - Eased Concerns Regarding SSO Positive for Earnings in Remainder of the Year

<ul><li>Core profit in 1Q25 grew strongly QoQ as expected, and the 2Q25E earnings are projected to expand YoY, supported by the SSO’s payment for treatments with AdjRW ≥2 at a rate of Bt12,000 during 1H25E (the company recognized such income in 2Q24 and 4Q24).</li><li>Moreover, the SSO’s budget adjustment to maintain this payment rate should support a stronger long-term performance, with BCH’s growth projected to outperform the industry at +9%.</li><li>We maintain a Neutral rating with a fair value of Bt15.70, based on a required return of 3.8%.</li></ul>

Core profit in 1Q25 grew strongly QoQ as expected, and the 2Q25E earnings are projected to expand YoY, supported by the SSO’s payment for treatments with AdjRW ≥2 at a rate of Bt12,000 during 1H25E (the company recognized such income in 2Q24 and 4Q24).Moreover, the SSO’s budget adjustment to maintain this payment rate should support a stronger long-term performance, with BCH’s growth projected to outperform the industry at +9%.We maintain a Neutral rating with a fair value of Bt15.70, based on a required return of 3.8%.

Bangkok Chain Hospital - 1Q25 Core Profit Improved QoQ as Expected

<ul><li>1Q25E core profit is forecast to have increased QoQ, as previously projected.</li><li>The growth is also expected to continue in 2Q25E YoY and QoQ, supported by the confirmation of reimbursement for high-cost treatments at Bt12,000/RW and the absence of Ramadan holidays.</li><li>We maintain a Neutral rating and a fair value of Bt15.70, based on a required return of 3.8%.</li></ul>

1Q25E core profit is forecast to have increased QoQ, as previously projected.The growth is also expected to continue in 2Q25E YoY and QoQ, supported by the confirmation of reimbursement for high-cost treatments at Bt12,000/RW and the absence of Ramadan holidays.We maintain a Neutral rating and a fair value of Bt15.70, based on a required return of 3.8%.

Bangkok Chain Hospital - Expect Good 1Q25E Earnings QoQ, with Growth Continuing into 2Q25E

<ul><li>We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required return of 3.8%.</li><li>KTX’s valuation view is positive on strong long-term growth potential, with 2025-27E core EPS CAGR expected at +9%, outpacing the industry average of +5%.</li><li>However, the fundamental outlook is seen as neutral, with the fair value offering 8% upside and the tactical view also neutral.</li></ul>

We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required return of 3.8%.KTX’s valuation view is positive on strong long-term growth potential, with 2025-27E core EPS CAGR expected at +9%, outpacing the industry average of +5%.However, the fundamental outlook is seen as neutral, with the fair value offering 8% upside and the tactical view also neutral.

Bangkok Chain Hospital - Expect Strong Earnings Growth in 2025E with a Higher ERP

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). </li>
<li>In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.</li>
<li>There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed in the Stock Exchange of Thailand (SET). 
In this insight, we take a look at the potential ADDs/DELs for SET during the index rebal event in June 2024.
There could be three ADDs and three DELs as things stand. There are a couple of names lurking close to the border too.


Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Thailand

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

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Bangkok Chain Hospital (BCH TB)

Bangkok Chain Hospital - Eased Concerns Regarding SSO Positive for Earnings in Remainder of the Year

The company is confident that the Social Security Office (SSO) will have a sufficient budget throughout the year, avoiding the revenue reversals...

Krungthai XSpring

Bangkok Chain Hospital - 1Q25 Core Profit Improved QoQ as Expected

Moreover, the SSO’s budget adjustment to maintain this payment rate should support a stronger long-term performance, with BCH’s growth projected to...

Krungthai XSpring

Bangkok Chain Hospital - Expect Good 1Q25E Earnings QoQ, with Growth Continuing into 2Q25E

The growth is also expected to continue in 2Q25E YoY and QoQ, supported by the confirmation of reimbursement for high-cost treatments at Bt12,000...

Krungthai XSpring

Bangkok Chain Hospital - Expect Strong Earnings Growth in 2025E with a Higher ERP

We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required...

Krungthai XSpring

Quiddity Leaderboard SET50 Jun 24: Multiple Changes Possible

Ngern Tid Lor, I-TAIL, and Bangkok Chain Hospital could be added and Com7, Srisawad Corp , and KCE Electronics could be deleted according to the...

Janaghan Jeyakumar, CFA

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