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>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

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

<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

<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. Despite,the fading COVID contribution to pressure margins going forward</li>
<li>Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line</li>
<li>Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).</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. Despite,the fading COVID contribution to pressure margins going forward
Unsold Moderna vaccines swung 3Q22to a net loss BCH posted a 3Q22 net loss of Bt403m,compared with a profit of Bt1.1bn in 2Q22 and Bt2.9bn in 3Q21.The result was in-line
Excluding the provision loss from devalued inventories and advance payment related to Moderna vaccines, BCH’s core profit would be Bt499m (-83%YoY, -56%QoQ).


Thailand

Bangkok Chain Hospital Public Company Limited operates a network of private hospitals and polyclinics across Thailand and in the Lao People's Democratic Republic, providing primary to tertiary medical services. These services encompass diagnosis, treatment, prevention, and rehabilitation for various conditions, including heart disease, eye ailments, and cancer. The company was founded in 1984 and is headquartered in Nonthaburi, Thailand.

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Bangkok Chain Hospital (BCH TB)

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

BCH : March Forward with Better Core Operations

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...

Pi Securities PCL, Thailand

BCH : A Quarter to Forget

We retain our HOLD rating with a new target price of Bt20.00, derived from 25xPE’22E, its bottom level before the pandemic lockdown. Despite, the...

Pi Securities PCL, Thailand

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