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.

Thematic (Sector/Industry)

<ul><li>The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.</li><li>Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.</li><li>Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. </li></ul>

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY but down 5% QoQ.Excluding the energy, petrochemical, and banking sectors, earnings for the remaining stocks grew 23% YoY but declined 12% QoQ.Among the 185 stocks with Bloomberg consensus estimates, earnings came in at Bt179,438mn, rising 24% YoY and 3% QoQ, but falling short of the Bloomberg consensus estimates by approximately 8%. 

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

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

<ul>
<li>We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level</li>
<li>Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21</li>
<li>Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO </li>
</ul>


We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre-pandemic level
Unexciting 3Q22 earnings performance RJH’s 3Q22 net profit came in at Bt101m,down 79%YoY and 76%QoQ.The YoY and QoQ growth drops reflect a weakened margin from an all-time high in 3Q21
Meanwhile, the company delivered a 3Q22 revenue at Bt591mn, fell 48%YoY and 44%QoQ.Although, cash patients carry on to grow at 31%YoY and 23%QoQ,thanks to pent-up demand. Along with solid SSO 


<ul>
<li>We maintain our HOLD rating but raise our TP by 12% to Bt37.50(22.4xPE’23E,its pre-COVID level)to factor in earnings upgrade.Despite weakening earnings trend in 2H22 due to fading COVID related revenue</li>
<li>Neutral tone from the analyst meeting The management expect non-Covid contribution (43% of 2Q22)to continue growing in 2H22 and cushion the fading COVID contribution off pent-up demand from cash patients</li>
<li>RJH plans to open a new cancer hospital in Ayutthaya,around 2Q23 with an estimated total investment costs of Bt210m(70% of FY2021 CAPEX).The hospital is expected to generate revenue of Bt4.0m/month</li>
</ul>


We maintain our HOLD rating but raise our TP by 12% to Bt37.50(22.4xPE’23E,its pre-COVID level)to factor in earnings upgrade.Despite weakening earnings trend in 2H22 due to fading COVID related revenue
Neutral tone from the analyst meeting The management expect non-Covid contribution (43% of 2Q22)to continue growing in 2H22 and cushion the fading COVID contribution off pent-up demand from cash patients
RJH plans to open a new cancer hospital in Ayutthaya,around 2Q23 with an estimated total investment costs of Bt210m(70% of FY2021 CAPEX).The hospital is expected to generate revenue of Bt4.0m/month


RJH : Expect 3Q22 Earnings Trend to Drop QoQ

<ul>
<li>We keep our HOLD rating,but will review the TP after the analyst meeting on 19 August. Although, 2H22 earnings is anticipated to slow down in scope of fading pandemic-related services</li>
<li>2Q22 earnings delivered a strong YoY growth RJH’s 2Q22 earnings was at Bt422m, jumped 206%YoY but declined 11%QoQ. The solid YoY growth was driven by gross margin expansion of 53.8%</li>
<li>2H22 earnings to normalize YoY and HoH Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades </li>
</ul>


We keep our HOLD rating,but will review the TP after the analyst meeting on 19 August. Although, 2H22 earnings is anticipated to slow down in scope of fading pandemic-related services
2Q22 earnings delivered a strong YoY growth RJH’s 2Q22 earnings was at Bt422m, jumped 206%YoY but declined 11%QoQ. The solid YoY growth was driven by gross margin expansion of 53.8%
2H22 earnings to normalize YoY and HoH Looking ahead, we believe that 2H22 earnings momentum is poised to drop both YoY and HoH, following pandemic-related contribution fades 


RJH : 2Q22 Earnings Grew YoY but Fall QoQ

<ul>
<li>Maintain HOLD rating with a TP of Bt33.50, based on 19.14xPE’22E,which is pegged to -1SD of 3-years trading mean.Despite drastic drop in 22E profit, its strategic location, combined with undemanding </li>
<li>Its 4Q21 net profit was at Bt283m (+96%YoY, -42%QoQ), given weak QoQ revenue growth, and margin contraction due to lowered Covid-19 related contribution.</li>
<li>RJH’s 2021 earnings was at Bt1.01bn, implying +145% YoY, mainly attributed to higher contribution from Covid-related services.</li>
</ul>


Maintain HOLD rating with a TP of Bt33.50, based on 19.14xPE’22E,which is pegged to -1SD of 3-years trading mean.Despite drastic drop in 22E profit, its strategic location, combined with undemanding 
Its 4Q21 net profit was at Bt283m (+96%YoY, -42%QoQ), given weak QoQ revenue growth, and margin contraction due to lowered Covid-19 related contribution.
RJH’s 2021 earnings was at Bt1.01bn, implying +145% YoY, mainly attributed to higher contribution from Covid-related services.


Thailand

Rajthanee Hospital Public Company Limited provides general medical and surgical hospital services.

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Rajthanee Hospital (RJH TB)

Special Report: 4Q24 Consensus Earnings Summary - March 4, 2025

The combined 4Q24 earnings of 597 stocks in the SET Index (accounting for 98% of total market capitalization) amounted to Bt190,163mn, up 12% YoY...

Krungthai XSpring

RJH : Weak Margin Pressured 3Q22 Result

We maintain our HOLD rating with a new target price of Bt35.30, (down 6% from previous TP) based on 22.4x’PE23E, which is in the range of its pre...

Pi Securities PCL, Thailand

RJH : Expect 3Q22 Earnings Trend to Drop QoQ

We maintain our HOLD rating but raise our TP by 12% to Bt37.50 (22.4xPE’23E, its pre-COVID level) to factor in earnings upgrade. Despite weakening...

Pi Securities PCL, Thailand

RJH : 2Q22 Earnings Grew YoY but Fall QoQ

We keep our HOLD rating, but will review the TP after the analyst meeting on 19 August. Although, 2H22 earnings is anticipated to slow down in...

Pi Securities PCL, Thailand

RJH: 4Q21 Earnings Grew YoY but Drop QoQ

Maintain HOLD rating with a TP of Bt33.50, based on 19.14xPE’22E, which is pegged to -1SD of 3-years trading mean. Despite drastic drop in 22E...

Pi Securities PCL, Thailand

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