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

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. <ul>
<li>4Q17 net profit was Bt103m (+15%YoY) in line with our forecast.</li>
<li>Reported FY2017 net profit at 354m (+15%YoY).</li>
<li>Better product mix drove sales growth.</li>
</ul>We rate NTV as a BUY with 16% upside to our target price of Bt64.0*<a href="https://www.smartkarma.com/insights/ntv-health-provider-leads-care-in-northern-metro-bangkok" target="_blank">NTV: Health Provider Leads Care in Northern Metro Bangkok</a>*We make no changes to forecast, recommendation, and target price at the time of result…

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. 
4Q17 net profit was Bt103m (+15%YoY) in line with our forecast.
Reported FY2017 net profit at 354m (+15%YoY).
Better product mix drove sales growth.
We rate NTV as a BUY with 16% upside to our target price of Bt64.0*NTV: Health Provider Leads Care in Northern Metro Bangkok*We make no changes to forecast, recommendation, and target price at the time of result…

NTV: 4% Sales Growth Causes Increase Bottom Line Growth

We initiate coverage on NTV with a BUY rating, based on a target price of Bt64 and derived from 25.6xPE’18E, which represents its five-year average trading range and a discount of 30% on the Thai Health Care sector. The story:<ul><li>Commands great position amid aging society megatrend</li><li>Area population and rail expansion to boost long-term sales</li><li>Big gains to come from medical hub policy and spending</li><li>Potential growth derived from specialized medical centers</li></ul>Risks:<ul><li>Sufficient expertise and supply of medical personnel</li><li>Industry particular sensitive to legal issues</li></ul>Background: Nonthavej Hospital Public Company Limited, the first private hospital in Nonthaburi province, was established on 3 September 1981. It is a tertiary referral hospital* with accreditation by the Joint Commission International Accreditation (USA) (JCI), Hospital Accreditation (HA), Good Laboratory Practice (ISO15189), GMP/HACCP and Energy Management Standard (ISO 50001). The hospital has 208 beds for its inpatient departments (IPD) and 90 examination rooms in its outpatients department (OPD), which can serve up to 2,000 patients a day. Its has 20 specialty centers and six OPD clinics for medical care at which services have been extended to 24 hours a day.

We initiate coverage on NTV with a BUY rating, based on a target price of Bt64 and derived from 25.6xPE’18E, which represents its five-year average trading range and a discount of 30% on the Thai Health Care sector. The story:Commands great position amid aging society megatrendArea population and rail expansion to boost long-term salesBig gains to come from medical hub policy and spendingPotential growth derived from specialized medical centersRisks:Sufficient expertise and supply of medical personnelIndustry particular sensitive to legal issuesBackground: Nonthavej Hospital Public Company Limited, the first private hospital in Nonthaburi province, was established on 3 September 1981. It is a tertiary referral hospital* with accreditation by the Joint Commission International Accreditation (USA) (JCI), Hospital Accreditation (HA), Good Laboratory Practice (ISO15189), GMP/HACCP and Energy Management Standard (ISO 50001). The hospital has 208 beds for its inpatient departments (IPD) and 90 examination rooms in its outpatients department (OPD), which can serve up to 2,000 patients a day. Its has 20 specialty centers and six OPD clinics for medical care at which services have been extended to 24 hours a day.

NTV: Health Provider Leads Care in Northern Metro Bangkok

Thailand

Vibhavadi Medical Center Public Company Limited owns and operates the Vibhavadi Hospital. Located in Bangkok, the Hospital provides full range of medical services.

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Vibhavadi Medical Center (VIBHA TB)

NTV: 4% Sales Growth Causes Increase Bottom Line Growth

NTV had 4Q17 recurring EPS of Bt0.64 (+15%YoY, -2%QoQ). The FY2017 recurring EPS was Bt2.21 (+12%YoY) and was in line of our forecast. 4Q17 net...

Pi Securities PCL, Thailand

NTV: Health Provider Leads Care in Northern Metro Bangkok

We initiate coverage on NTV with a BUY rating, based on a target price of Bt64 and derived from 25.6xPE’18E, which represents its five-year average...

Pi Securities PCL, Thailand

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