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Rajthanee Hospital (RJH TB): Q4 Revenue Growth to Decelerate Sequentially as Covid Tailwind Fades
321 Views18 Nov 2021 15:24
SUMMARY
- Rajthanee Hospital (RJH TB) reported triple-digit revenue and net profit growth in Q3, with gross margin reaching all-time high to 57.4%, due to Covid-19-related tailwind.
- With the steadily declining new Covid-19 cases in Thailand, Rajthanee’s Q4 revenue is expected to decline sequentially. However, non-Covid business should continue to recover with the resumption of elective procedures.
- Despite the shares trading at a reasonable P/E of 17x, I see limited upside due to its small and geographically concentrated operations, with substantial revenue exposure to social security schemes.
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- Rajthanee Hospital (RJH TB): Q4 Revenue Growth to Decelerate Sequentially as Covid Tailwind Fades18 Nov 2021
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