RJH : 2Q22 Earnings Grew YoY but Fall QoQ

RJH : Expect 3Q22 Earnings Trend to Drop QoQ

RJH: Resilient Performance Amidst Covid Situation

RJH: Building Back Better 22-23E Through Resilient Core Operation

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>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.


Rajthanee Hospital

RJH: 4Q21 Earnings Grew YoY but Drop QoQ