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 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

Rajthanee Hospital

RJH : Expect 3Q22 Earnings Trend to Drop QoQ