Financials Bangkok Chain Hospital

Equities

BCH

TH0808010Y07

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 06:00:00 2024-07-11 pm EDT			5-day change	1st Jan Change
17.6 ^THB	+1.15%		+2.33%	-21.43%

May. 16	Bangkok Chain Hospital Public Company Limited Appoints Thitiporn Wongchaisuriya as New Member of Sustainability, Governance and Risk Management Committee	CI
May. 16	Bangkok Chain Hospital Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,643	33,915	50,124	51,122	55,860	43,890	-	-
Enterprise Value (EV) ¹	47,232	40,202	51,825	52,393	57,007	42,749	41,693	41,424
P/E ratio	37.2 x	27.8 x	7.31 x	16.8 x	40 x	25.2 x	21.8 x	19.3 x
Yield	1.35%	1.69%	5.97%	3.9%	1.56%	2.16%	2.47%	2.79%
Capitalization / Revenue	4.74 x	3.78 x	2.33 x	2.72 x	4.72 x	3.41 x	3.13 x	2.9 x
EV / Revenue	5.25 x	4.48 x	2.41 x	2.78 x	4.82 x	3.32 x	2.98 x	2.74 x
EV / EBITDA	19.9 x	15.4 x	5 x	10.4 x	19.6 x	12.9 x	11.3 x	10.3 x
EV / FCF	293 x	-49.8 x	9.4 x	12.3 x	17.8 x	27.8 x	20.3 x	18.9 x
FCF Yield	0.34%	-2.01%	10.6%	8.15%	5.61%	3.6%	4.92%	5.29%
Price to Book	6.82 x	4.44 x	3.86 x	4.11 x	4.44 x	3.24 x	3.02 x	2.84 x
Nbr of stocks (in thousands)	2,493,748	2,493,748	2,493,748	2,493,748	2,493,748	2,493,748	-	-
Reference price ²	17.10	13.60	20.10	20.50	22.40	17.60	17.60	17.60
Announcement Date	2/25/20	2/25/21	2/28/22	3/1/23	3/1/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	8,996	8,980	21,529	18,827	11,830	12,870	14,014	15,127
EBITDA ¹	2,377	2,609	10,373	5,059	2,903	3,306	3,685	4,030
EBIT ¹	1,712	1,827	9,499	4,109	1,959	2,229	2,609	2,908
Operating Margin	19.03%	20.34%	44.12%	21.83%	16.56%	17.32%	18.62%	19.22%
Earnings before Tax (EBT) ¹	1,584	1,705	9,354	4,046	1,883	2,306	2,607	2,969
Net income ¹	1,135	1,229	6,846	3,039	1,406	1,737	2,007	2,288
Net margin	12.62%	13.69%	31.8%	16.14%	11.89%	13.49%	14.32%	15.13%
EPS ²	0.4600	0.4900	2.750	1.220	0.5600	0.6993	0.8082	0.9110
Free Cash Flow ¹	161	-807.7	5,513	4,268	3,196	1,539	2,050	2,190
FCF margin	1.79%	-8.99%	25.61%	22.67%	27.02%	11.96%	14.63%	14.48%
FCF Conversion (EBITDA)	6.77%	-	53.15%	84.37%	110.08%	46.55%	55.63%	54.33%
FCF Conversion (Net income)	14.19%	-	80.53%	140.46%	227.25%	88.62%	102.12%	95.68%
Dividend per Share ²	0.2300	0.2300	1.200	0.8000	0.3500	0.3808	0.4352	0.4910
Announcement Date	2/25/20	2/25/21	2/28/22	3/1/23	3/1/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Net sales	-	4,298	-	6,838	7,119	5,541	12,660	3,454	2,788	2,696	2,872	-	3,196	3,066	2,865	-
EBITDA	-	1,185	-	3,724	2,971	1,766	4,738	-245.2	640.9	600.3	622	1,222	864.6	816.5	686.3	-
EBIT	-	818	-	3,492	2,738	1,513	4,219	-485.5	401	362.4	388.2	-	628	580.9	446	-
Operating Margin	-	19.03%	-	51.06%	38.46%	27.3%	33.33%	-14.06%	14.38%	13.44%	13.51%	-	19.65%	18.94%	15.56%	-
Earnings before Tax (EBT)	-	759.2	-	3,446	2,690	1,495	4,186	-518.4	378.5	336.1	371.1	-	602.5	573.8	436.9	-
Net income ¹	-	537.7	1,469	2,480	2,028	1,144	3,172	-403.1	269.7	253.9	284.3	538.2	440.7	427.5	318.9	450
Net margin	-	12.51%	-	36.27%	28.49%	20.64%	25.06%	-11.67%	9.67%	9.42%	9.9%	-	13.79%	13.94%	11.13%	-
EPS	-	0.2200	-	1.000	0.8100	0.4600	1.270	-0.1600	0.1100	0.1000	0.1100	-	0.1800	0.1700	0.1300	-
Dividend per Share	0.1300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/25/20	8/13/20	8/16/21	2/28/22	5/13/22	8/15/22	8/15/22	11/9/22	3/1/23	5/11/23	8/15/23	8/15/23	11/9/23	3/1/24	5/17/24	-

¹THB in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,589	6,287	1,700	1,272	1,147	-	-	-
Net Cash position ¹	-	-	-	-	-	1,141	2,197	2,466
Leverage (Debt/EBITDA)	1.931 x	2.41 x	0.1639 x	0.2514 x	0.3952 x	-	-	-
Free Cash Flow ¹	161	-808	5,513	4,268	3,196	1,539	2,050	2,190
ROE (net income / shareholders' equity)	19%	18.7%	68.9%	23.9%	10.3%	13.2%	14.1%	15.2%
ROA (Net income/ Total Assets)	8.49%	8.02%	31.9%	13.2%	7.5%	9.78%	11.2%	12.3%
Assets ¹	13,372	15,321	21,456	23,090	18,764	17,751	17,874	18,545
Book Value Per Share ²	2.510	3.060	5.200	4.990	5.050	5.440	5.830	6.200
Cash Flow per Share ²	0.7600	0.7500	2.510	2.290	1.680	1.110	1.260	1.370
Capex ¹	1,741	2,671	743	1,446	987	1,105	1,000	1,172
Capex / Sales	19.36%	29.74%	3.45%	7.68%	8.34%	8.59%	7.14%	7.75%
Announcement Date	2/25/20	2/25/21	2/28/22	3/1/23	3/1/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bangkok Chain Hospital

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

17.6 THB

Average target price

23.19 THB

Spread / Average Target

+31.78%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
BANGKOK CHAIN HOSPITAL	-21.43%	1.21B
AIER EYE HOSPITAL GROUP CO., LTD.	-31.86%	13.83B
IHH HEALTHCARE	+4.98%	11.94B
BANGKOK DUSIT MEDICAL SERVICES	-6.31%	11.44B
APOLLO HOSPITALS ENTERPRISE LIMITED	+11.39%	10.94B
ENCOMPASS HEALTH CORPORATION	+29.71%	8.71B
THE ENSIGN GROUP, INC.	+19.71%	7.58B
RAMSAY HEALTH CARE LIMITED	-9.73%	7.38B
MOUWASAT MEDICAL SERVICES COMPANY	+7.33%	6.4B
FORTIS HEALTHCARE LIMITED	+14.60%	4.34B

Hospitals, Clinics & Primary Care Services