Tisco raises BCH target price to 12.80 baht after profit growth and special dividend

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Tisco Securities has raised its fair value for shares of Bangkok Chain Hospital Public Company Limited, or BCH, to 12.80 baht from 10.90 baht, maintaining its "Buy" recommendation and shifting its valuation base to the end of 2570. The research team raised its net profit forecasts for 2569-2571 by 4.6%, 4.7% and 5.3% respectively, to reflect actual results in the first half of 2569, a better outlook for the second half of 2569, and the inclusion of the acquisition of Rajavej Ubon Ratchathani Hospital in its estimates. It expects total revenue in 2569 to be flat compared with the previous year, while the margin will fall from 23.9% in 2568 to 22.7% in 2569 due to the loss of Cambodian patients and a decline in inpatient numbers. BCH also announced a special dividend of 0.20 baht per share, bringing total interim dividends to 0.35 baht per share, or a payout ratio of 142% for its first-half 2569 results. The research team therefore raised its full-year dividend per share forecast from 0.40 baht to 0.65 baht, and expects the special dividend to lift BCH's ROE to 9.4% in 2569F from a previous estimate of 8.8%, before recovering steadily to 9.8-9.9% in 2570-2571F. Key positive factors include the possibility that the SSO reimbursement rate will be raised as early as November 2569, as well as a recovery in the Cambodian and Kuwaiti markets.

Impact on stocks 1

Health Care▲ · 1 stocks

Off-coverage companies 1

Ratchavej Ubon Ratchathani Co., Ltd.Private± Mixed
Capitalrelevance

Rajavej Ubon Ratchathani Hospital's acquisition is included in BCH's revised estimates, but no standalone impact on the target is given.

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