Bumrungrad Hospital Pcl
CFA Institute Research Challenge Hosted by CFA Society of Thailand Chulalongkorn University CFA Institute Research Challenge 9 Dec 2013 Team 01 Student Research [Health Care Services Sector] This report is published for educational purposes only by students competing in the CFAInstitute Research Challenge. BUMRUNGRAD HOSPITAL PCL Date: December 9, 2014 Ticker: SET:BH Recommendation: BUY Exchange rate USD/THB: 32.14 Price: THB 90.0 (USD 2.8) Price Target: THB 105.7 (USD 3.3) Forecast Summary 2010A 2011A 2012A 2013E 2014E 2015E 2016E 2017E 2018E Total revenue (THBmm) 10,020.9 11,388.9 14,135.0 15,040.2 17,678.9 20,562.6 23,937.0 27,691.5 31,222.7 EBIT (THBmm) 1,834.0 2,283.6 3,598.0 3,593.6 4,203.2 4,877.8 5,485.0 5,236.4 6,204.8 EBITDA (THBmm) 1,834.0 2,283.6 3,598.0 4,408.1 5,168.5 5,971.7 6,791.7 6,713.5 7,832.3 Net Income 1,258.5 1,588.0 2,666.7 2,686.0 3,173.7 3,713.4 4,199.1 4,049.8 4,824.6 Earnings per Share (THB) 1.73 2.18 3.66 3.10 3.66 4.28 4.84 4.67 5.56 Dividend per Share (THB) 0.85 0.90 1.10 1.55 1.83 2.14 2.42 2.33 2.78 Return on Assets (%) 14.2% 14.0% 18.2% 16.2% 17.3% 18.1% 18.9% 16.7% 18.2% Return on Equity (%) 21.8% 24.8% 35.3% 29.7% 30.2% 30.3% 29.5% 24.9% 26.1% Source: Company data, team estimates Highlight Market profile 52-week price range (THB) 70.5 – 95.0 Upside potential; Valuation indicates buying opportunity: We are optimistic about future earnings 30-day average daily performance of BH as it continues to benefit from an increase in demand and growth in medical price.
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