วันจันทร์ที่ 25 พฤษภาคม พ.ศ. 2552

Phillip Internet Stock Trading Recommends Buy KH

Bangkok Chain Hospital – KH - BUY

Target price : Bt9.70
Recommendation : BUY
Closing Price (15 May 09) : Bt7.45

1Q09 profit up 23.32% YoY and 20.70% QoQ in line with forecast
- KH reported a net profit of Bt175.14m in 1Q09, up 23.32% YoY and 20.70% QoQ.

internet stock trading services
- We expect KH's 2009 net profit to be 7.56% higher than a year earlier at Bt650.70m.
- We maintain a 'BUY' recommendation on KH with a price target of Bt9.70/share.

1Q09 net profit of Bt175.14m, up 23.32% YoY and 20.70% QoQ
KH posted revenue growth of 12.80% YoY and 5.40% QoQ in 1Q09. In this quarter, revenue from cash patients rose 5.4% on the back of an increase in annual subsidy for social security scheme to Bt1,674/head/year to Bt1,996/head/year. Revenue from universal healthcare coverage scheme also jumped 11.50%. Strong revenue growth pushed unit costs lower. Gross margin therefore widened to 35.48% in 1Q09 from 33.23% and 31.75% in 1Q08 and 4Q08 respectively. The SG&A expenses to sales ratio however climbed to 10.68% from 10.42% and 9.83% in 1Q08 and 4Q08 respectively, but operating profit remained healthy at Bt279.68m. Interest expenses were Bt7.41m and tax expenses rose to Bt82.19m along with revenue growth. Net profit for the quarter therefore came in at Bt175.14m, up 23.32% YoY and 20.70% QoQ. The results were in line with our forecast of Bt169.55m.

2009 net profit to be 7.56% higher than a year earlier
KH is a mid-sized hospital which does not feel the pinch of a drop in foreign patient volume. Meanwhile, cheaper medical fees than other premium hospitals would however attract more patients to its hospitals in a slowing economic environment, enabling KH to generate revenue growth from cash patients. The increase in annual subsidy for social security scheme would be another driver of top-line growth. For the whole of 2009, we expect KH to deliver revenue growth of 6.82% YoY to Bt4,508.81m. We also forecast BH's 2009 net profit to be 7.56% higher than a year earlier at Bt650.70m.

BUY recommendation with 2009 price target of Bt9.70/share
Our 2009 price target is unchanged at Bt9.70/share. We maintain a 'BUY' recommendation on KH.

By Phillip Securities (Thailand) Plc. on May 18, 2009

internet stock trading services
Top USA Cities

Glendale Arizona,St. Petersburg Florida ,Chula Vista California ,Raleigh North Carolina ,Brookhaven New York ,Miami Florida,Portland Oregon ,Rochester New York ,Pittsburgh Pennsylvania,Fort Worth Texas ,Dallas Texas ,Sacramento California,Kansas City Missouri ,Honolulu Hawaii,Garland Texas,Philadelphia Pennsylvania ,Memphis Tennessee,Omaha Nebraska,El Paso Texas ,Bakersfield California,San Antonio Texas,Islip New York ,Aurora Colorado,Reno Nevada,Houston Texas ,Oklahoma City Oklahoma ,Long Beach California ,Greensboro North Carolina ,Hempstead New York ,Los Angeles California,Atlanta Georgia,Anaheim California,Santa Ana California ,San Jose California ,Riverside California,Wichita Kansas ,Tulsa Oklahoma,Plano Texas,Lexington-Fayette Kentucky,Laredo Texas,North Hempstead New York,Washington District of Columbia,Austin Texas,St. Paul Minnesota ,Orlando Florida,Birmingham Alabama,Cincinnati Ohio,Seattle Washington,Newark New Jersey ,San Diego ,New Orleans Louisiana ,Oakland California,Scottsdale Arizona,Chesapeake Virginia,Jersey City New Jersey,Buffalo New York ,Fresno California,Stockton California,Cleveland Ohio,Baltimore Maryland,Madison Wisconsin,Phoenix Arizona ,Colorado Springs Colorado ,St. Louis Missouri ,Albuquerque New Mexico ,Tucson Arizona,Boston Massachusetts,Charlotte North Carolina ,Mesa Arizona,Milwaukee Wisconsin,Toledo Ohio,Minneapolis Minnesota,Lubbock Texas,Virginia Beach Virginia ,Denver Colorado,Tampa Florida,New York New york,Norfolk Virginia,Modesto California,Detroit Michigan,Akron Ohio,Fort Wayne Indiana ,Anchorage Alaska,Henderson Nevada,Durham North Carolina ,Nashville-Davidson Tennessee,Corpus Christi Texas ,Chicago Illinois ,Hialeah Florida,Oyster Bay New York,Chandler Arizona,Columbus Ohio,San Francisco California ,Arlington Texas ,Lincoln Nebraska,Babylon New York ,Las Vegas Nevada ,Jacksonville Florida,Baton Rouge Louisiana ,Indianapolis Indiana

ไม่มีความคิดเห็น:

แสดงความคิดเห็น