The performance report for 9M/60 from the "Hospital Group" TerraBKK Research shows that all hospitals have experienced revenue growth compared to the same period last year. Bangkok Dusit Medical Services (BDMS) recorded the highest revenue in the group at 58.1 billion baht (9M/59 = 52.5 billion baht). The top three hospitals with the most remarkable revenue growth are Si Krin Hospital (SKR), which grew by 34.3% from the previous year (9M/60 = 2,360.51 million baht, 9M/59 = 1,758.24 million baht), primarily due to an increase in patient numbers and rising medical costs associated with more complex illnesses. Following closely is Rajthanee Hospital (RJH), which grew by 16.6% from the previous year (9M/60 = 1,051.26 million baht, 9M/59 = 901.93 million baht), mainly due to increased rates paid by the Social Security Office to hospitals, along with a rise in the number of patients and medical costs per case. Additionally, Sriwichai Hospital (VIH) grew by 13.7% from the previous year (9M/60 = 1,450.43 million baht, 9M/59 = 1,275.74 million baht).


on Net Profit Figures 9M/60 shows that Ekachai Hospital (AHC) is the most concerning, with increased medical personnel costs due to a shortage of staff and heightened competition in the hospital business, resulting in a net profit decline of over 41.9% from the previous year (9M/60 = 86.17 million baht, 9M/59 = 148.25 million baht). Meanwhile, Bangkok Dusit Medical Services (BDMS) continues to hold the highest net profit at 8.18 billion baht. The hospitals with the best net profit growth are Rajthanee Hospital (RJH), which grew by 47.6% from the previous year (9M/60 = 175.3 million baht, 9M/59 = 118.79 million baht), Vibhavadi Hospital (VIBHA), which grew by 34.3% from the previous year (9M/60 = 639.29 million baht, 9M/59 = 475.94 million baht), and Ramkhamhaeng Hospital (RAM), which grew by 20.8% from the previous year (9M/60 = 1,087.11 million baht, 9M/59 = 900.19 million baht).

For the Key Financial Ratios 9M/60, such as net profit margin, earnings per share, return on equity, return on assets, and debt to equity ratio, TerraBKK Research has compiled data from over 18 hospitals for the 9M/60 performance report, detailed as follows:

1. Earnings per Share (EPS)
Most hospitals in this group have an EPS not exceeding 5 baht/share, with only three hospitals showing outstanding EPS above the average: Ramkhamhaeng Hospital (RAM) at 90.59 baht per share, Samitivej Hospital (SVH) at 12.14 baht per share, and Mahachai Hospital (M-CHAI) at 6.25 baht per share.

2. Net Profit Margin (NPM)
The average net profit margin for 9M/60 is between 6.5% - 15.5%. The top three hospitals with the highest net profit margins are Ramkhamhaeng Hospital (RAM) at 30.69%, Bumrungrad Hospital (BH) at 21.79%, and Rajthanee Hospital (RJH) at 16.68%.

3. Return on Equity (ROE)
The average ROE for 9M/60 is between 9.5% - 17.5%. The top three hospitals with the highest ROE are Bumrungrad Hospital (BH) at 26.3%, Samitivej Hospital (SVH) at 20.79%, and Nonthavej Hospital (NTV) at 20.43%, reflecting their ability to manage operations effectively to provide returns to shareholders.

4. Return on Assets (ROA)
The average ROA for 9M/60 is between 8.5% - 13.5%. The top three hospitals with the highest ROA are Bumrungrad Hospital (BH) at 21.6%, Nonthavej Hospital (NTV) at 21.15%, and Samitivej Hospital (SVH) at 19.14%, indicating the efficiency of these companies in utilizing their assets for investment returns.

5. Debt to Equity (D/E)
The average D/E ratio for the 9M/60 hospital group remains healthy, not exceeding 2 times. Notably, the hospital with a significantly increased capital project ratio is Ladprao Hospital (LPH), which rose by 57.9% from the previous year (9M/60 = 0.3 times, 9M/59 = 0.19 times).


TerraBKK Research concludes the 9M/60 performance of the "Hospital Group" by stating that Bangkok Dusit Medical Services (BDMS) has the highest revenue in the group at 58.1 billion baht, along with the highest net profit of 8.18 billion baht. Ramkhamhaeng Hospital (RAM) boasts an EPS of 90.59 baht per share and the highest net profit margin of 30.69% in the group, while the best ROA is held by Bumrungrad Hospital (BH) at 21.6%, with an ROE of 26.3%. Overall, this group demonstrates effective capital management with a D/E ratio not exceeding 2 times. ---TerraBKK

Article by: TerraBKK Investment Tips
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