Announcement • Apr 23
Thonburi Healthcare Group Public Company Limited Approves Dividend for the Year Ended 31 December 2025, Payable on 21 May 2026 Thonburi Healthcare Group Public Company Limited at its AGM held on April 22, 2026 approved the allocation of the net profit for the year 2025 as the legal reserve in the total amount of THB 30,000,000, representing 5.1% of the net profit according to the separate financial statements for the year ended 31 December 2025 and approve the 2025 dividend payment from the 2025 operating results at the rate of THB 0.14 per share to shareholders holding a total of 1,789,154,360 shares, totaling THB 250,481,610.40 The record date to determine name of shareholders who have the right to receive dividend payment was on 13 March 2026, and the dividend payment date will be on 21 May 2026. Upcoming Dividend • Mar 05
Upcoming dividend of ฿0.14 per share Eligible shareholders must have bought the stock before 12 March 2026. Payment date: 21 May 2026. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 1.7%. Lower than top quartile of Thai dividend payers (7.7%). Lower than average of industry peers (4.4%). Reported Earnings • Feb 25
Full year 2025 earnings released: EPS: ฿0.054 (vs ฿2.08 loss in FY 2024) Full year 2025 results: EPS: ฿0.054 (up from ฿2.08 loss in FY 2024). Revenue: ฿9.10b (down 4.0% from FY 2024). Net income: ฿96.2m (up ฿1.86b from FY 2024). Profit margin: 1.1% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Announcement • Jan 14
THG Announces Appointment of Yothika Sripongphankul as Acting Chief Financial Officer, Effective January 13, 2026 THG has announced the appointment of Miss Yothika Sripongphankul as Acting Chief Financial Officer, with overall responsibility in accounting and finance. The effective date of appointment is January 13, 2026. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.005 (vs ฿0.42 loss in 3Q 2024) Third quarter 2025 results: EPS: ฿0.005 (up from ฿0.42 loss in 3Q 2024). Revenue: ฿2.32b (down 8.3% from 3Q 2024). Net income: ฿5.12m (up ฿357.3m from 3Q 2024). Profit margin: 0.2% (up from net loss in 3Q 2024). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Sep 26
Thonburi Healthcare Group Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 2.555935 billion. Thonburi Healthcare Group Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 2.555935 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 511,186,960
Price\Range: THB 5
Transaction Features: Rights Offering New Risk • Sep 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Announcement • Aug 26
Thonburi Healthcare Group Public Company Limited has filed a Follow-on Equity Offering in the amount of HUF 3.723825 billion. Thonburi Healthcare Group Public Company Limited has filed a Follow-on Equity Offering in the amount of HUF 3.723825 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 430,500,000
Price\Range: HUF 8.65 New Risk • Aug 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Price Target Changed • Aug 22
Price target decreased by 64% to ฿6.75 Down from ฿18.80, the current price target is an average from 2 analysts. New target price is 20% below last closing price of ฿8.45. Stock is down 74% over the past year. The company is forecast to post earnings per share of ฿0.23 next year compared to a net loss per share of ฿2.08 last year. Reported Earnings • Aug 14
Second quarter 2025 earnings released: ฿0.007 loss per share (vs ฿0.051 profit in 2Q 2024) Second quarter 2025 results: ฿0.007 loss per share (down from ฿0.051 profit in 2Q 2024). Revenue: ฿2.21b (down 6.6% from 2Q 2024). Net loss: ฿5.92m (down 114% from profit in 2Q 2024). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
First quarter 2025 earnings released: EPS: ฿0.015 (vs ฿0.008 in 1Q 2024) First quarter 2025 results: EPS: ฿0.015 (up from ฿0.008 in 1Q 2024). Revenue: ฿2.23b (down 4.5% from 1Q 2024). Net income: ฿13.1m (up 105% from 1Q 2024). Profit margin: 0.6% (up from 0.3% in 1Q 2024). Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • Apr 24
Thonburi Healthcare Group Public Company Limited Approves the Dividend Omission for the Operating Results of the Year 2024 Thonburi Healthcare Group Public Company Limited at the AGM held on 23 April 2025 approved the dividend payment omission for the operating results of the year 2024. Announcement • Apr 01
Thonburi Healthcare Group Public Company Limited Appoints Paradorn Leosakul as Independent Director, Effective from 31 March 2025 Thonburi Healthcare Group Public Company Limited announced the appointment of Mr. Paradorn Leosakul as Independent Director, Effective from 31 March 2025. Reported Earnings • Mar 04
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ฿2.08 loss per share (down from ฿0.35 profit in FY 2023). Revenue: ฿9.48b (down 3.7% from FY 2023). Net loss: ฿1.76b (down ฿2.06b from profit in FY 2023). Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Feb 26
Thonburi Healthcare Group Public Company Limited Appoints Sam Tanskul as Independent Director and Member of Audit Committee Thonburi Healthcare Group Public Company Limited appointed Mr. Sam Tanskul as independent director and member of audit committee. Date of change: February 20, 2025. Audit committee: Mrs. Kannika Ngamsopee, Chairman of the audit committee; Mr. Sam Tanskul, Member; Mr. Virachai Srikajon, Member. Mr. Tanskul's term will expire on April 25, 2026. Announcement • Jan 31
Thonburi Healthcare Group Public Company Limited Announces Resignation of Dr. Linda Kraivit as an Independent Director, Member of Audit Committee, Chairwoman of Risk Management Committee and Member of Corporate Governance and Sustainability Committee Thonburi Healthcare Group Public Company Limited announced that Dr. Linda Kraivit (M.D.), an independent director, member of Audit Committee, Chairwoman of Risk Management Committee and member of Corporate Governance and Sustainability Committee, has submitted a resignation letter due to having other duties that need to be performed, effective from 31 January 2025 onwards. The Board of Directors has acknowledged the resignation and shall consider appointing a suitable person to replace the vacant independent director and member of Audit Committee positions in compliance with the Securities and Exchange Commission (SEC) regulations and shall notify the Stock Exchange of Thailand accordingly. Announcement • Dec 18
Thonburi Healthcare Group Public Company Limited Announces the Resignation of Prof. Dr. Kumchai Jongjakraphan as Independent Director Thonburi Healthcare Group Public Company Limited announced that Prof. Dr. Kumchai Jongjakraphan, an Independent Director, has submitted a resignation letter, effective from 17 December 2024 onwards. The Board of Directors has acknowledged the resignation and shall consider appointing a suitable person to replace the vacant Independent Director position and shall notify the Stock Exchange of Thailand accordingly. Price Target Changed • Nov 28
Price target decreased by 7.4% to ฿26.73 Down from ฿28.87, the current price target is an average from 3 analysts. New target price is 56% above last closing price of ฿17.10. Stock is down 72% over the past year. The company is forecast to post earnings per share of ฿0.17 for next year compared to ฿0.35 last year. New Risk • Nov 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Thai stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (10% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 73x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.05% net profit margin). New Risk • Oct 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 73x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). Dividend is not well covered by earnings and cash flows. Dividend per share is over 73x earnings per share. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (8.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.05% net profit margin). Announcement • Sep 25
Thonburi Healthcare Group Public Company Limited Announces Board Changes The Board of Directors' meeting of Thonburi Healthcare Group Public Company Limited ("the Company") held on 24 September 2024, passed significant resulutions approved the appointment of Dr. Aurchat Kanjanapitak (M.D.) as the Chairman of the Board of Directors replacing Mrs. Charuvarn Vanasin. However, Mrs. Charuvarn Vanasin will continue to serve as a Director of the Company. This appointment is effective with 25 September 2024. Major Estimate Revision • Sep 24
Consensus EPS estimates fall by 59% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ฿0.38 to ฿0.155. Revenue forecast unchanged from ฿10.3b at last update. Net income forecast to grow 6,017% next year vs 14% growth forecast for Healthcare industry in Thailand. Consensus price target down from ฿31.00 to ฿27.15. Share price fell 19% to ฿22.00 over the past week. Price Target Changed • Sep 23
Price target decreased by 14% to ฿27.15 Down from ฿31.75, the current price target is an average from 4 analysts. New target price is 23% above last closing price of ฿22.00. Stock is down 67% over the past year. The company is forecast to post earnings per share of ฿0.15 for next year compared to ฿0.35 last year. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: ฿0.051 (vs ฿0.15 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.051 (down from ฿0.15 in 2Q 2023). Revenue: ฿2.36b (down 6.1% from 2Q 2023). Net income: ฿42.8m (down 67% from 2Q 2023). Profit margin: 1.8% (down from 5.1% in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 05
Price target decreased by 7.9% to ฿29.25 Down from ฿31.75, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ฿30.00. Stock is down 56% over the past year. The company is forecast to post earnings per share of ฿0.42 for next year compared to ฿0.35 last year. Major Estimate Revision • Jul 05
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.367 to ฿0.425. Revenue forecast steady at ฿10.6b. Net income forecast to grow 366% next year vs 17% growth forecast for Healthcare industry in Thailand. Consensus price target down from ฿31.75 to ฿29.25. Share price fell 9.1% to ฿30.00 over the past week. Major Estimate Revision • Jun 14
Consensus EPS estimates increase by 44% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from ฿0.255 to ฿0.367. Revenue forecast steady at ฿10.7b. Net income forecast to grow 339% next year vs 21% growth forecast for Healthcare industry in Thailand. Consensus price target down from ฿32.75 to ฿31.75. Share price fell 3.9% to ฿37.00 over the past week. Major Estimate Revision • May 21
Consensus EPS estimates fall by 74% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ฿11.3b to ฿10.8b. EPS estimate also fell from ฿0.993 per share to ฿0.255 per share. Net income forecast to grow 272% next year vs 23% growth forecast for Healthcare industry in Thailand. Consensus price target down from ฿46.33 to ฿32.75. Share price was steady at ฿38.50 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: ฿0.008 (vs ฿0.25 in 1Q 2023) First quarter 2024 results: EPS: ฿0.008 (down from ฿0.25 in 1Q 2023). Revenue: ฿2.34b (down 6.8% from 1Q 2023). Net income: ฿6.37m (down 97% from 1Q 2023). Profit margin: 0.3% (down from 8.4% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 19
Price target decreased by 15% to ฿46.33 Down from ฿54.33, the current price target is an average from 3 analysts. New target price is 17% above last closing price of ฿39.75. Stock is down 41% over the past year. The company is forecast to post earnings per share of ฿0.99 for next year compared to ฿0.35 last year. Upcoming Dividend • Mar 11
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 24 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.9%). Lower than average of industry peers (2.3%). Declared Dividend • Feb 25
Dividend of ฿0.45 announced Shareholders will receive a dividend of ฿0.45. Ex-date: 18th March 2024 Payment date: 24th May 2024 Dividend yield will be 1.0%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 14% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to grow by 168% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Feb 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (3.0% net profit margin). Announcement • Feb 23
Thonburi Healthcare Group Public Company Limited, Annual General Meeting, Apr 24, 2024 Thonburi Healthcare Group Public Company Limited, Annual General Meeting, Apr 24, 2024, at 10:00 SE Asia Standard Time. Location: Nuntha Utayarn Samosorn, located opposite to the Thonburi Hospital no. 64 Soi Issaraparp 44, Issaraparp Road, Baan Chang Lor Sub-district, Bangkok Noi District Bangkok Thailand Agenda: To consider matters to be informed by the Chairman; to acknowledge the operating results for 2023; to approve the annual financial statements as of 31 December 2023; to approve the appropriation of net profit as legal reserve and the dividend payment for 2023; to approve the appointment of the auditors and the auditors fee for the fiscal year ended 31 December 2024; to approve the appointment of directors replacing those retired by rotation; to increase the number of directors and appoint 1 director; to approve the remuneration for the directors and members of the subcommittees; and to consider other matters (if any). Announcement • Jan 30
Thonburi Healthcare Group Public Company Limited Announces Executive Appointments, Effective from 1 February 2024 Thonburi Healthcare Group Public Company Limited announced that the Board of Directors' Meeting No. 1/2024, held on 30 January 2024 has resolved to change the organizational structure as shown below: The executives on the new structure as the following list: Dr. Tanatip Suppradit (M.D.) Chief Executive Officer (CEO) and Chief Hospital Group 1; Mr. Chalermkul Apibunyopas Chief Hospital Group 2; Dr. Suwadee Puntpanich (Ph.D.) Chief Public Private Partnership (CPPP); Mrs. Ravadee Paikoh Acting Chief Operating Officer (Acting COO); Ms. Nalin Vanasin Chief Sustainability Officer (CSO); Ms. Anchalee Chavalitjareetham Chief Financial Officer (CFO). It will be effective from 1 February 2024 onwards. Reported Earnings • Nov 14
Third quarter 2023 earnings released: EPS: ฿0.37 (vs ฿0.52 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.37 (down from ฿0.52 in 3Q 2022). Revenue: ฿2.72b (down 7.8% from 3Q 2022). Net income: ฿310.0m (down 29% from 3Q 2022). Profit margin: 11% (down from 15% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 50% per year whereas the company’s share price has increased by 46% per year. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.8% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (83% net debt to equity). Profit margins are more than 30% lower than last year (9.8% net profit margin). Reported Earnings • Aug 12
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: ฿0.15 (down from ฿0.47 in 2Q 2022). Revenue: ฿2.52b (down 5.9% from 2Q 2022). Net income: ฿128.2m (down 68% from 2Q 2022). Profit margin: 5.1% (down from 15% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 7.4%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 01
Consensus revenue estimates increase by 21% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from ฿9.21b to ฿11.1b. EPS estimate increased from ฿1.21 to ฿1.50 per share. Net income forecast to shrink 0.2% next year vs 4.2% growth forecast for Healthcare industry in Thailand . Consensus price target broadly unchanged at ฿52.67. Share price was steady at ฿68.50 over the past week. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: ฿0.25 (vs ฿0.62 in 1Q 2022) First quarter 2023 results: EPS: ฿0.25 (down from ฿0.62 in 1Q 2022). Revenue: ฿2.51b (down 29% from 1Q 2022). Net income: ฿211.2m (down 60% from 1Q 2022). Profit margin: 8.4% (down from 15% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 10
Upcoming dividend of ฿0.60 per share at 1.1% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (2.3%). Upcoming Dividend • Jan 09
Upcoming dividend of ฿0.30 per share Eligible shareholders must have bought the stock before 16 January 2023. Payment date: 31 January 2023. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Thai dividend payers (5.6%). Lower than average of industry peers (2.2%). Announcement • Jan 04
Thonburi Healthcare Group Public Company Limited Announces Cash Dividend for the Operating Period from January 01, 2022 to September 30, 2022, Payable on January 31, 2023 Thonburi Healthcare Group Public Company Limited announced the cash dividend of THB 0.30 per share for the operating period from January 01, 2022 to September 30, 2022, payable on January 31, 2023. Record date for the right to receive dividends is January 17, 2023. Ex-dividend date is January 16, 2023. Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿11.0b to ฿11.4b. EPS estimate increased from ฿1.58 to ฿1.74 per share. Net income forecast to shrink 46% next year vs 35% decline forecast for Healthcare industry in Thailand. Consensus price target up from ฿44.67 to ฿48.00. Share price was steady at ฿69.50 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: ฿0.52 (vs ฿0.99 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.52 (down from ฿0.99 in 3Q 2021). Revenue: ฿2.95b (down 24% from 3Q 2021). Net income: ฿438.5m (down 47% from 3Q 2021). Profit margin: 15% (down from 22% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 6.1% p.a. on average during the next 3 years, while revenues in the Healthcare industry in Thailand are expected to grow by 2.6%. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Announcement • Nov 13
Thonburi Healthcare Group Public Company Limited (SET:THG) agreed to acquire 55% stake in Trang Vejkij Company Limited for THB 657.6 million. Thonburi Healthcare Group Public Company Limited (SET:THG) agreed to acquire 55% stake in Trang Vejkij Company Limited for THB 657.6 million on November 11, 2022. It is expected that the payment and the transfer of shares will be completed within the fourth quarter of 2022. Announcement • Aug 27
Thonburi Healthcare Group Public Company Limited Announces Director Changes Thonburi Healthcare Group Public Company Limited announced at Board meeting on August 26, 2022 the company approved that Dr. Boon Vanasin had resigned from the position of director and chairman of the Company, effective with 26 August 2022. In addition, the meeting resolved to appoint Mrs. Charuvarn Vanasin, who is a qualified person with appropriate qualifications as specified by the SEC as the replacement director and the chairman, effective from 27 August 2022. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: ฿0.47 (vs ฿0.10 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.47 (up from ฿0.10 in 2Q 2021). Revenue: ฿2.67b (up 40% from 2Q 2021). Net income: ฿398.1m (up 373% from 2Q 2021). Profit margin: 15% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 25% compared to a 4.6% decline forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ฿57.25, the stock trades at a forward P/E ratio of 43x. Average forward P/E is 19x in the Healthcare industry in Thailand. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿38.08 per share. Major Estimate Revision • May 16
Consensus EPS estimates increase by 32% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿10.2b to ฿11.0b. EPS estimate increased from ฿1.14 to ฿1.50 per share. Net income forecast to shrink 46% next year vs 45% decline forecast for Healthcare industry in Thailand. Consensus price target up from ฿35.50 to ฿40.00. Share price rose 5.7% to ฿60.25 over the past week. Reported Earnings • May 11
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: ฿0.62 (up from ฿0.26 loss in 1Q 2021). Revenue: ฿3.56b (up 127% from 1Q 2021). Net income: ฿526.8m (up ฿741.8m from 1Q 2021). Profit margin: 15% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 23% compared to a 3.4% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorated over the past week After last week's 38% share price decline to ฿61.50, the stock trades at a forward P/E ratio of 86x. Average forward P/E is 24x in the Healthcare industry in Thailand. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ฿55.28 per share. Price Target Changed • Apr 27
Price target increased to ฿37.83 Up from ฿30.83, the current price target is an average from 3 analysts. New target price is 51% below last closing price of ฿77.00. Stock is up 199% over the past year. The company is forecast to post earnings per share of ฿0.71 for next year compared to ฿1.58 last year. Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 20% share price gain to ฿74.00, the stock trades at a forward P/E ratio of 148x. Average forward P/E is 24x in the Healthcare industry in Thailand. Total returns to shareholders of 151% over the past three years. Upcoming Dividend • Mar 15
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 22 March 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Thai dividend payers (5.2%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 18% share price gain to ฿49.75, the stock trades at a forward P/E ratio of 100x. Average forward P/E is 21x in the Healthcare industry in Thailand. Total returns to shareholders of 67% over the past three years. Price Target Changed • Feb 20
Price target increased to ฿33.50 Up from ฿30.83, the current price target is an average from 3 analysts. New target price is 21% below last closing price of ฿42.50. Stock is up 70% over the past year. The company is forecast to post earnings per share of ฿0.50 for next year compared to ฿1.58 last year. Reported Earnings • Feb 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿1.59 (up from ฿0.074 in FY 2020). Revenue: ฿11.0b (up 50% from FY 2020). Net income: ฿1.34b (up ฿1.28b from FY 2020). Profit margin: 12% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Over the next year, revenue is expected to shrink by 17% compared to a 8.3% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 04
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 11 February 2022. Payment date: 25 February 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Thai dividend payers (5.0%). Lower than average of industry peers (2.1%). Major Estimate Revision • Jan 12
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿9.45b to ฿9.96b. EPS estimate increased from ฿0.93 to ฿1.16 per share. Net income forecast to shrink 22% next year vs 25% decline forecast for Healthcare industry in Thailand. Consensus price target up from ฿30.83 to ฿32.17. Share price was steady at ฿38.00 over the past week. Price Target Changed • Dec 23
Price target increased to ฿30.83 Up from ฿27.83, the current price target is an average from 3 analysts. New target price is 16% below last closing price of ฿36.50. Stock is up 42% over the past year. The company is forecast to post earnings per share of ฿0.74 for next year compared to ฿0.074 last year. Major Estimate Revision • Dec 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ฿8.10b to ฿8.96b. EPS estimate reaffirmed at ฿0.40. Net income forecast to shrink 48% next year vs 28% decline forecast for Healthcare industry in Thailand. Consensus price target up from ฿27.83 to ฿29.50. Share price was steady at ฿34.00 over the past week. Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS ฿0.99 (vs ฿0.089 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿3.86b (up 102% from 3Q 2020). Net income: ฿833.1m (up ฿757.9m from 3Q 2020). Profit margin: 22% (up from 3.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Price Target Changed • Nov 04
Price target increased to ฿26.83 Up from ฿21.83, the current price target is an average from 3 analysts. New target price is 20% below last closing price of ฿33.75. Stock is up 82% over the past year. The company is forecast to post earnings per share of ฿0.37 for next year compared to ฿0.074 last year. Price Target Changed • Jul 16
Price target increased to ฿24.33 Up from ฿21.83, the current price target is an average from 3 analysts. New target price is 23% below last closing price of ฿31.50. Stock is up 61% over the past year. Announcement • Jul 03
Thonburi Healthcare Group Public Company Limited (SET:THG) agreed to acquire 7.4% stake in Thai Medical Glove Company Limited from Rajthanee Pattanakarn (2014) Company Limited for approximately THB 200 million. Thonburi Healthcare Group Public Company Limited (SET:THG) agreed to acquire 7.4% stake in Thai Medical Glove Company Limited from Rajthanee Pattanakarn (2014) Company Limited for approximately THB 200 million on June 30, 2021. As per the transaction, Thonburi Healthcare Group Public Company Limited will acquire 1.33 million shares. As of March 31, 2021, Thai Medical Glove Company Limited has reported total assets of THB 1 billion and total equities of THB 717.25 million. The Board of Directors has resolved to approve the transaction. The proceeds from the transaction will be used to pay off long term loan from the financial institution. Reported Earnings • May 14
First quarter 2021 earnings released: ฿0.25 loss per share (vs ฿0.097 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ฿1.58b (down 18% from 1Q 2020). Net loss: ฿215.0m (down 360% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 20
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast fell from ฿8.09b to ฿7.94b. EPS estimate rose from ฿0.15 to ฿0.17. Net income forecast to grow 127% next year vs 26% growth forecast for Healthcare industry in Thailand. Consensus price target broadly unchanged at ฿21.67. Share price fell 3.8% to ฿25.50 over the past week. Analyst Estimate Surprise Post Earnings • Feb 24
Revenue and earnings miss expectations Revenue missed analyst estimates by 0.9%. Earnings per share (EPS) also missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 13%, compared to a 8.1% growth forecast for the Healthcare industry in Thailand. Reported Earnings • Feb 24
Full year 2020 earnings released: EPS ฿0.074 (vs ฿0.55 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿7.31b (down 11% from FY 2019). Net income: ฿62.4m (down 87% from FY 2019). Profit margin: 0.9% (down from 5.6% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Feb 24
Thonburi Healthcare Group Public Company Limited, Annual General Meeting, Apr 23, 2021 Thonburi Healthcare Group Public Company Limited, Annual General Meeting, Apr 23, 2021, at 07:00 Coordinated Universal Time. Location: Nuntha Utayarn Samosorn,located opposite to the Thonburi Hospital at no. 64 Soi Issaraparp 44 Issaraparp Road, Baan Chang Lor Sub-district Bangkok Thailand Agenda: To consider acknowledge the operating results for the year 2020; to approve the annual financial statements as of December 31, 2020; to approve the appropriation of net profit as legal reserve and the dividend payment for the year 2020; to approve the appointment of the auditors and the auditors fee for the fiscal year ended December 31, 2021; to approve the appointment of directors replacing those retired by rotation; to approve the remuneration for the directors and members of the subcommittees; and to consider other matter. Major Estimate Revision • Jan 30
Analysts increase EPS estimates to ฿0.08 The 2020 consensus revenue estimate increased from ฿7.17b to ฿7.38b. The earnings per share estimate also received an upgrade from ฿0.062 to ฿0.08 for the same period. Net income is expected to grow by 55% next year compared to 30% growth forecast for the Healthcare industry in Thailand. The consensus price target increased from ฿20.17 to ฿21.83. Share price stayed mostly flat at ฿26.75 over the past week. Announcement • Jan 29
Thonburi Healthcare Group Public Company Limited Appoints Tanatip Suppradit as Chief Executive Officer Thonburi Healthcare Group Public Company Limited announced that the board of directors' meeting held on 28 January 2021 appointed Dr. Tanatip Suppradit, Acting Chief Executive Officer, to be Chief Executive Officer with effect from 28 January 2021. Price Target Changed • Jan 29
Price target raised to ฿21.83 Up from ฿19.17, the current price target is an average from 3 analysts. The new target price is 18% below the current share price of ฿26.75. As of last close, the stock is up 3.9% over the past year. Is New 90 Day High Low • Jan 07
New 90-day high: ฿26.75 The company is up 44% from its price of ฿18.60 on 09 October 2020. The Thai market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.31 per share. Is New 90 Day High Low • Dec 17
New 90-day high: ฿26.25 The company is up 41% from its price of ฿18.60 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.34 per share. Major Estimate Revision • Dec 03
Analysts update estimates The 2020 consensus revenue estimate was lowered from ฿7.24b to ฿7.17b. The company is forecast to report a profit instead of a loss with analysts raising their EPS forecasts from -฿0.052 to ฿0.062 for the same period. The Healthcare industry in Thailand is expected to see an average net income growth of 17% next year. The consensus price target increased from ฿19.17 to ฿20.17. Share price is up 5.7% to ฿24.00 over the past week. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS ฿0.089 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿1.91b (down 14% from 3Q 2019). Net income: ฿75.2m (down 49% from 3Q 2019). Profit margin: 3.9% (down from 6.6% in 3Q 2019). The decrease in margin was driven by lower revenue. Is New 90 Day High Low • Nov 13
New 90-day high: ฿19.60 The company is up 4.0% from its price of ฿18.90 on 14 August 2020. The Thai market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is flat over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.72 per share. Is New 90 Day High Low • Oct 19
New 90-day low: ฿17.90 The company is down 7.0% from its price of ฿19.20 on 21 July 2020. The Thai market is down 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is down 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.83 per share. Is New 90 Day High Low • Sep 22
New 90-day low: ฿18.10 The company is down 10.0% from its price of ฿20.10 on 23 June 2020. The Thai market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿4.86 per share.