Chularat Hospital (SET:CHG) - Share price, News & Analysis

Q: What is the Fair Price of CHG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CHG (THB3.88) is trading above our estimate of [[fair value]] (THB2.47)

CHG fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	6/6
Financial Health	6/6
Dividends	3/6

CHG Stock Overview

Chularat Hospital Public Company Limited operates clinics and hospitals in Thailand.

Rewards

Price-To-Earnings ratio (8x) is below the TH market (17.4x)

Earnings grew by 463.6% over the past year

Risk Analysis

Earnings are forecast to decline by an average of 28.7% per year for the next 3 years

Unstable dividend track record

Chularat Hospital Competitors

Bangkok Chain Hospital

SET:BCH

฿51.4b

Principal Capital

SET:PRINC

฿26.1b

Ramkhamhaeng Hospital

SET:RAM

฿68.4b

Thonburi Healthcare Group

SET:THG

฿56.8b

Price History & Performance

Summary of all time highs, changes and price drops for Chularat Hospital
Historical stock prices
Current Share Price	฿3.88
52 Week High	฿4.16
52 Week Low	฿3.08
Beta	0.14
1 Month Change	4.87%
3 Month Change	3.74%
1 Year Change	-3.00%
3 Year Change	68.70%
5 Year Change	68.70%
Change since IPO	345.98%

Shareholder Returns

	CHG	TH Healthcare	TH Market
7D	2.6%	2.7%	1.3%
1Y	-3.0%	25.1%	8.0%

Return vs Industry: CHG underperformed the TH Healthcare industry which returned 25.1% over the past year.

Return vs Market: CHG underperformed the TH Market which returned 8% over the past year.

Price Volatility

Is CHG's price volatile compared to industry and market?
CHG volatility
CHG Average Weekly Movement	3.0%
Healthcare Industry Average Movement	4.3%
Market Average Movement	4.7%
10% most volatile stocks in TH Market	10.4%
10% least volatile stocks in TH Market	2.3%

Stable Share Price: CHG is less volatile than 75% of TH stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: CHG's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1986	n/a	Kumpol Plussind	https://www.chularat.com

Chularat Hospital Public Company Limited operates clinics and hospitals in Thailand. It operates through two segments, Hospital Operations and Other Businesses. The company also distributes medical instruments and dietary supplement products.

Chularat Hospital Fundamentals Summary

How do Chularat Hospital's earnings and revenue compare to its market cap?
CHG fundamental statistics
Market Cap	฿42.68b
Earnings (TTM)	฿5.31b
Revenue (TTM)	฿14.17b

8.0x

P/E Ratio

3.0x

P/S Ratio

Is CHG overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
CHG income statement (TTM)
Revenue	฿14.17b
Cost of Revenue	฿6.59b
Gross Profit	฿7.58b
Other Expenses	฿2.27b
Earnings	฿5.31b

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	0.48
Gross Margin	53.48%
Net Profit Margin	37.48%
Debt/Equity Ratio	4.1%

How did CHG perform over the long term?

See historical performance and comparison

Dividends

5.2%

Current Dividend Yield

41%

Payout Ratio

Does CHG pay a reliable dividends?

See CHG dividend history and benchmarks

When do you need to buy CHG by to receive an upcoming dividend?
Chularat Hospital dividend dates
Ex Dividend Date	Aug 24 2022
Dividend Pay Date	Sep 09 2022
Days until Ex dividend	10 days
Days until Dividend pay date	26 days

Does CHG pay a reliable dividends?

See CHG dividend history and benchmarks

We’ve recently updated our valuation analysis.

Valuation

Is CHG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CHG?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for CHG. This is calculated by dividing CHG's market cap by their current preferred multiple.
What is CHG's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	฿42.68b

CHG key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.8x
Enterprise Value/EBITDA	5.6x
PEG Ratio	-0.3x

Price to Earnings Ratio vs Peers

How does CHG's PE Ratio compare to its peers?

CHG PE Ratio vs Peers

The above table shows the PE ratio for CHG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	21.9x
BCH Bangkok Chain Hospital	6x	-30.3%	฿51.4b
PRINC Principal Capital	27.4x	5.1%	฿26.1b
RAM Ramkhamhaeng Hospital	15x	-23.2%	฿68.4b
THG Thonburi Healthcare Group	27.3x	-33.6%	฿56.8b
CHG-R Chularat Hospital	8x	-28.7%	฿42.7b

Price-To-Earnings vs Peers: CHG is good value based on its Price-To-Earnings Ratio (8x) compared to the peer average (21.9x).

Price to Earnings Ratio vs Industry

How does CHG's PE Ratio compare vs other companies in the TH Healthcare Industry?

Price-To-Earnings vs Industry: CHG is good value based on its Price-To-Earnings Ratio (8x) compared to the TH Healthcare industry average (14.8x)

Price to Earnings Ratio vs Fair Ratio

What is CHG's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CHG PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	8x
Fair PE Ratio	14.8x

Price-To-Earnings vs Fair Ratio: CHG is good value based on its Price-To-Earnings Ratio (8x) compared to the estimated Fair Price-To-Earnings Ratio (14.8x).

Share Price vs Fair Value

What is the Fair Price of CHG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CHG (THB3.88) is trading above our estimate of fair value (THB2.47)

Significantly Below Fair Value: CHG is trading above our estimate of fair value.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Chularat Hospital forecast to perform in the next 1 to 3 years based on estimates from 14 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

-28.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CHG's earnings are forecast to decline over the next 3 years (-28.7% per year).

Earnings vs Market: CHG's earnings are forecast to decline over the next 3 years (-28.7% per year).

High Growth Earnings: CHG's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CHG's revenue is expected to decline over the next 3 years (-11.7% per year).

High Growth Revenue: CHG's revenue is forecast to decline over the next 3 years (-11.7% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CHG's Return on Equity is forecast to be low in 3 years time (18.3%).

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Past Performance

How has Chularat Hospital performed over the past 5 years?

Past Performance Score

6/6

Past Performance Score 6/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

46.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CHG has high quality earnings.

Growing Profit Margin: CHG's current net profit margins (37.5%) are higher than last year (16.8%).

Past Earnings Growth Analysis

Earnings Trend: CHG's earnings have grown significantly by 46.6% per year over the past 5 years.

Accelerating Growth: CHG's earnings growth over the past year (463.6%) exceeds its 5-year average (46.6% per year).

Earnings vs Industry: CHG earnings growth over the past year (463.6%) exceeded the Healthcare industry 231.4%.

Return on Equity

High ROE: CHG's Return on Equity (58.6%) is considered outstanding.

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Financial Health

How is Chularat Hospital's financial position?

Financial Health Score

6/6

Financial Health Score 6/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: CHG's short term assets (THB7.6B) exceed its short term liabilities (THB2.6B).

Long Term Liabilities: CHG's short term assets (THB7.6B) exceed its long term liabilities (THB506.8M).

Debt to Equity History and Analysis

Debt Level: CHG has more cash than its total debt.

Reducing Debt: CHG's debt to equity ratio has reduced from 20.1% to 4.1% over the past 5 years.

Debt Coverage: CHG's debt is well covered by operating cash flow (1310.1%).

Interest Coverage: CHG's interest payments on its debt are well covered by EBIT (405.2x coverage).

Balance Sheet

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Dividend

What is Chularat Hospital current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Cash Flow Coverage

5.15%

Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: CHG's dividend (5.15%) is higher than the bottom 25% of dividend payers in the TH market (1.69%).

High Dividend: CHG's dividend (5.15%) is low compared to the top 25% of dividend payers in the TH market (5.46%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, CHG has been paying a dividend for less than 10 years.

Growing Dividend: CHG's dividend payments have increased, but the company has only paid a dividend for 9 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (41.4%), CHG's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (50%), CHG's dividend payments are well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

9.8yrs

Average management tenure

CEO

Kumpol Plussind (69 yo)

18.58yrs

Tenure

฿340,000

Compensation

Dr. Kumphol Plussind, M.D. has been Chief Executive Officer, Managing Director and Executive Director at Chularat Hospital Public Company Limited since 2004. Dr. Plussind has been a Director of Thai Amdon...

Leadership Team

Experienced Management: CHG's management team is seasoned and experienced (9.8 years average tenure).

Board Members

Experienced Board: CHG's board of directors are seasoned and experienced ( 18.6 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/08/13 00:00
End of Day Share Price	2022/08/11 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31