Reported Earnings • May 16
First quarter 2026 earnings released: EPS: ฿0.31 (vs ฿0.21 in 1Q 2025) First quarter 2026 results: EPS: ฿0.31 (up from ฿0.21 in 1Q 2025). Revenue: ฿731.6m (up 11% from 1Q 2025). Net income: ฿89.9m (up 43% from 1Q 2025). Profit margin: 12% (up from 9.5% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. New Risk • Mar 18
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks High level of debt (51% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Declared Dividend • Feb 28
Final dividend of ฿0.35 announced Shareholders will receive a dividend of ฿0.35. Ex-date: 10th March 2026 Payment date: 15th May 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (23% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2025 earnings released: EPS: ฿1.01 (vs ฿1.65 in FY 2024) Full year 2025 results: EPS: ฿1.01 (down from ฿1.65 in FY 2024). Revenue: ฿2.77b (flat on FY 2024). Net income: ฿295.1m (down 40% from FY 2024). Profit margin: 11% (down from 18% in FY 2024). Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 22% per year. Buy Or Sell Opportunity • Feb 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to ฿12.90. The fair value is estimated to be ฿10.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Major Estimate Revision • Jan 17
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.77b to ฿2.74b. EPS estimate also fell from ฿1.16 per share to ฿0.95 per share. Net income forecast to grow 25% next year vs 9.8% growth forecast for Healthcare industry in Thailand. Consensus price target up from ฿13.50 to ฿15.00. Share price was steady at ฿13.00 over the past week. New Risk • Jan 08
New major risk - Revenue and earnings growth Earnings have declined by 13% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 13% per year over the past 5 years. Minor Risks High level of debt (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.4% net profit margin). New Risk • Nov 14
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: 9.4% Last year net profit margin: 20% 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 (55% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (9.4% net profit margin). Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: ฿0.28 (vs ฿0.71 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.28 (down from ฿0.71 in 3Q 2024). Revenue: ฿710.4m (down 11% from 3Q 2024). Net income: ฿81.7m (down 62% from 3Q 2024). Profit margin: 12% (down from 27% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.6% 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, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 16
Dividend reduced to ฿0.25 Dividend of ฿0.25 is 17% lower than last year. Ex-date: 26th August 2025 Payment date: 9th September 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (248% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 3.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 14
Second quarter 2025 earnings released: EPS: ฿0.21 (vs ฿0.40 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.21 (down from ฿0.40 in 2Q 2024). Revenue: ฿679.7m (down 3.2% from 2Q 2024). Net income: ฿62.8m (down 47% from 2Q 2024). Profit margin: 9.2% (down from 17% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 4.3% 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, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jul 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to ฿14.20. The fair value is estimated to be ฿11.80, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to grow by 6.0% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Major Estimate Revision • May 21
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿2.92b to ฿2.77b. EPS estimate also fell from ฿1.47 per share to ฿1.16 per share. Net income forecast to shrink 20% next year vs 12% growth forecast for Healthcare industry in Thailand . Consensus price target down from ฿19.00 to ฿13.50. Share price fell 9.7% to ฿12.10 over the past week. New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risks High level of debt (58% net debt to equity). Paying a dividend despite having no free cash flows. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: ฿0.21 (vs ฿0.39 in 1Q 2024) First quarter 2025 results: EPS: ฿0.21 (down from ฿0.39 in 1Q 2024). Revenue: ฿660.2m (up 3.7% from 1Q 2024). Net income: ฿62.9m (down 46% from 1Q 2024). Profit margin: 9.5% (down from 18% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% 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, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ฿3.05b to ฿2.92b. EPS estimate also fell from ฿1.72 per share to ฿1.47 per share. Net income forecast to shrink 10% next year vs 14% growth forecast for Healthcare industry in Thailand . Consensus price target down from ฿26.50 to ฿19.00. Share price fell 13% to ฿15.50 over the past week. Declared Dividend • Mar 03
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 10th March 2025 Payment date: 30th April 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 8.2% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 4.5% over the next 2 years. However, it would need to fall by 54% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ฿1.65 (up from ฿1.40 in FY 2023). Revenue: ฿2.78b (up 17% from FY 2023). Net income: ฿493.0m (up 18% from FY 2023). Profit margin: 18% (in line with FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 9.3%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.0% per year for the foreseeable future. Minor Risks High level of debt (46% net debt to equity). Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Price Target Changed • Feb 26
Price target decreased by 27% to ฿19.00 Down from ฿26.00, the current price target is provided by 1 analyst. New target price is 20% above last closing price of ฿15.80. Stock is down 39% over the past year. The company is forecast to post earnings per share of ฿1.82 for next year compared to ฿1.40 last year. Declared Dividend • Dec 02
Dividend of ฿0.20 announced Shareholders will receive a dividend of ฿0.20. Ex-date: 12th December 2024 Payment date: 27th December 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but not covered by cash flows (dividend approximately 6x free cash flows). The dividend has increased by an average of 9.1% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 1.2% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: ฿0.71 (vs ฿0.40 in 3Q 2023) Third quarter 2024 results: EPS: ฿0.71 (up from ฿0.40 in 3Q 2023). Revenue: ฿802.6m (up 28% from 3Q 2023). Net income: ฿213.7m (up 77% from 3Q 2023). Profit margin: 27% (up from 19% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 13
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿2.69b to ฿2.80b. EPS estimate increased from ฿1.59 to ฿1.82 per share. Net income forecast to grow 17% next year vs 13% growth forecast for Healthcare industry in Thailand. Consensus price target of ฿26.50 unchanged from last update. Share price rose 5.2% to ฿24.30 over the past week. Major Estimate Revision • Oct 16
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿2.57b to ฿2.69b. EPS estimate increased from ฿1.40 to ฿1.59 per share. Net income forecast to grow 3.8% next year vs 14% growth forecast for Healthcare industry in Thailand. Consensus price target broadly unchanged at ฿26.50. Share price rose 3.0% to ฿23.90 over the past week. Announcement • Oct 12
Rajthanee Hospital Public Company Limited (SET:RJH) announces an Equity Buyback for 18,000,000 shares, representing 6% for THB 420 million. Rajthanee Hospital Public Company Limited (SET:RJH) announces a share repurchase program. Under the program, the company will repurchase up to 18,000,000 shares, representing 6% of its issued share capital for THB 420 million. The repurchase price must not exceed 115% of the average closing share price of 5 trading days prior to each repurchase date. The purpose of the program is to increase the return on equity and earnings per share and allow the future share price to reflect the true value of the company. The program is valid till January 24, 2025. As of March 8, 2024, the company had 300,000,000 shares issued. Announcement • Oct 09
Rajthanee Hospital Public Company Limited Announces Resignation of Tanatip Suppradit as Company Director Rajthanee Hospital Public Company Limited announced that Dr. Tanatip Suppradit, director of the Company, has expressed his intention and submitted a letter of resignation from the said position due to personal reasons. The resignation will be effective from 9 October 2024
onwards. The Board of Directors will consider selecting a qualified person for this vacant position of the Company's Director and the Company will inform the Stock Exchange of Thailand and investors in due course. Price Target Changed • Aug 13
Price target decreased by 13% to ฿26.00 Down from ฿30.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of ฿22.50. Stock is down 22% over the past year. The company is forecast to post earnings per share of ฿1.40 for next year compared to ฿1.40 last year. Declared Dividend • Aug 11
Dividend of ฿0.30 announced Shareholders will receive a dividend of ฿0.30. Ex-date: 22nd August 2024 Payment date: 6th September 2024 Dividend yield will be 3.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 5.9% over the next year. However, it would need to fall by 63% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: ฿0.40 (vs ฿0.31 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.40 (up from ฿0.31 in 2Q 2023). Revenue: ฿706.2m (up 28% from 2Q 2023). Net income: ฿118.6m (up 27% from 2Q 2023). Profit margin: 17% (in line with 2Q 2023). Revenue is forecast to grow 4.0% p.a. on average during the next 2 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 31% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. New Risk • May 22
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: 18% Last year net profit margin: 30% 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: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (192% cash payout ratio). Profit margins are more than 30% lower than last year (18% net profit margin). Reported Earnings • May 14
First quarter 2024 earnings released: EPS: ฿0.39 (vs ฿0.35 in 1Q 2023) First quarter 2024 results: EPS: ฿0.39 (up from ฿0.35 in 1Q 2023). Revenue: ฿639.0m (up 13% from 1Q 2023). Net income: ฿115.7m (up 8.7% from 1Q 2023). Profit margin: 18% (in line with 1Q 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (192% cash payout ratio). Profit margins are more than 30% lower than last year (18% net profit margin). Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 20 May 2024. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (3.4%). Price Target Changed • Feb 27
Price target decreased by 9.7% to ฿28.00 Down from ฿31.00, the current price target is provided by 1 analyst. New target price is 7.7% above last closing price of ฿26.00. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿1.38 for next year compared to ฿1.40 last year. Declared Dividend • Feb 26
Dividend of ฿0.25 announced Shareholders will receive a dividend of ฿0.25. Ex-date: 7th March 2024 Payment date: 20th May 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is not covered by earnings (122% earnings payout ratio) nor is it covered by cash flows (232% cash payout ratio). The dividend has increased by an average of 20% per year over the past 7 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 36% to bring the payout ratio under control, which is more than the 11% EPS growth achieved over the last 5 years. Reported Earnings • Feb 24
Full year 2023 earnings released: EPS: ฿1.40 (vs ฿3.44 in FY 2022) Full year 2023 results: EPS: ฿1.40 (down from ฿3.44 in FY 2022). Revenue: ฿2.39b (down 30% from FY 2022). Net income: ฿419.7m (down 59% from FY 2022). Profit margin: 18% (down from 30% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 24
Rajthanee Hospital Public Company Limited, Annual General Meeting, Apr 22, 2024 Rajthanee Hospital Public Company Limited, Annual General Meeting, Apr 22, 2024, at 09:00 SE Asia Standard Time. Location: Rajthanee Meeting Room 3, 3rd Floor, Building G, Rajthanee Hospital at No. 111, Moo 3, Rojana Road, Khlong Suan Phlu Sub-district, Pranakorn Sri Ayutthaya Thailand Agenda: To consider and certify the minutes of the 2023 Annual General Meeting of Shareholders; to acknowledge the Company's operating results for the year 2023 and to consider the financial statements for the year ended 31 December 2023; to consider the dividend payment for the year 2023; to consider the Company's Board of Directors remuneration for the year 2024; to consider the appointment of the auditors for the year 2024; and to consider other matters. Upcoming Dividend • Nov 27
Upcoming dividend of ฿0.25 per share at 4.3% yield Eligible shareholders must have bought the stock before 04 December 2023. Payment date: 21 December 2023. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 4.3%. Lower than top quartile of Thai dividend payers (6.8%). Higher than average of industry peers (2.3%). Announcement • Nov 23
Rajthanee Hospital Public Company Limited Announces Cash Dividend for the Operating Period from July 1, 2023 to September 30, 2023, Payable on December 21, 2023 Rajthanee Hospital Public Company Limited announced cash dividend of THB 0.25 per share on par value of THB 1.00 for the operating period from July 1, 2023 to September 30, 2023. Record date for the right to receive dividends is December 6, 2023. Ex-dividend date is December 4, 2023. Payment date is December 21, 2023. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: ฿0.40 (vs ฿0.34 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.40 (up from ฿0.34 in 3Q 2022). Revenue: ฿631.3m (up 6.1% from 3Q 2022). Net income: ฿120.5m (up 20% from 3Q 2022). Profit margin: 19% (up from 17% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Aug 11
Upcoming dividend of ฿0.70 per share at 4.2% yield Eligible shareholders must have bought the stock before 18 August 2023. Payment date: 31 August 2023. The company is paying out more than 100% of its profits and is paying out 85% of its cash flow. Trailing yield: 4.2%. Lower than top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 08
Second quarter 2023 earnings released: EPS: ฿0.31 (vs ฿1.39 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.31 (down from ฿1.39 in 2Q 2022). Revenue: ฿558.9m (down 47% from 2Q 2022). Net income: ฿93.7m (down 78% from 2Q 2022). Profit margin: 17% (down from 40% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 2 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 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 09
First quarter 2023 earnings released: EPS: ฿0.36 (vs ฿1.58 in 1Q 2022) First quarter 2023 results: EPS: ฿0.36 (down from ฿1.58 in 1Q 2022). Revenue: ฿571.0m (down 52% from 1Q 2022). Net income: ฿106.4m (down 78% from 1Q 2022). Profit margin: 19% (down from 40% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Healthcare industry in Thailand. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 02
Upcoming dividend of ฿0.50 per share at 8.5% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 23 May 2023. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 8.5%. Within top quartile of Thai dividend payers (5.7%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 23
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ฿3.44 (up from ฿3.37 in FY 2021). Revenue: ฿3.41b (up 8.3% from FY 2021). Net income: ฿1.03b (up 1.7% from FY 2021). Profit margin: 30% (down from 32% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is expected to decline by 19% p.a. on average during the next 2 years, while revenues in the Healthcare industry in Thailand are expected to grow by 2.7%. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Feb 22
Price target decreased by 13% to ฿33.00 Down from ฿38.00, the current price target is an average from 2 analysts. New target price is 10% above last closing price of ฿30.00. Stock is down 7.7% over the past year. The company is forecast to post earnings per share of ฿3.65 for next year compared to ฿3.37 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). Independent Chairman Vilailak Aunyamaneerat was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 08
Third quarter 2022 earnings released: EPS: ฿0.34 (vs ฿1.61 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.34 (down from ฿1.61 in 3Q 2021). Revenue: ฿598.1m (down 48% from 3Q 2021). Net income: ฿100.6m (down 79% from 3Q 2021). Profit margin: 17% (down from 42% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Healthcare industry in Thailand are expected to grow by 2.8%. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 14
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿3.05b to ฿3.40b. EPS estimate increased from ฿3.16 to ฿3.90 per share. Net income forecast to shrink 51% next year vs 48% decline forecast for Healthcare industry in Thailand. Consensus price target down from ฿39.00 to ฿37.33. Share price was steady at ฿36.25 over the past week. Upcoming Dividend • Aug 15
Upcoming dividend of ฿2.00 per share Eligible shareholders must have bought the stock before 22 August 2022. Payment date: 07 September 2022. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 9.5%. Within top quartile of Thai dividend payers (5.5%). Higher than average of industry peers (2.4%). Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: ฿1.41 (vs ฿0.46 in 2Q 2021) Second quarter 2022 results: EPS: ฿1.41 (up from ฿0.46 in 2Q 2021). Revenue: ฿1.07b (up 90% from 2Q 2021). Net income: ฿421.7m (up 206% from 2Q 2021). Profit margin: 39% (up from 24% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to decline by 36% while the industry in Thailand is not expected to grow. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Aug 09
Rajthanee Hospital Public Company Limited Announces Interim Dividend Payment, Payment Date Is 07 September 2022 Rajthanee Hospital Public Company Limited announced Cash dividend payment (baht per share) is 2.00. Payment date is 07 September 2022. Ex-dividend date is 22 August 2022. Record date for the right to receive dividends is 23 August 2022. Major Estimate Revision • Jun 25
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿3.15b to ฿3.29b. EPS estimate increased from ฿3.07 to ฿3.50 per share. Net income forecast to shrink 35% next year vs 47% decline forecast for Healthcare industry in Thailand. Consensus price target of ฿37.50 unchanged from last update. Share price rose 6.2% to ฿34.50 over the past week. Major Estimate Revision • May 16
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿2.87b to ฿3.09b. EPS estimate increased from ฿2.47 to ฿2.84 per share. Net income forecast to shrink 45% next year vs 45% decline forecast for Healthcare industry in Thailand. Consensus price target of ฿37.75 unchanged from last update. Share price rose 3.9% to ฿33.00 over the past week. Reported Earnings • May 11
First quarter 2022 earnings: EPS exceeds analyst expectations First quarter 2022 results: EPS: ฿1.58 (up from ฿0.35 in 1Q 2021). Revenue: ฿1.18b (up 132% from 1Q 2021). Net income: ฿472.6m (up 343% from 1Q 2021). Profit margin: 40% (up from 21% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.4%. Over the next year, revenue is expected to shrink by 25% 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 48% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 02
Upcoming dividend of ฿1.00 per share Eligible shareholders must have bought the stock before 09 May 2022. Payment date: 24 May 2022. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 8.1%. Within top quartile of Thai dividend payers (5.1%). Higher than average of industry peers (2.5%). Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 4 independent directors (6 non-independent directors). Independent Chairman Vilailak Aunyamaneerat was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Major Estimate Revision • Apr 19
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from ฿2.37b to ฿2.42b. EPS estimate increased from ฿1.40 to ฿1.69 per share. Net income forecast to shrink 50% next year vs 49% decline forecast for Healthcare industry in Thailand. Consensus price target broadly unchanged at ฿37.00. Share price rose 2.3% to ฿33.75 over the past week. Reported Earnings • Feb 22
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ฿3.37 (up from ฿1.38 in FY 2020). Revenue: ฿3.14b (up 68% from FY 2020). Net income: ฿1.01b (up 145% from FY 2020). Profit margin: 32% (up from 22% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Over the next year, revenue is expected to shrink by 31% compared to a 7.2% growth forecast for the industry in Thailand. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 15
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿2.89b to ฿3.11b. EPS estimate increased from ฿2.53 to ฿3.21 per share. Net income forecast to shrink 31% next year vs 28% decline forecast for Healthcare industry in Thailand. Consensus price target broadly unchanged at ฿38.75. Share price was steady at ฿34.00 over the past week. Major Estimate Revision • Dec 15
Consensus EPS estimates increase by 27% The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿2.89b to ฿3.11b. EPS estimate increased from ฿2.53 to ฿3.21 per share. Net income forecast to shrink 31% next year vs 28% decline forecast for Healthcare industry in Thailand. Consensus price target broadly unchanged at ฿38.75. Share price was steady at ฿34.00 over the past week. Upcoming Dividend • Nov 15
Upcoming dividend of ฿1.10 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 07 December 2021. Trailing yield: 4.9%. Within top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 10
Third quarter 2021 earnings released: EPS ฿1.61 (vs ฿0.40 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ฿1.15b (up 121% from 3Q 2020). Net income: ฿484.3m (up 302% from 3Q 2020). Profit margin: 42% (up from 23% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Executive Departure • Oct 03
Chairman of the Board Aurchart Kanchanapitak has left the company On the 27th of September, Aurchart Kanchanapitak's tenure as Chairman of the Board ended after 3.4 years in the role. As of June 2021, Aurchart still personally held 3.95m shares (฿84m worth at the time). Aurchart is the only executive to leave the company over the last 12 months. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 23 August 2021. Payment date: 03 September 2021. Trailing yield: 2.1%. Lower than top quartile of Thai dividend payers (5.0%). In line with average of industry peers (2.1%). Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ฿0.46 (vs ฿0.22 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿564.2m (up 42% from 2Q 2020). Net income: ฿137.7m (up 112% from 2Q 2020). Profit margin: 24% (up from 16% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Price Target Changed • Aug 04
Price target increased to ฿35.78 Up from ฿32.50, the current price target is an average from 3 analysts. New target price is 5.2% below last closing price of ฿37.75. Stock is up 69% over the past year. Major Estimate Revision • Aug 02
Consensus EPS estimates increase to ฿1.62 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ฿2.09b to ฿2.26b. EPS estimate increased from ฿1.42 to ฿1.62 per share. Net income forecast to grow 10.0% next year vs 40% growth forecast for Healthcare industry in Thailand. Consensus price target up from ฿32.50 to ฿33.28. Share price rose 7.4% to ฿36.25 over the past week. Price Target Changed • Jul 30
Price target increased to ฿33.25 Up from ฿31.00, the current price target is an average from 4 analysts. New target price is 10% below last closing price of ฿37.00. Stock is up 71% over the past year. Upcoming Dividend • May 14
Upcoming dividend of ฿0.20 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 09 June 2021. Trailing yield: 3.4%. Lower than top quartile of Thai dividend payers (4.9%). Higher than average of industry peers (2.4%). Announcement • May 11
Rajthanee Hospital Public Company Limited Announces Cash Dividend for the Period Ended March 31, 2021, Payable on June 09, 2021 Rajthanee Hospital Public Company Limited announced cash dividend payment of THB 0.20 per share of par value of THB 1.00 for the operating period from January 1, 2021 to March 31, 2021. Payment date is June 09, 2021. Record date for the right to receive dividends is May 24, 2021 and Ex-dividend date is May 21, 2021. Upcoming Dividend • Apr 30
Upcoming dividend of ฿0.45 per share Eligible shareholders must have bought the stock before 07 May 2021. Payment date: 25 May 2021. Trailing yield: 3.2%. Lower than top quartile of Thai dividend payers (4.8%). Higher than average of industry peers (2.3%). Announcement • Apr 27
Rajthanee Hospital Public Company Limited Approved Final Dividend, Payable on May 25, 2021 Rajthanee Hospital Public Company Limited at its Annual General Meeting of Shareholder for the year 2021 held on 26 April 2021 approved the final dividend payment to the shareholders from 1 October 2020 to 31 December 2020 at a rate of THB 0.45 per share, totaling THB 135 million, The company will fix 10 May 2021 as the record date on which the names of shareholders entitled to the dividend payment will be determined and dividend payment date is 25 May 2021. Is New 90 Day High Low • Mar 08
New 90-day high: ฿26.75 The company is up 13% from its price of ฿23.60 on 08 December 2020. The Thai market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.41 per share. Announcement • Feb 23
Rajthanee Hospital Public Company Limited, Annual General Meeting, Apr 26, 2021 Rajthanee Hospital Public Company Limited, Annual General Meeting, Apr 26, 2021, at 02:00 Coordinated Universal Time. Location: Rajthanee Room, Basement floor, Building C, Rajthanee Hospital at Rojana Road Klong Saun Plu Sub-district, Phra Nakhon Si Ayutthaya District, Phra Nakhon Si Ayutthaya Province Ayuthaya Thailand Agenda: To consider and certify the minutes of the 2020 Annual General Meeting of Shareholders; to acknowledge the Company's operating results for the year 2020 and to consider the financial statements for the year ended 31 December 2020; to consider the dividend payment to the shareholders from the Company's operating results from 1 October 2020 to 31 December 2020; to consider the re-appointment of directors who retired by rotation in 2021; to consider the determination of the Company's Board of Directors remuneration for the year 2021; to consider the appointment of the auditors for the year 2021; and to consider other matters. Reported Earnings • Feb 23
Full year 2020 earnings released: EPS ฿1.37 (vs ฿1.32 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ฿1.88b (up 4.5% from FY 2019). Net income: ฿412.5m (up 4.2% from FY 2019). Profit margin: 22% (in line with FY 2019). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.7%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 3.4%, compared to a 8.0% growth forecast for the Healthcare industry in Thailand. Is New 90 Day High Low • Jan 08
New 90-day high: ฿25.75 The company is up 17% from its price of ฿22.00 on 09 October 2020. The Thai market is up 20% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Healthcare industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿13.21 per share. Is New 90 Day High Low • Dec 18
New 90-day high: ฿24.10 The company is up 10.0% from its price of ฿21.90 on 18 September 2020. The Thai market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it 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 ฿13.59 per share. Upcoming Dividend • Nov 13
Upcoming Dividend of ฿0.15 Per Share Will be paid on the 4th of December to those who are registered shareholders by the 20th of November. The trailing yield of 4.7% is below the top quartile of Thai dividend payers (6.9%), but it is higher than industry peers (2.8%). Reported Earnings • Nov 10
Third quarter 2020 earnings released: EPS ฿0.40 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿520.2m (up 12% from 3Q 2019). Net income: ฿120.4m (up 35% from 3Q 2019). Profit margin: 23% (up from 19% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Nov 10
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 13% while the growth in Healthcare industry in Thailand is expected to stay flat. Is New 90 Day High Low • Oct 22
New 90-day low: ฿21.20 The company is down 2.0% from its price of ฿21.70 on 24 July 2020. The Thai market is down 10.0% 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 ฿14.37 per share.