บทวิเคราะห์ (Research)

4Q24 profit is expected close to 4Q23 profit of B1,721m. Revenue from patients from the UAE and Myanmar is projected to fall and personnel bonus will be paid, while BH's personnel expense will be under strict control. Limited profit growth is expected in the next 1-2 years due to limited treatment fee hike, fiercer competition among hospitals, and uncertainty about patient referral service policy in the Middle East. We revise down terminal growth forecast from 2.5% to 2% and thus cut fair value from B257 to B230, still showing 21.7% upside. We reiterate Neutral.