Bumrungrad Hospital

Finansia Syrus Securities viewed a 2Q2019 profit of T.A.C. Consumer Public Company Limited (TACC) to be better than expected and the profit might hit a new high at THB 38 million, increasing 81% YoY, 15% QoQ. Therefore, Finanasia expected a 1H2019 profit to increase to 92% YoY due to the high temperature has buoyed up the beverage sales. Moreover, TACC has also recognized the revenue for the whole quarter of Hershey's Freeze and continued to export them to Cambodia. Finansia revised a 2019 profit of TACC to rise 20% to THB 143 million, increasing 109% YoY due to a 2H2019 tends to be in a positive direction from the new flavor of beverage and the Character business that might gain more customer including a big event at the end of the year. In addition, TACC might have an opportunity to do business in overseas with 7-11. Therefore. Finansia recommended “BUY” TACC share with the revised target price of ฿6.00/share from the previous target price of THB5.00/share. KTB Securities (KTBST) recommended “BUY” Bumrungrad Hospital Public Company Limited (BH) share with the target price of THB 178.0/share. Furthermore, KTBST stated that the share price of BH is cheap because the price has decreased by more than 8% YTD. Meanwhile, P/E was traded at 27x which was the lowest in the sector while the average of 5 years was 36x and regional averages at 35x. Although KTBST expected a 2Q2019 to slow down from the decrease of overseas and domestics customers, they still believe BH could maintain a profit level of THB 900-1000 million. Moreover, KTBST estimated a whole year profit to increase 3% YoY to THB 4,290 million.