Bumrungrad Hospital
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Healthy diagnosis Outperform - maintained Share price Bt40.25; target price: Bt51.80
Bumrungrad Hospital Plc (BH)
BH reported solid 3Q11 results, in line with both our forecast and consensus. It continued to benefit from the growing trend in medical tourism and good cost control. Any weakness due to concerns over the impact of the floods would be a good buying opportunity. 9M11 net profit accounted for 75% of our full-year forecast. But with the floods, we cut our CY11 forecast by 5%, but raise CY12-13 by 4-8% for the lower corporate income tax rate. We roll-over our target price which is based on 20x CY13 P/E. Our OUTPERFORM rating stands.
