Analyst Expects IMH’s Earnings to Rebound in 2021, Recomm. “BUY” with a TP of ฿5.35


Intermedical Care and Lab Hospital Public Company Limited (IMH) operates as a private hospital, specialized in occupational medicine, and its company headquarter is located in Bang Waek Rd., Bangkok. The company offers health check-up services all over the country, and also has mobile clinics and medical teams to provide on-site medical services. 

 

Currently, IMH has 5 branches and on March 3, 2021, the company acquired Prachapat Hospital, a general hospital with 100 beds that provides services to general patients as well as patients from National Health Security Office’s scheme. 

 

Trinity Securities (TS) foresees a revenue of 613 million baht in 2021, an increase of 157% YoY, and a net profit of 54 million baht, a rebound from a loss of 17 million baht in 2020.

 

Revenue from medical service is estimated to stand out around 310 million baht (+30% YoY) as the operations will not be affected by lockdown measures this year. Meanwhile projecting a revenue from Prachapat Hospital of 303 million baht (+36.8% YoY).

 

In addition, TS expects IMH to deliver average earnings and revenue growth CAGR between 2018-2021 of 56.83% and 24.19%, respectively, mainly supported by organic growth and inorganic growth.

 

WIth the plan to increase the number of hospital beds to 1,000 in order to boost up hospital operation revenue, along with a project of opening the hemp center, TS has given a “BUY” recommendation on IMH with a target price of ฿5.35/share.

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