RPH : RATCHAPHRUEK HOSPITAL PUBLIC COMPANY LIMITED
9M/2023 (Jan - Sep 2023)
Business Overview
Hospital service businesses are currently operated through Ratchaphruek Hospital as a private medical facility admitting patients for overnight stays. The Company' service coverage areas include Khon Kaen, Neighboring provinces as well as neighboring Indochina countries.
Financial Statement
9M23 9M22 2022 2021
Income Statement (MB)
Revenues 881.08 1,095.56 1,340.26 1,424.46
Expenses 694.59 723.49 976.51 914.70
Net Profit (Loss) 147.77 294.42 286.47 402.99
Balance Sheet (MB)
Assets 1,924.03 2,085.99 2,008.69 2,214.52
Liabilities 195.24 357.42 285.82 534.67
Shareholders' Equity 1,728.79 1,728.57 1,722.86 1,679.85
Cash Flow (MB)
Operating 270.29 306.70 483.66 291.31
Investing -13.70 -71.13 -82.29 -19.97
Financing -262.41 -294.09 -322.29 -192.51
Financial Ratio
EPS (Baht) 0.27 0.54 0.52 0.74
GP Margin (%) 35.82 43.12 37.64 47.12
NP Margin (%) 16.77 26.87 21.37 28.29
D/E Ratio (x) 0.11 0.21 0.17 0.32
ROE (%) 8.09 32.65 16.84 26.56
ROA (%) 8.89 32.23 17.23 25.37
Business Plan

STRENGTHEN BRANDING AND POSITIONING

  • Value Cost
  • Expand Portfolio of Expert and Specialized Doctors
  • Marketing and Promoting Activities to Raise Awareness and Build Trust

MAXIMIZE UTILIZATION OF EXISTING HOSPITAL

  • Introduce Wellness Services
  • Add Additional Centers of Specialty to Expand Capabilities

EXPANDING PATIENT BASE

  • Increase Health Insurance Patient Segment
  • Capture foreign patients
  • Expand Hospital to Capture SSO Customer Base and Seek Opportunities to Capture Ageing Population
  • Renovate Old Hospital to Capture Beauty Consumers

SEEKING FOR NEW OPPORTUNITIES FOR EXPANSION

  • Explore New Locations for Growth
  • Obtain Business Partners


Business Highlight

OPERATING REVENUE BREAKDOWN

YoY: Q3/2023 vs Q3/2022

  • Operating revenue was Baht 321.4 million, increasing by Baht 38 million or 13.4% mainly due to the increasing number of non-COVID-19 patients while COVID-19 patients decreased significantly as the pandemic subsided. 

QoQ: Q3/2023 vs Q2/2023

  • Operating revenue was Baht 321.4 million, increased by Baht 36.6 million or 12.8% mainly due to number of patients driven by outbreaks of diseases such as RSV and the flu. 

YoY: 9M/2023 vs 9M/2022

  • Operating revenue was Baht 870.9 million, decreased by Baht 217.1 million or 20.0% from 9M/2022 mainly due to the high base in 2022 with revenues from COVID-19 treatments in Cohort Ward, Hospitel in many locations and Home isolation. In 2023, COVID-19 pandemic subsided, resulting in a lower number of COVID-19 patients.  
  • The non-covid revenue of the Hospital increased 23.0% YoY mainly due to the ability of the hospital to improve top-line and increased number of patients and new patients from marketing activities.
Performance and Analysis
Business Performance Summary

GROSS PROFIT

YoY: 9M/2023 vs 9M/2022

Gross profit was Baht 311.9 million, decreasing by Baht 157.2 million or 33.5%, and GPM of 35.8%, decreasing from 43.1% in 9M/2022 mainly due to:

•Decreased in revenue caused by the lower Covid-19 infection patients

•Increased proportion of the cost of goods sold as the cost of Non-Covid patients is higher than the cost of Covid patients as well as increased cost of medicines and medical supplies.

NET PROFIT

Net Profit was Baht 147.8 million, decreasing by Baht 146.7 million or 49.8%, and NPM of 16.8%, decreasing from 26.9% in 9M/2023 mainly due to:

•Decreased revenue caused by the lower Covid-19 infection patients. While the revenue from non-covid patients increased due to the increased number of patients.

•Increased expenses from medicines and medical supplies, electricity costs, depreciation, expenses related to Global Healthcare Accreditation (GHA) ,and promotion expense

Key Milestones

KEY MILESTONES 2023

  1. Achieved JCI Standards Re-Accreditation.
  2. Received Global Healthcare Accreditation (GHA), a first in the Northeastern region.
  3. Awarded a 5-star rating or 'Excellent CG Scoring' for 2023 corporate governance.
Risk Management Policy
Recent Awards and Recognitions

On 31 October 2023, Ratchaphruek HospitalPublic Company Limited (RPH) has achieved the corporate governance score at an “Excellent” level of recognitions (5 stars) for first years under the Corporate Governance Report of Thai Listed Companies (CGR) Project undertaken by Thai Institute of Directors Association (IOD) with support from the Stock Exchange of Thailand (SET). 

Revenue Structure
Health care 100%
Stock Information
SET / SERVICE / HELTH
Closing price RPH SET index 7.00 6.00 5.00 1714.00 1609.00 1504.00 1399.00 3-10-22 5-1-23 31-3-23 4-7-23 29-9-23
as of 29/09/23 RPH HELTH SET
P/E (X) 27.13 35.47 20.33
P/BV (X) 2.04 4.48 1.44
Dividend yield (%) 5.43 2.24 3.18
29/09/23 30/12/22 30/12/21
Market Cap (MB) 3,521.70 3,303.30 3,330.60
Price (B/Share) 6.45 6.05 6.10
P/E (X) 27.13 6.36 15.27
P/BV (X) 2.04 1.91 2.29
CG Report:
Company Rating:
Major Shareholders
as of 22/08/2023
MR.TEERAWAT SRINAKARIN (11.73%)
THONBURI HEALTHCARE GROUP (7.00%)
MR. VALLOP LAOPAIBOON (4.52%)
MISS AMPORN RUANGPRASERTKUN (4.03%)
MR.THANA SIRITHANACHAI (2.69%)
Others (70.03%)
Company Information and Contact
http://www.rph.co.th
info@rph.co.th
0-4333-3555
456 Moo14, Mittraphap Rd., Muang Khon Kaen 40000
Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=RPH
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Published on 04/12/2023