Bangkok Chain Hospital (BCH) is a prominent player in the healthcare sector, renowned for its exceptional services. Moreover, the company holds the largest share of insured person under Social Security Scheme. With a capacity of 2,254 licensed beds and 606 exam rooms, BCH operates hospital network which has attained to national standard, Healthcare Accreditation (HA) and international standard, Joint Commission International (JCI). There are fifteen hospitals and two polyclinics to provide medical services in the level of primary - tertiary care under four hospital groups; 1.World Medical Hospital Group 2.Kasemrad International Hospital Group 3.Kasemrad Hospital Group 4.Karunvej Hospital Group. Lastly, BCH aims to operate the business under ESG policies.
| 2023 | 2022 | 2021 | 2020 |
|---|
| Revenues | 11,848.13 | 18,918.47 | 21,533.42 | 9,021.36 |
| Expenses | 9,870.42 | 14,717.43 | 12,030.64 | 7,187.34 |
| Net Profit (Loss) | 1,406.36 | 3,038.91 | 6,846.00 | 1,229.40 |
| Assets | 17,730.69 | 19,796.46 | 26,383.76 | 16,527.30 |
| Liabilities | 4,026.23 | 6,286.66 | 12,078.12 | 8,900.99 |
| Shareholders' Equity | 12,593.97 | 12,444.90 | 12,979.72 | 6,884.50 |
| Operating | 4,183.10 | 5,714.61 | 6,256.41 | 1,863.16 |
| Investing | -918.71 | -758.81 | -1,495.48 | -2,597.35 |
| Financing | -3,679.52 | -6,877.68 | -1,184.67 | 885.57 |
| EPS (Baht) | 0.56 | 1.22 | 2.75 | 0.49 |
| GP Margin (%) | 31.25 | 32.41 | 50.77 | 33.08 |
| NP Margin (%) | 12.48 | 16.69 | 34.86 | 15.43 |
| D/E Ratio (x) | 0.29 | 0.47 | 0.84 | 1.17 |
| ROE (%) | 11.23 | 23.91 | 68.93 | 18.72 |
| ROA (%) | 10.40 | 18.20 | 44.30 | 11.99 |
BCH has ongoing projects, including a comprehensive radiation oncology clinic near World Medical Hospital, which will become the referral center for cancer patients. Its operation is expected to commence in 2024. Another project is KH Suvarnabhumi, situated in Samut Prakan, offering tertiary care for both general and ss patients. Construction is scheduled to start in 2024, with operation expected to begin in early 2027. Furthermore, BCH is continuously renovating and upgrading technologies in the existing hospitals. KH Bangkae is renovating for new service areas and KH Maesai will construct a new building aimed at enhancing service capability.
Environment: BCH emphasizes environmental policies, including conserving water and electricity. Additionally, the company has installed solar rooftops in four hospitals. Moreover, BCH promotes online meetings and events and also focuses on effective waste management through initiatives like the YouTurn project, with a particular emphasis on recycling plastic bottles.
Social: BCH focuses on promoting the quality of life and improving healthcare accessible through medical treatments. The organization also promotes human resource development and human rights risk assessment. Additionally, the company tries to maintain a good relationships with suppliers, and organizes Health fair that provides users with valuable medical knowledge.
Governance: BCH adheres to operating its business under good a corporate governance, increasing customer satisfaction as well as facilitating effective communication of policies to all stakeholders.
- In 2023, BCH concentrated on expanding its patient base across all levels especially international patients due to the reopening for cross-border activities and stimulating the local economy by the Thai government. The company also introduced new specialized centers in the existing hospitals, for example KIH Aranyaprathet inaugurated aesthetic center, WMH inaugurated WMC new frontier cancer center and KH Saraburi launched a surgical oncology day care unit.
- BCH and its affiliated hospitals have expanded services through collaboration with partners, such as focusing on the preventive and aesthetic care market through collaboration with Bujeong clinic, and emphasizing the nursing home care through a collaborative project between World Medical Hospital and Senior Senera Wellness.
- BCH maintained resilient capital structure with financial debt to equity ratio at 0.11 times.
- The revenue of three new hospitals is gradually increasing. Furthermore, they are actively participating in both online and offline marketing activities, expanding insurance and clinic networks to enhance patient base and raise awareness.
- In the fiscal year 2023, the company reported revenue of 2,044 MB and served 141,772 international patients, marking a record high for the company. This increase was primarily due to the return of patients after the reopening of borders, particularly from the Middle East and CLMV regions.
- BCH and affiliated hospitals provide proactive medical services and health check-ups to various customers. For instance, BCH serves insurers under the social security scheme in Nonthaburi, Pathumthani, Prachinburi, and Ayudhaya, employees of the company under Federation of Thai Industries, police officers, and employee of electricity and waterworks authorities.
- As of Dec 16, 2023, the number of insured individuals reached 1.016 million people, contributing to continuous revenue growth. Additionally, SSO raised the basic capitation by 10 percent since May 1, 2023. The revenue has also increased from the complex disease treatment, health check-ups, vaccinations and the MOU of medical treatments, covering five diseases. Currently, ten affiliated hospitals has joined this project. Moreover, SSO has extended the project until June 2024.
- BCH has been certified for the second consecutive year by Thai Private Sector Collective Action against Corruption providing corruption risk assessment related to the company's suppliers.
- BCH received the SET ESG RATING of 2023 attaining the AA level, organized by the Stock Exchange of Thailand.
- BCH received an “Excellent” CG scoring or 5-star rating in the Corporate Governance Report for Thai Listed Companies (CGR).
- BCH has been listed in ESG100 for the sixth consecutive year.
| as of 28/12/23 | BCH | HELTH | SET |
|---|---|---|---|
| P/E (X) | 44.74 | 31.92 | 18.42 |
| P/BV (X) | 4.59 | 4.24 | 1.36 |
| Dividend yield (%) | 3.57 | 2.33 | 3.32 |
| 28/12/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 55,859.95 | 51,121.83 | 50,124.33 |
| Price (B/Share) | 22.40 | 20.50 | 20.10 |
| P/E (X) | 44.74 | 9.74 | 10.79 |
| P/BV (X) | 4.59 | 4.19 | 4.75 |
