KTMS : KT Medical Service Public Company Limited
YE/2566 (Jan - Dec 2023)
Business Overview

Hemodialysis centers and Water purification system for hemodialysis as well as full medical sales and services with international quality standards.

Financial Statement
2023 2022 2021 2020
Income Statement (MB)
Revenues 461.58 385.08 313.79  
Expenses 440.31 354.60 287.29  
Net Profit (Loss) 14.21 21.18 16.80  
Balance Sheet (MB)
Assets 661.62 682.19 388.57  
Liabilities 167.94 195.28 155.85  
Shareholders' Equity 489.88 485.48 232.73  
Cash Flow (MB)
Operating 1.63 52.01 0.72  
Investing -204.31 -103.28 -41.21  
Financing -36.89 271.02 81.27  
Financial Ratio
EPS (Baht) 0.05 0.09 18.55  
GP Margin (%) 18.23 19.02 20.35  
NP Margin (%) 2.94 5.48 5.36  
D/E Ratio (x) 0.34 0.40 0.67  
ROE (%) 2.91 5.90 7.22  
ROA (%) 3.17 5.69 6.82  
Business Plan

1. KT Medical Service Public Company Limited. Currently, we have

plans to expand branches and Hemodialysis machines. In first quarter of 2024, we expected to expand branches about 1 - 2 branches and increase about 6 - 24 Hemodialysis machines according to economic environment, marketing and supply chain.

2. Nephro Vision Company Limited. Currently, we have plans to expand branches and Hemodialysis machines in first quarter of 2024 for 1 branch and increase about 8 - 12 Hemodialysis machines.

3. Irving Corporation Limited. Currently, we received purchase orders of water purification system from customers by 9 projects in an amounting of Baht 7.77 million and hemodialysis center decoration by 2 projects in an amounting of Baht 0.69 million which expected to be completed in first quarter of 2024.

4. Medical Vision Company Limited. Currently, we received purchase orders of installation of pneumatic tube system of equipment for medical service from customers by 7 projects in a total amounting of Baht 11.77 million, which under installation and expected to be completed in first quarter of 2024.

Sustainable Development Plan

The company is committed to conducting business on the basis of good corporate governance and enhance sustainable development important matters are as follows:

1. Adhere to conducting business with fairness and evident in

good corporate governance.

2. Emphasizes all employees levels to support, encourage and operate in accordance with the sustainable development policy.

3. Raise awareness and responsibility for sustainable development to continuously encourage responsible operations throughout the corporate value chain.

4. Committed to personnel development and bring knowledge and expertise to company services in order to participate in improving life quality of sustainability community.

Business Highlight

KT Medical Services Public Company Limited (“KTMS”) operates the business of providing hemodialysis services. (Hemodialysis) both in the form of hemodialysis clinic (Stand-Alone) and hemodialysis units in hospitals (Outsource). Currently, there are 28 Hemodialysis Center and 349 Hemodialysis Machines.

Performance and Analysis
Business Performance Summary

Revenues from sales and services was increased from previous year in an amounting of Baht 78.29 million or 20.69 percent. Mainly came from Hemodialysis Business from increase in quantity of patients and branches expansion were continuous increasing.

Administration expenses was increased from previous year in an amounting of Baht 15.98 million or 36.66 percent. Mainly came from employee expenses was increased from got new employees during 2022 - 2023 and annual salary increased, donation expenses to government hospitals and advertising expense etc.

Net profit was decreased from previous year in an amounting of Baht (7.51) million or (35.59) percent. Mainly came from increasing of administration expenses according to the reason which mentioned above.

Key Milestones

• On 5 June 2015, the company was initial registered capital of Baht 10.00 million.

• In 2016, the company was started open first clinic of hemodialysis services in Bangkok.

• In 2020, the company was restructured the company and its subsidiaries to prepare for the initial public offering ordinary shares (IPO). As a result, the company became a major shareholder in IRV and MV holding 99.99%.

• On 6 May 2022, the company was conversed from a private limited company to a public limited company.

• On 20 May 2022, the company invested in a subsidiary, Nephro Vision Co., Ltd. which has an operates the business of providing hemodialysis services and registered capital of Baht 10 million.

• The Market for Alternative Investment (mai) approved the listing of the ordinary shares of the company, and the trade of shares commenced on 23 December 2022.

• On 13 September 2023, Nephro Vision Co.,Ltd. ("its subsidiary") was registered capital increase from Baht 10 million to Baht 40 million.

Risk Management Policy

The Board of Directors recognizes the importance of risks that may affect business operations that fail to achieve the objectives and goals set forth. Therefore, the Company has established a Risk Management Committee to direct management to carry out risk management operations throughout the organization (the Company and its subsidiaries). The Company identified the factors in the 2022 Annual Report (E.56-1 ONE REPORT), remembering all

4 aspects of business and operations risk, management risk, financial risk and investment of securities holders risk. However, the above risk management methods can be studied. At the 2022 Annual Report (E.56-1 ONE REPORT) of additional companies.

Recent Awards and Recognitions

KT Medical Service Public Company Limited or KTMS proven operational excellence after being listed on the Stock Exchange of Thailand for the first year. The Company received an Excellent CG Scoring score of 5 stars in the Corporate Governance Survey of Thai Listed Companies (CGR) for the year 2023 organized by the Thai Institute of Directors Association (IOD) under the support of the Stock Exchange of Thailand and the Securities and Exchange Commission (SEC).

Revenue Structure
Hemodialysis 77.7% Water system installation & PM 17.23% Pneumatic tube installation 5.07%
Stock Information
mai / SERVICE
Closing price KTMS mai index 5.00 3.00 1.00 637.00 530.33 423.67 317.00 3-1-23 31-3-23 4-7-23 29-9-23 28-12-23
as of 28/12/23 KTMS SERVICE mai
P/E (X) 49.73 61.33 109.18
P/BV (X) 1.61 2.55 2.17
Dividend yield (%) 1.26 1.66 1.53
28/12/23 30/12/22 -
Market Cap (MB) 780.00 1,104.00 N/A
Price (B/Share) 2.60 3.68 N/A
P/E (X) 49.73 44.18 N/A
P/BV (X) 1.61 2.27 N/A
CG Report:
Company Rating:
Major Shareholders
as of 31/12/2023
Filter Vision Public Company Limited (53.08%)
Mr. Siththawee Kriatchawanun (5.91%)
Ms. Kanjana Pongpattanadecha (5.71%)
SMEs Private Equity Trust Fund 2 (3.72%)
Ms. Kamonthip Kriatchawanun (1.96%)
Others (29.62%)
Company Information and Contact
http://www.ktms.co.th
ir@ktms.co.th
0-2517-0274
95 Soi Ram Inthra 117, Ram Inthra Road, Min Buri, Min Buri Bangkok 10510
Other Trading Info. : https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=KTMS
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Published on 19/03/2024