Bangkok Chain Hospital Public Company Limited (BCH) operated its business as a group of hospitals which consists of fifteen hospitals, two polyclinics, and one Kasemrad ARI Radiation Oncology Clinic and Bangkok Chain Laboratory (BCL) in Bangkok, upcountry and Laos 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, to provide medical service for general patients both Thai and International patient and Social Security Patients. BCH has a total of 2,323 registered beds and 684 examination rooms. The hospitals are accredited both nationally with Healthcare Accreditation (HA) and internationally with Joint Commission International (JCI).
| 2024 | 2023 | 2022 | 2021 |
|---|
| Revenues | 11,846.15 | 11,848.13 | 18,918.47 | 21,533.42 |
| Expenses | 10,121.53 | 9,870.42 | 14,717.43 | 12,030.64 |
| Net Profit (Loss) | 1,282.37 | 1,406.36 | 3,038.91 | 6,846.00 |
| Assets | 17,374.85 | 17,730.69 | 19,796.46 | 26,383.76 |
| Liabilities | 3,347.88 | 4,026.23 | 6,286.66 | 12,078.12 |
| Shareholders' Equity | 12,955.42 | 12,593.97 | 12,444.90 | 12,979.72 |
| Operating | 2,677.09 | 4,183.10 | 5,714.61 | 6,256.41 |
| Investing | -1,557.74 | -918.71 | -758.81 | -1,495.48 |
| Financing | -1,927.64 | -3,679.52 | -6,877.68 | -1,184.67 |
| EPS (Baht) | 0.51 | 0.56 | 1.22 | 2.75 |
| GP Margin (%) | 27.70 | 31.25 | 32.41 | 50.77 |
| NP Margin (%) | 11.86 | 12.48 | 16.69 | 34.86 |
| D/E Ratio (x) | 0.24 | 0.29 | 0.47 | 0.84 |
| ROE (%) | 10.04 | 11.23 | 23.91 | 68.93 |
| ROA (%) | 10.29 | 10.40 | 18.20 | 44.30 |
The Company has an expansion plan for two hospitals as follows:
- Kasemrad Hospital Suvarnabhumi, located in Samut Prakan Province, has approximately 268 licensed beds. Currently, the land is being prepared, and an EIA is being submitted. Construction is expected to begin in 2025 and the hospital is anticipated to open in early 2027.
- Kasemrad Hospital Rayong, located in Rayong Province, has purchased approximately 30 rai of land in Mueang District, Rayong. This land will be used for the expansion of Kasemrad Hospital Rayong. Construction is expected to start in 2026 and the hospital is anticipated to open by 2028.
Environment: BCH emphasizes environmental policies, including conserving water and electricity, the selection of materials and products certified with environmental standards, as well as the use of clean energy through the installation of solar rooftops.
Social: BCH focuses on promoting the quality of life and improving healthcare accessible through medical treatments, such as organizing seminars to promote health knowledge, providing mobile health check-up services, and donating food, medicine, and essential supplies.
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.
- Kasemrad Ari Radiation Oncology Clinic is providing services to social security patients from hospitals within the network and is in the process of expanding services to include patients under the universal coverage scheme and civil servant.
- Kasemrad Plastic Surgery (KPS) has signed a partnership agreement with the Korean College of Cosmetic Surgery (KCCS) to enhance medical staff and service methods.
- Bangkok Chain Dental began providing proactive dental services through a mobile dental unit in six provinces: Bangkok, Nonthaburi, Nakhon Ratchasima, Chonburi, Pathum Thani, and Rayong province. These services cover all types of payment.
- Karunvej hospital Pathumthani has been upgraded to Kasemrad hospital Pathumthani, and it has opened a new self-pay patient building and a specialized medical center, along with newly renovated areas in the original building.
- Three new hospitals have shown continuous improvement in performance.
Revenue from hospital operating
- Revenue and volume of OPD patients increased especially in specialized medical center such as Internal Medicine center, Pediatrics Center, Preventive and Rehabilitative Medicine Center, and the Kasemrad Plastic Surgery (KPS) and Bangkok Chain Dental (BCD) mobile dental services.
- Revenue from social security patient increased slightly by 1.0% because the Company was impacted by the reduction in service rates for complex treatment (RW>2) which affected total revenue by a decrease of (244.8) million Baht. Excluding non-recurring items, the business continues to grow, with the number of insured reaching 1.34 million, a 1.7% increase.
- Revenue from international patients declined 16.3%. However, excluding Kuwaiti patients, it grew 17.3%, driven by increased revenue from UAE and Omani patients. The company also expanded its Libyan patient base, receiving positive from the IVF center and Physical Rehabilitation Centers, along with growth in patients from the Maldives in 2025.
- Revenue from CLMV patients grew by 19.0%, mainly from treatments at hospitals near the Thai border.
- BCH conducted annually risk assessment of occupational health and safety in the hospital to mitigate work-related incident and impact to patients, employees and stakeholders.
- BCH received the SET ESG RATING of 2024 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 by Thaipat Institute for the 7th consecutive year.
- BCH received a sustainability disclosure recognition from the Thaipat Institute
- BCH received an award in the Business Excellence category for Outstanding Investor Relations Awards at the SET Awards 2024.
| as of 30/12/24 | BCH | HELTH | SET |
|---|---|---|---|
| P/E (X) | 25.84 | 24.24 | 19.33 |
| P/BV (X) | 3.01 | 3.39 | 1.40 |
| Dividend yield (%) | 2.29 | 2.57 | 3.23 |
| 30/12/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 38,154.34 | 55,859.95 | 51,121.83 |
| Price (B/Share) | 15.30 | 22.40 | 20.50 |
| P/E (X) | 25.84 | 44.74 | 9.74 |
| P/BV (X) | 3.01 | 4.59 | 4.19 |
