Yuanta Securities (Thailand) publish an analysis Recommended “Buy” Master Style Public Company Limited or MASTER shares cosmetic surgery hospital under the name Ysbyty Campwaith By giving a target price at the end of 2023 at 92.50 baht, the preliminary forecast of the profit trend in the 2nd quarter of 2023 is over 80 million baht and has the opportunity to make a new high (New High) because the revenue in the first 2 months of this quarter quite well. Only in June 2023, another 10 OR rooms have been added and foreign customers are growing high.
Operating results are expected in the quarter 3/2023-4/2023 There is a high chance that new ORs will reach new highs every quarter, and the skin and hair care businesses will receive 30% more customers, and the share of marketing expenses to revenue continue to fall, including M&A which will be successful this year. at least 2 deals
Therefore, Yuanta Securities Therefore, we still have a positive view. Although the share price is trading on a 2023 PER of around 43x, there are many other factors that are not included in the projection as well. And the share price has fallen by 13% in the last 1 month, resulting in a more favorable return than the target price.
side Trinity Warranties publish an analysis Recommend “speculative buying” of MASTER shares Ready to set a target price of 90 baht based on the 2023 earnings forecast and compared to a P / E level of 4 times, which corresponds to PEG at 0.95 times. Trinity Securities’ forecast is upside down from the outset Provide a faster operating room service As a result, it can cater for more customers. and a higher proportion of foreign customers
MASTER’s addition of 10 ORs will boost profits in Q2/2023, while investment in the Wind Clinic is expected to start recognizing profits in Q2/2023 onwards and will see increased profits from synergy in the future together. In addition, the share of income from foreign customers has increased to 20% of revenue and foreign customers are expected to continue to grow from new markets such as Indonesia.
It is expected that, in the second quarter of 2023, MASTER’s performance will grow significantly throughout the previous quarter. and the same quarter last year from the start of the new Operating Room service more than doubled And it is expected that the net profit in 2023-2024 will continuously reach a new peak at 450 million baht and 590 million baht, respectively.
