It is one of the few IPOs that does not disappoint investors. for cosmetic surgery Master Style Public Company Limited or MASTER which operates a beauty hospital business providing comprehensive cosmetic surgery services under the name “Masterpiece Hospital” Because from the first day of entering the stock market on January 25, 2023, it closed at 69 baht, 50% higher than the IPO price of 46 baht.
while currently trading at 83 baht, or more than 80.43% higher than the IPO
Turning to looking in terms of performance, he did well. Recently, the financial statement for the 1st quarter of 2023 came out, net profit jumped. 30.19% in 71.55 million baht Increased from the same period last year with a net profit of 54.97 million baht, with revenue from hospital operations 435.79 million baht, an increase of 83.28% from the same period last year with revenue from hospital operations 237.77 million baht.
that the 1st quarter of 2023 grew, and the 2nd quarter of 2023 should continue to grow Boosted by returning customer confidence. especially foreign customers who come to use the hospital’s service for cosmetic surgery has increased more than 20%, including customers from Arabs, Chinese and Cambodians, etc.
together with the previous period 10 operating beds were added, resulting in a total of 17 operating rooms; 10 patient beds were added, resulting in a total of 17 beds; and 12 recovery beds were added, resulting in more recovery beds, a total of 20 beds, helping to support this year’s total revenue to grow by 40% in line with the target set.
while MASTER There is still a scoop of funding to support business expansion. Including closing business acquisitions (M&A), which by the year 2023 is aiming for 3 deals, it recently bought a 40% stake in Mee Plan Dee Co., Ltd. (Mee Plan Dee), operating a beauty clinic business under the name “WIND Clinic” currently has 2 branches in Bangkok and Ubon Ratchathani. The process is expected to be completed by the third quarter of 2023. The remaining two deals will be cleared in the second half of the year.
Encourages the growth target set that there will be revenue growth of 40% per year from the proposed business expansion in the next 3 years (2023-2025). By continuing to increase the strength of being Good Tech or healthcare using technology to help serve customers. It wouldn’t be too far out of reach.
while Trinity Warranties he said the investment in Wind Clinic from MASTER It is expected to start recognizing profit in the second half of 2023 onwards and will see more profit from synergy in the future. The share of revenue from foreign customers has increased to 20% of revenue and foreign customers are expected to grow from new markets such as Indonesia, which is expected to grow significantly in the 2nd quarter of 2023 from the previous quarter and the same period last year. from the start of the new Operating Room service has more than doubled The net profit in 2023-2224 is expected to continuously reach new highs at 450 million baht and 950 million baht, respectively.
for valuation (Valuation) Current stock price MASTER trades at a P/E of 64.44 times, compared to the overall market P/E of 18.31 times, which is considered to trade several times above the market, in line with a P/BV of 7.52 times, which is higher than the average P/BV of most at a level of 1.49 times.