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TRANSCRIPT
1Q2020
Disclaimers• The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or
the solicitation of an offer or invitation to purchase or subscribe for any securities of Chularat Hospital Public Company Limited (the“company”) in any jurisdiction nor should it or any part of it from the basis of , or be relied upon in any connection with, any contractor commitment whatsoever.
• This presentation may include information which is forward-looking in nature. Forward-looking information involve known andunknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in themarkets in which the company operates and general achievement of the company business forecasts, which will cause the actualresults, performance or achievements of the company to differ, perhaps materially, from the results, performance or achievementsexpressed or implied in this presentation.
• This presentation has been prepared by the company solely for the use at this presentation. The information in this presentation hasnot been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on,the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the company or anyof its agents or advisors or any of their respective affiliates, advisors or representatives, shall have any liability ( in negligence orotherwise) for any loss or damage howsoever arising from any use of this presentation or its contents or otherwise arising inconnection with this presentation. The information presented or contained in this presentation is current as of the date hereof and issubject to change without notice and its accuracy is not guaranteed. None of the Company, any of its affiliates or any of theirrespective agents, advisors or representatives, makes any undertaking to update any such information subsequent to the date hereof.
• This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upondirectly or indirectly for any investment decision-making or for any other purposes.
• This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or inpart, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws
2
ABOUT OUR COMPANY
749IPD BEDS
9HOSPITALS
4CLINICS
790DOCTORS
156OPD ROOMS
6EASTERN PROVINCES
* Established since 1986 (2529 BE) by Plussind Family
3
Plussind38%
Panyapol19%
Others43%
245
139
247
118
6134 33 28
CH3 CH9 CH11 Others
IPD Beds
OPD Rooms
• CH1• CH2• CH5
• CH7• CH8
• CH12• CH Cholvaej• CH Rayong
• CH304• RPC
Remark : CH1 and CH5 are small size hospitals (< 30 beds)4
Branch Type Year Established OPD Rooms IPD Beds
Chularat 1 Suvarnabhumi Hospital 1986 5 26
Chularat 2 Clinic 1990 2 -
Chularat 3 Inter Hospital 1991 49 193
Chularat 5 Hospital 1994 5 26
Chularat 7 Clinic 1993 1 -
Chularat 8 Clinic 1993 2 -
Chularat 9 Airport Hospital 1993 31 139
Chularat 11 Inter Hospital 1994 21 141
Chularat 12 Clinic 2012 2 -
Chularat Cholvaej Hospital 2014 (M&A) 5 56
Chularat Rayong Hospital 2016 (M&A) 5 50
Chularat 304 Inter Hospital 2018 14 59
RPC Hospital 2018 14 59
156 749Total
5In Service
CH Cholvaej
CH7, CH8, CH9
ConvenienceHospital Co., Ltd.
Bang Pakong Vejchakij Co.,Ltd.
Thai Amdon Co.,Ltd.
Chularat ArkanayCo., Ltd.
Cholvaej Hospital Co., Ltd.
Imports medical devices for Chularat Group
100%100% 100%
96.38%
Sattayabutr Inter Co., Ltd.
100%
Ruampat Chachoengsao
Hospital Co., Ltd.
100%
Chularat PhraeksaHospital Co., Ltd.
100%
Cancer Suvarnabhumi
Co., Ltd.
ChularatHospital Plc.
70% 64.58%
CH11, CH12RPCCH304
CH Rayong
Ruampat Mae Sot International Co., Ltd.
CH Mae Sot
80%
6
Mr. Kriengsak PlussindChairman of the Board
Dr. Kumpol PlussindManaging Director
Mr. Apirum PanyapolDirector
Dr. Wichit SirithadthamrongDirector
Dr. Suchai LaoveerawatDirector
Mrs. Kobkul PanyapolDirector
Mr. Yanyong AmornphithankkulDirector
Miss Kannikar PlussindDirector
Mr. Manit JeeraditIndependent Director& Chairman of Audit Committee
Mr. Chayawat PhisetsitIndependent Director& Audit Committee
Mr. Somyos YanubonIndependent Director& Audit Commitee
Dr. Pinit KullavanijayaIndependent Director
“BODs of CHG assembling specialists in medical services with specialists in finance and business management”
7
Dr. Kumpol Plussind
Managing Director
Dr. Rungarun SanthadkolkarnHospital Director of CH3
Dr. Yudthana Sanguansakdikosol
Deputy Managing Director & Hospital Director of CH9
Dr. Suchai LaoweerawatHospital Director of CH1 & CH5
Mr. Suppachoke Rojcheewin
Ms. Wandee PisanuvanavechDeputy Managing Director (Finance & Accounting)
Finance & Accounting Manager
“The team has successfully managed several medical service businesses with over 25 years of proven track record.”
Dr. Chutima Pinjaroen
Deputy Managing Director & Hospital Director of CH11&RPC
8
9
• Chularat 1 • Chularat 2
• Chularat 3• Chularat 5
• Chularat 7• Chularat 8• Chularat 9
Bangkok and Samutprakarn
• Chularat 11 • Chularat 12• Ruampat Chachoengsao
Chachoengsao
• Chularat Rayong
Rayong
Prachin Buri
• Chularat Cholvaej
Chonburi
• Chularat 304
“ Our logistics network supports timely preventive and curative cares.“
10
16 May 2013
• JCI accredited for Chularat 3 International
• Set up “Prostate cancer clinic” at Chularat 3 International
2014
2015• Asia’s 200 Best Under A Billion for Chularat Hospital
Group (CHG)
• HA Certificate : Step 2, Step 3 for Chularat 9 Airport and Chularat 11 International Hospitals.
IPO listing in
Stock Exchange
of Thailand
11
• Opened “IVF Center” at CH11
• Opened “Eye Center Suvarnabhumi” at Chularat 1 Suvarnabhumi
• Re-Accreditation of HA Certificate Step 2, Step 3 for Chularat 9 Airport and Chularat 11 International Hospitals.
• Re-Accreditation of JCI for Chularat 3 International.
Best Medical Performance Award for Chularat 3 International
Set up “3A center: Aesthetic and Anti-Aging Center” at Chularat 9 Airport
2017
2018
2016
2019
• Thailand Top’s Corporate Brand 2019 Award for CHG
• Re-Accreditation of HA Certificate Step 2, Step 3 for Chularat 9 Airport and Chularat 11 International Hospitals.
• Muang Thai Life Assurance Award and Allianz Ayudhya Best Medical Performance Award for Chularat 9 Airport
12
Health Service Infrastructure
Government health services
Private medical sector
Non-profit health services
Health Service Systems
Cash & Insurance
Premium Mid-tier
Managed care schemes
Social Security (SS) Civil Servants Security
National HealthSecurity (NHS)
13.1 M* 49 M* 4.5 M*
Thailand population = 66.6 million*
* Health and Welfare Survey 2019, National Statistical Office
13
Revenue Structure= (1) + (2) + (3)
Fixed Payment(Capitation)
Statistics( Work-related payment )
Per SpecialMedical Services
IPD
Subject to Nationwide Budget453 Baht/head/year*
( 447 Baht/head/year)***
Only 26 Chronic Diseases
All IPD casesClassified by DRG
Adj RW** ≥ 2
1 2 3
OPD
Basic Payment (Fixed)1,640 Babt/head/year*
( 1,500 Bt/head/year)***
* Effective date: 1 Jan 2020** Relative Weight, a measure of the average cost of caring for individual patients.*** Old SSO payment rate/budget during July 2017 – Dec. 2019 Note : Number of insured person under article # 33 ( Obligation) and # 39 ( Voluntary ) as of Mar. 2020 is about 13.4 Millions.
12,000 Baht/RW (Avg.)*746 Baht/head/year*
( 640 Baht/head/year)***
9.3% 16.6% 1.3%
14
General medicine with various subspecialties
Expertise : Heart center, Hand microsurgery, Stroke center, Cancer center, NICU & IVF center, REHAB..
Medical
Services
Laser & Beauty Center Spa & Thai Traditional Medicine Chinese Traditional Medicine
(Acupuncture) Anti-aging services
Alternative
Services
15
STROKE CENTER
& BRAIN SURGERY
NICU &
IVF CENTER
CANCER CENTER
HAND & MICROSURGERY
REHABILITATION CENTER
ENDOSCOPY
CENTER
PROSTATE
BRACHYTHERAPY
HEART CENTER
CATHLAB & EP
EYE &
LASIK CENTER
MIS SPINE &
GENERAL SURGERY
16
17
22
Aortic Aneurysm
Minimal Invasive Valve Surgery
Electrophysiology Studies (EPS)
Coronary Artery Catheterization / Percutaneous Coronary Intervention (CAG-PCI)
Cardiac Rehabilitation
Coronary Artery Bypass Grafting (CABG)
Atrial Septal Defect (ASD)
18
22
Brain Tumor
Neurosurgery
Minimally Invasive Surgery
Headache
Head & Brain injuries caused by accidents, falls and physical assault.
Dementia
Parkinson’s Disease (PD)
Stroke
ArteriovenousMalformation (AVM)
Cavernous Sinus Thrombosis (CST)
19
20
CustomerDiversification
Cost Control
ServiceQuality
• HA level 3 and JCI approval • Diagnosis & treatment quality
accredited by both private and public sectors
• Increasing specialized clinics to accommodate A-Class
• In 2019 : A-Class 63% • Social Welfare 37%• Short-term Target : A-Class > 60%• Long-term Target : A-Class > 70%
• Effective Cost control with maintained quality
• Pooling E-procurement with strategic alliances
• Cost & facilities sharing among the group.
LogisticNetwork
CSR
PotentialLocation
• Industrial area with high growth community, and closed to international airport
• Nearby highways
• 9 Hospitals and 4 clinics expanding in strategic locations for patient transfer & personnel rotation among the group
• Raise brand-awareness through CSR to strengthen the relationship with the communities and become the communities’ hospital
1
3
2
4
6
5
21
01 A-Class
Cash Corporate contracts & Insurance Motor Vehicle Accident Protection Act (1992) Workers Compensation Fund
02 Social Welfare
Social Security System National Health Security System *
* CH3 is a Referral Center for Heart disease. ( NOT a primary service provider under NHSO scheme. )
22
Customer Grouping
A Class
Social Welfare
01
02
03
04
Self Pay • Individual Patients in nearby areas Cash or credit card, based on actual medical treatment
Corporate Contract• Companies / plants in nearby area• Insurance company having medical
service contract with Chularat Group
Credit, based on actual medical treatment, capped by each contract
MVAP Act 1992• Motor vehicle accident patients
Credit, based on actual medical treatment, capped 80,000 Baht / case
Workers Compensation Fund (WCF)• Companies / plants in nearby area• Insurance company having medical
service contract with Chularat Group
Credit, based on actual medical treatment, capped 300,000 Baht / case
01Self Pay Social Security system (SSS)
• Labors / employees of companies or plants in nearby area
02National Health Security System (NHSS)
• Non-SS members (CHG dose not participate in “30 Baht” for universal coverage project”
Credit, based on actual medical treatment, under treatment rate specified by NHSO
Fixed Payment Advance payment, based on number of registered SS members
National Statistics BaseCredit, based on comparable national statistics
Per Special Medical ServicesCredit, based on actual medical treatment, under treatment rate specified by SSO
23
2015 2016 2017 2018 2019
2.297 M
142,222 155,132
2.357 M2.601 M
185,676
3,1553,657 3,876
4,4075,166
14%Revenue
NetProfits
Patients
OPD (Head)
IPD (Beds-Day)
1.815 M
122,756
2.153 M
140,821
538 565 566634
705
11%
15%7%
17%
5% 0% 12%
NI GROWTH (%)
REVENUE GROWTH (%)
Unit: Million Baht
Net ProfitMargin
CAGR 6.99%
CAGR 13.12%
17.1% 15.4% 14.5% 14.3% 13.6%
24
2014MA-Cholvaej MA-Rayong
GF – CH304 - JulyGF – RPC – Nov
7%
30%32%
31%
13%
36%28%
23%
5%
37%32%
26%9%
36%30%
25%
5%
32%33%
30%
A-Class OPD
A-Class IPD
SSO
NHSO
A-Class IPD
A-Class OPD
SSO
NHSO
3,155MB
3,637MB
3,876 MB
(51 : 49)
2015
A-Class OPD
SSO
NHSO
(55 : 45)
2016
(58 : 42)
2017
A-Class IPD
A-Class IPDA-Class
IPDNHSO
SSO
4,407 MB
A-Class OPD
(63 : 37)
2018
(63 : 37)
2019
5,166 MB
A-Class IPD
A-Class OPD
NHSO
SSO
15%7%
14%
17%
25
NHSO6%
SSO32%
A-Class OPD32%
A-Class IPD30%
NHSO6%
SSO32%
A-Class OPD32%
A-Class IPD30%
371 400
392 412
389 427
76
78
-
200
400
600
800
1,000
1,200
1,400
1Q19 1Q20
NHSO
SSO
A-Class : OPD
A-Class : IPD
7.2%
1,317 MB
(62 : 38)
1Q20
1,228 MB
(62:38)
1Q19
Revenue Breakdown by Customer group
26
1.9%
9.7%
5.2%
7.9%
Total A-Class revenue (OPD & IPD)
up 7% due to
2 New hospitals (CH304, RPC)
OPD – Revenue (MB)
OPD – Visiting Number (VN)
Unit : Million Baht
Unit : Head
873
1,093 1,216
1,445 1,654
392 412
2015 2016 2017 2018 2019 1Q19 1Q20
5.2%
14.5%
621,969 743,666
804,167 899,551
980,304
238,379 251,343
2015 2016 2017 2018 2019 1Q19 1Q20
5.4%
9%
27
39,861
50,268 52,256
61,050
72,477
17,376 18,147
2015 2016 2017 2018 2019 1Q19 1Q20
744 902
1,016
1,310
1,581
371 400
2015 2016 2017 2018 2019 1Q19 1Q20
IPD – Revenue (MB)
IPD – Admission Number (AN)
4.4%
18.7%
7.9%
20.7%
Unit : Million Baht
Unit : Head
28
1,132 1,315
1,452 1,409 1,578
389 427
2015 2016 2017 2018 2019 1Q19 1Q20
• Number of insured persons = 13.4 million ( Mar 2020, SSO) by law article #33 [obligation] and #39 [voluntary]• Approx. Unemployment rate = 1% ( Mar. 2020, Labor Market Research Division )
SSO – Registered Member (Average )
9.7%
345,477 396,676 402,018 421,700 435,537 430,918 443,489
2015 2016 2017 2018 2019 1Q19 1Q20
3.3%
SSO – Revenue (MB) 11.9%
SSO revenue up 10% due to
Increased fixed payment rate per head
per year.
Increased number of registered
members.
Accrued medical treatment income of
chronic diseases.
Unit : Million Baht
Unit : Head
2.9%
29
CH342.6%
CH921.0%
CH1115.3%
Others21.1%
CH340.1%
CH9, 20.3%
CH1115.6%
others, 24.0%
CH3
CH9
CH11
others
Major contributors : Chularat3, Chularat9, Chularat11 = 76% ( 1Q19 = 79% )
3.7%
9.1%
1%
22.2%
Growth (YoY)7.2%
30
1,317 MB
1Q20
1,228 MB
1Q19
794 822 850 878 907 930 966 959 993
566 566 591 634 595 578672
756
607
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
129R126R132R 143R
144R 150R146R156R
149R
71.3% 68.9% 69.5% 72.2% 65.6% 62.1% 69.6%78.8%
61.1%
Unit : ‘000 Head
• Max. capacity = Rooms x 365 days x 70 (avg. patient/day/room)
Basis: Yearly
2,370 2,576
3,081 3,233 3,344
3,763
1,634 1,815
2,154 2,297 2,357 2,601
2014 2015 2016 2017 2018 2019
60.9%70.5% 69.9% 71.1% 70.5% 69.0%
121R127R
101R93R
131R
Basis: Quarterly
147R
Unit : ‘000 Head
31
Unit : Beds-Day
53,910 54,509
63,112 65,309 67,410 68,159 68,908 68,908 68,159
37,737 34,504 42,979 39,912
44,799 42,208
51,448 47,221 44,878
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
599B
686B
70.0% 63.3% 68.1% 61.1% 66.5% 61.9%74.7% 68.5% 65.8%
599B
749B
• Max. capacity = Beds x 365 days
137,240 141,620
184,887
213,994 236,840
273,385
112,067 122,756
140,821 142,222 155,132
185,676
2014 2015 2016 2017 2018 2019
749B
505B
586B
81.7% 86.7%76.2%
66.5% 65.5% 67.9%
649B
Basis: Yearly
Basis: Quarterly
Unit : Beds-Day
388B376B
749B749B749B749B 749B
32
1,232
375
299
179
1,322
386320
186
Total revenue Gross profit margin EBITDA NI
1Q2019 1Q2020
Unit: Million Baht
33
30.5%
14.6%
24.3%
14.2%
29.3%
24.3%
Growth (YoY)
NI
Total Revenue
Gross profit
EBITDA
7.3%
2.9%
7.0%
3.9%
ROA
Asset & Capital Profile
ROE
13%
10%
9%
5%
63%
Short term loan
Long term loan
Account Payable
Other Debt
Equity
18.7% 18.5% 17.6% 18.5% 19.4%17.9%
0.0%
10.0%
20.0%
30.0%
2015 2016 2017 2018 2019 1Q20
1Q20 Equity = 4,069 MB, Debt = 2,354 MB1Q20 Asset = 6,423 MB
9%
17%
65%
10%Cash
Account Receivable &Accrued Revenue
PP&E
Others
1Q20 1Q20
DE0.58
ASSET STRUCTURE CAPITAL STRUCTURE
34
14.4%
19.7%17.2%
15.0% 14.8% 14.4%
0.0%
10.0%
20.0%
30.0%
2015 2016 2017 2018 2019 1Q20
• Samutprakarn
• Apprx 2,000 sq.m.
• High Energy Radiation (LINAC)
• IPD : 10 Beds
Suvarnabhumi Cancer and Radio Therapy Center (Cancer center)
• CAPEX 250 MB
• Start construction in 2020
• Expect to operate in 2021
35
• Mae Sot district, Tak province
• Approx. 6 Rai
• IPD : 100 Beds
• Target : A-Class patient
• CAPEX PLAN 600 MB
• Start construction in 2020
• Expect to operate in 2021
Chularat Mae Sot International Hospital
36
37
10,000 Heart Heroes for safe life #4th year
38
Bring good health to the community
39
Sharing to our community
JCI & HA Accreditation Corporate Governance
4 consecutive years since 2016
40
AdjRW Adjusted Relative Weight
CAGR Compound Annual Growth Rate
CH Chularat Hospital
DRG Diagnosis Related Group A statistical system of classifying any in-patient stay into groups for the purpose of payment.
HA Hospital Accreditation
IPD In-Patient Department
JCI Joint Commission International
MAVP Act 1992 Motor Accident Vehicle Protection Act 1992
NHSS National Health Security System
NHSO National Health Security Office
NICU Neonatal Intensive Care Unit
OPD Out-Patient Department
PP&E Plants, property & Equipment
Registered SS Member Registered Social Security Member
ROA Return on Assets
ROE Return on Equity
SSS Social Security System
SSO Social Security Office
WCF Working Compensation Fund41
095 370 9059