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TRANSCRIPT
2Q2020
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
731DOCTORS
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
5In Service
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
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)
13.0 M* 51.5 M** 4.5 M**
Thailand population 2019 = 67.9 million **
13** Source : Health and Welfare Survey 2019, National Statistical Office
* Number of insured person under article # 33 ( Obligation) and # 39 ( Voluntary ) as of June. 2020.
Revenue Structure= (1) + (2) + (3)
Basic 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
OPD1,640 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.*** SSO payment rate/budget during July 2017 – Dec. 2019 Note : Number of insured person under article # 33 ( Obligation) and # 39 ( Voluntary ) as of June. 2020 is about 13 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
3,1553,637 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%
24M&A CH Rayong
Green FieldCH304 (July) & RPC (Nov)
2014M&A
CH Cholvaej
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
NHSO9%
SSO37%A-Class
OPD28%
A-Class IPD26%NHSO
7%
SSO31%
A-Class OPD32%
A-Class IPD30%
349 303
380 315
366 426
84 102
-
200
400
600
800
1,000
1,200
1,400
2Q19 2Q20
NHSO
SSO
A-Class : OPD
A-Class : IPD
1,146 MB
(54:46)
2Q20
1,179 MB
(62:38)
2Q19
-2.8%
Revenue Breakdown by Customer group
26
20.6%
16.6%
-17.1%
-13.2%
NHSO7%
SSO35%
A-Class OPD29%
A-Class IPD29%
NHSO7%
SSO31%
A-Class OPD32%
A-Class IPD30%
720 703
772 728
755 853
160 179
-
500
1,000
1,500
2,000
2,500
3,000
6M19 6M20
NHSO
SSO
A-Class : OPD
A-Class : IPD
2,463 MB
(58 :42)
6M20
2,407 MB
(62:38)
6M19
2.3%
Revenue Breakdown by Customer group
27
11.6%
13%
-5.8%
-2.3%
621,969
743,666 804,167
899,551 980,304
2015 2016 2017 2018 2019
380
772
315
728
235,982
474,361
189,702
441,045
Total A-Class revenue (OPD & IPD)
drop 15.2% due to
The impact of the Covid-19 epidemic
and the government measures to
control and prevent the outbreak.
OPD – Revenue (MB)
OPD – Visiting Number (VN)
Unit : Million Baht
Unit : Head
873
1,093 1,216
1,445
1,654
2015 2016 2017 2018 2019
28
2Q19 2Q20 6M19 6M20
2Q19 2Q20 6M19 6M20
5.8%
17.1%
7.0%
19.6%
744 902
1,016
1,310
1,581
2015 2016 2017 2018 2019
IPD – Revenue (MB)
IPD – Admission Number (AN)
Unit : Million Baht
Unit : Head
29
39,861
50,268 52,256
61,050
72,477
2015 2016 2017 2018 2019
349
720
303
703
15,790
33,166
12,717
30,864
2.3%
13.2%
6.9%
19.5%
2Q19 2Q20 6M19 6M20
2Q19 2Q20 6M19 6M20
366
755
426
853
• Number of insured persons = 13 million ( June 2020, SSO) by law article #33 (obligation) and #39 (voluntary)• Approx. Unemployment rate = 1% ( Mar. 2020, Labor Market Research Division )
SSO – Registered Member (Average )
SSO – Revenue (MB)
SSO revenue up 16.6% due to
Increased fixed payment rate
per head per year.
Increased number of
registered members.
Increased Accrued medical treatment
income of Chronic diseases (OPD).
Unit : Million Baht
Unit : Head
30
345,477
396,676 402,018 421,700 435,537
2015 2016 2017 2018 2019
434,363 432,640
445,288 444,389
1,132 1,315
1,452 1,409 1,578
2015 2016 2017 2018 2019 2Q19 2Q20 6M19 6M20
2.5%
16.6%
13%
2Q19 2Q20 6M19 6M20
2.7%
CH341.5%
CH920.1%
CH1116.4%
Others22.0%
CH340.1%
CH9, 20.3%
CH1115.6%
Others, 24.0%
CH3
CH9
CH11
Others
Major contributors : CH3, CH9, CH11 = 76% ( 2Q19 = 78% )
Growth (YoY)
31
1,146 MB
2Q20
1,179 MB
2Q19
6%
2%
7%
7%
-2.8%
CH342.0%
CH9, 20.6%
CH1115.8%
Others, 21.6%
CH340.0%
CH9, 20.3%
CH1115.6%
Others, 24.1%
CH3
CH9
CH11
Others
Major contributors : Chularat3, Chularat9, Chularat11 = 76% ( 1Q19 = 79% )
Growth (YoY)2%
32
2,463 MB
6M20
2,407MB
6M19
3%
1%
1%
14%
1,186
313
234
123
1,149
332284
155
Total Revenue Gross Profit EBITDA NI
2Q2019 2Q2020
Unit: Million Baht
33
26.3%
10.4%
19.7%
13.5%
28.8%24.7%
Growth (YoY)
NI
Total Revenue
Gross profit
EBITDA
3.1%
6.1%
21.4%
26%
2,418
688536
302
2,471
719608
341
Total Revenue Gross Profit EBITDA NI
6M2019 6M2020
Unit: Million Baht
34
28.4%
12.4%
22.1%
13.8%
29.0%24.6%
Growth (YoY)
NI
Total Revenue
Gross profit
EBITDA
2.2%
4.5%
13.4%
12.9%
822 850 878 907 930 966 959 993 1,019
566 591 634 595 578672
756
607
456
2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
129R
160R
132R 143R144R
150R146R
156R149R
68.9% 69.5% 72.2% 65.6% 62.1% 69.6%78.8%
61.1%44.8%
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
35
Unit : Beds-Day
54,509
63,112 65,309 67,410 68,159 68,908 68,908 68,159 68,159
34,504
42,979 39,912
44,799 42,208
51,448 47,221 44,878
36,111
2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
599B
686B
63.3% 68.1% 61.1% 66.5% 61.9%74.7% 68.5% 65.8%
52.9%
749B749B
• 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
36
ROA
Asset & Capital Profile
ROE
17%
10%
7%
5%
61%
Short term loan
Long term loan
Account Payable
Other Debt
Equity
18.7% 18.5% 17.6% 18.5% 19.4% 19.8%
0.0%
10.0%
20.0%
30.0%
2015 2016 2017 2018 2019 2Q20
2Q20 Equity = 2,465 MB, Debt = 3,883 MB2Q20 Asset = 6,348 MB
11%
15%
65%
9%
Cash
Account Receivable &Accrued Revenue
PP&E
Others
2Q20 2Q20
DE0.63
ASSET STRUCTURE CAPITAL STRUCTURE
37
14.4%
19.7%17.2%
15.0% 14.8% 15.3%
0.0%
10.0%
20.0%
30.0%
2015 2016 2017 2018 2019 2Q20
• Samutprakarn
• Apprx 2,000 sq.m.
• High Energy Radiation (LINAC)
Suvarnabhumi Cancer and Radio Therapy Center (Cancer center)
• IPD : 10 Beds
• CAPEX 250 MB
• Expect to operate in 2021
38
• Mae Sot district, Tak province
• Approx. 6 Rai
• IPD : 100 Beds
• Target : A-Class patient
• CAPEX PLAN 600 MB
• Expect to operate in 2022
Chularat Mae Sot International Hospital
39
40
10,000 Heart Heroes for safe life #4th year
41
Bring good health to the community
42
Sharing to our community
JCI & HA Accreditation Corporate Governance
4 consecutive years since 2016
43
44
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 Fund45
095 370 9059