Company Quarterly Earnings Update – TNH VN – Q1 2022

Summary of the Q1/2022 results of Thai Nguyen International General Hospital JSC (TNH VN)

Q1/2022 Results: Highlights

  • Revenue grew by 17.7% y/y, mainly thanks to (1) a 2.4% increase in patient volume, due to an increase in COVID cases in Thai Nguyen which delayed other patients’ visits to the hospitals, and (2) a new 15.3% contribution from COVID tests.
  • Net profit increased by 5.8% y/y to VND16.1bn, which is lower than our expectation of VND17.7bn. This was due to a lower gross margin owing to higher depreciation costs of new medical facilities and equipment like the Siemens MRI 1.5 Tesla and mobility health care systems to serve patients in industrial parks.


  • 2021’s dividend approved by the AGM: VND500/share.
  • Project updates:
    • The Maternity and Ophthalmic hospitals’ construction will start in Q3/2022 and Q4/2022, respectively. These hospitals are to commence operations from H2/2023.
    • In Mar 2022, TNH received an investment license for a 300-bed general hospital in Bac Giang province. After considering the potential of each, TNH decided to prioritize developing the hospital in Bac Giang over the expansion of YBGH.
    • Given that the hospital in Bac Giang requires higher investment cost than the YBGH’s expansion, TNH received the AGM’s approval to raise VND519bn (from the previous plan of VND415bn) by issuing new shares for existing shareholders (at a ratio of 2:1) at a price of VND20,000/share.
  • For 2022: revenue is forecast to grow by 22.5% y/y to VND505bn. Net profit is expected to grow by 20.8% y/y to reach VND171bn (6.4% lower than our previous forecast) due to additional depreciation expenses from new facilities and equipment.


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