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Rajthanee Hospital Public Company (RJH) Fair Value & Analysis

Healthcare · TH · Market cap 4.4B THB

RH Rajthanee Hospital Public Company RJH · BK
Price15.20 THB
Fair Value17.10 THB
Upside+12.5%
Quality59/100
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Healthy Growth
Solidly profitable · 11.3% net margin
Low debt · generates free cash flow
4.03% dividend yield
Ranks above peers (10/14)
Moderate moat 52/100
Evidence: Medium Range 12.82 THB – 22.18 THB Share as image

Fair value as of: Jul 18, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from 21.39 THB to 17.10 THB (−20.1%) since Jun 24, 2026. Share price +9.4% over the past month.

A solid business, screening 13% undervalued on our models.

What matters now

  • Our model range runs from 12.82 THB (bear) to 22.18 THB (bull), base 17.10 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 59/100 (solid quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

34.96 THB 11.00 THB Fair Value 17.10 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 11.00 THB – 34.96 THB · fair‑value band 12.82 THB – 22.18 THB · the 15.20 THB price screens below the 17.10 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

Full chart & analysis →

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Analysis

Rajthanee Hospital Public Company (RJH) currently trades at 15.20 THB, while our model-based Fair Value estimate is 17.10 THB, implying the stock looks roughly 12.5% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Rajthanee Hospital Public Company generated revenue of 2.8B THB at a net margin of 11.3%. Revenue grew 10.9% year over year. It earns a return on equity of 13.0%. Net debt stands at 1.3B THB. Fundamentals as of Jul 18, 2026

Our scenario range runs from 12.82 THB (bear case) to 22.18 THB (bull case); at 15.20 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at 13%, RJH screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF 12.56 THB 21.98 THB 36.68 THB 80
Residual Income 7.03 THB 8.54 THB 17.52 THB 76
Rev-Margin DCF 9.93 THB 17.69 THB 27.39 THB 74
All 26 models by family
DCF Models
FCF DCF 12.60 THB 22.72 THB 38.98 THB 38
Owner Earnings 11.56 THB 20.97 THB 36.08 THB 31
5Y Revenue Exit 9.93 THB 17.76 THB 28.09 THB 39
5Y EBITDA Exit 14.50 THB 26.91 THB 42.14 THB 41
5Y P/E Exit 12.88 THB 23.65 THB 35.64 THB 38
10Y Revenue Exit 10.40 THB 17.93 THB 28.86 THB 36
10Y EBITDA Exit 13.67 THB 24.38 THB 40.04 THB 37
10Y P/E Exit 12.63 THB 22.08 THB 34.87 THB 35
Earnings-Based
Graham-Dodd 6.84 THB 28.54 THB 38.91 THB 54
Lynch FV 7.22 THB 10.32 THB 13.41 THB 50
PEG = 1.0 7.22 THB 10.32 THB 13.41 THB 46
EPV 7.60 THB 9.12 THB 10.44 THB 59
Dividend Discount
Gordon GGM 4.01 THB 8.00 THB 12.11 THB 70
DDM Multi-Stage 4.01 THB 6.91 THB 8.44 THB 61
Multiples
P/E Multiple 16.59 THB 22.12 THB 27.66 THB 63
P/S Multiple 12.82 THB 17.10 THB 21.37 THB 58
P/B Multiple 12.82 THB 17.10 THB 21.37 THB 55
EV/EBIT 13.19 THB 18.28 THB 23.37 THB 53
EV/EBITDA 17.24 THB 23.67 THB 30.11 THB 54
EV/Revenue 8.82 THB 13.49 THB 18.16 THB 43
Asset-Based
NCAV (Graham) 3.69 THB 4.95 THB 7.38 THB 50
Growth DCF
Growth DCF 12.56 THB 21.98 THB 36.68 THB 80
Rev-Margin DCF 9.93 THB 17.69 THB 27.39 THB 74
Economic Profit
Residual Income 7.03 THB 8.54 THB 17.52 THB 76
ROIC Compounder 7.69 THB 10.63 THB 14.70 THB 72
Growth Earnings
Growth-Adj P/E 12.67 THB 18.09 THB 23.52 THB 68

Widest divergence: DCF Models (22.08 THB) versus Asset-Based (4.95 THB). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 2.8B THB
Revenue growth (YoY) +10.9%
Net margin 11.3%
Return on equity 13.0%
Free cash flow 366M THB FY2025
P/E ratio 12.2
More key figures
Operating margin 12.3%
EPS (TTM) 1.11 THB
Dividend yield 4.5%
EPS growth (YoY) +42.6%
Net debt 1.3B THB FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 59 · Market factors (momentum, volatility) 73

Profitability 45
Margins and returns on capital today
Quality Growth 16
Are margins and returns improving?
Cashflow 68
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 87
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 59
Price trend over the last 3–12 months (market factor)
52W Momentum 78
Distance to the 52-week high (market factor)
Net Issuance 94
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Rajthanee Hospital Public Company Limited, together with its subsidiaries, provides healthcare services in Thailand. The company operates medical centers, including trauma emergency and neurosurgery, non-trauma emergency, cardiology, minimally invasive surgery, surgery, orthopedic, wellness and occupational health, radiology, MRI, ophthalmology, …

Full company description

Rajthanee Hospital Public Company Limited, together with its subsidiaries, provides healthcare services in Thailand. The company operates medical centers, including trauma emergency and neurosurgery, non-trauma emergency, cardiology, minimally invasive surgery, surgery, orthopedic, wellness and occupational health, radiology, MRI, ophthalmology, hemodialysis, sleep lab, dental, physical therapy, and laboratory centers. It also operates pediatric and adolescent, pediatric for children of all ages and newborns, heart, pelvic floor rehabilitation, internal medicine, bone and joint, health and occupational examination, computerized tomography and diagnostic radiology, MRI, eye, tai chi, sleep health, dental, physical therapy, full-service laboratory, and comprehensive weight management center. In addition, provides internal medicine clinic specializing in hematology, ayurveda and integrated thai traditional medicine, specialized internal medicine for arthritis and rheumatism, dermatology, allergy and immunology specialist, internal medicine specializing in oncology and chemotherapy, stroke specialist, endocrine specialist, respiratory medicine, gastrointestinal and liver specialist, cardiac electrophysiology, obstetrics and gynecology, maternal and fetal medicine, ear, nose and throat, and psychiatric clinics, as well as offers ambulance services. The company generates and sells solar power. Rajthanee Hospital Public Company Limited was incorporated in 1990 and is headquartered in Phra Nakhon Si Ayutthaya, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Rajthanee Hospital Public Company reported revenue of 2.7B THB in FY2025 versus 3.1B THB in FY2021, a compound −3.2%/yr. Reported net income was 295M THB in FY2025, compounding −26.5%/yr from FY2021.

Growth Quality 86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.7B THB
Latest YoY
+0.1%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−6.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.1%
Avg. growth/yr (13Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.2%
Revenue −3.2%/yr
FY21 3.1B THB
FY22 3.4B THB
FY23 2.3B THB
FY24 2.7B THB
FY25 2.7B THB
Net income −26.5%/yr
FY21 1.0B THB
FY22 1.0B THB
FY23 420M THB
FY24 493M THB
FY25 295M THB
Character of growth · EPS growth decomposed (2014-2025) +12.3 % p.a.
Revenue per share +7.6 pp

of which total revenue +10.5 pp · buybacks/dilution −2.9 pp

EBIT margin +2.4 pp
Tax rate +1.3 pp
Residual (interest, one-offs) +1.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Rajthanee Hospital Public Company Fair Value". https://www.fairvalue-calculator.com/stock/RJH

Peer Group

Medical Care Facilities · 261 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 59 · Above median
Fair Value upside +13% · Above median
Return on equity (TTM) 13% · Above median
Return on assets 5% · Above median
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 12% · Above median
Revenue growth 11% · Above median
Dividend yield (TTM) 4.0% · Top 25%
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 13.6× · Cheaper than median
P/B 2.04× · Pricier than median
P/S (TTM) 1.56× · Pricier than median
P/FCF 0.4× · Cheaper than 75% of peers
EV/EBITDA 9.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 50 · sector 23
FUTURE 55 · sector 24
PAST 52 · sector 30
HEALTH 83 · sector 90
DIVIDEND 81 · sector 38

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.58 SGD 1.44 SGD -44%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Fresenius Medical Care AG FMS $24.68 $45.60 +85%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%

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Frequently asked questions

Is Rajthanee Hospital Public Company (RJH) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 17.10 THB versus a price of 15.20 THB, about +13% (undervalued).
What is the fair value of RJH?
Our model-based fair value for Rajthanee Hospital Public Company is 17.10 THB (as of Jul 18, 2026), built from audited fundamentals. The current price is 15.20 THB.
What is the quality score of RJH?
Rajthanee Hospital Public Company has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Rajthanee Hospital Public Company (RJH)?
Rajthanee Hospital Public Company reported trailing-twelve-month revenue of about 2.8B THB (latest available figure, as of Jul 18, 2026).
What is the net profit margin of RJH?
The net profit margin of Rajthanee Hospital Public Company is about 11.3%, meaning it keeps roughly 11.3% of revenue as net income. Based on the latest reported figures.
Does Rajthanee Hospital Public Company pay a dividend?
Rajthanee Hospital Public Company currently shows a dividend yield of about 4.51% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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