Nonthavej Hospital Public Company Limited

NTV.BK

Medical - Care Facilities · Healthcare

Price

19.10 THB

-0.10 (-0.52%)

Market Cap

3.06B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Nonthavej Hospital Public Company Limited is a private hospital group based in Thailand. It operates general and specialty hospitals that provide medical care to patients, including outpatient visits, surgeries, and specialist treatments. The company serves both Thai residents and medical tourists seeking private healthcare services in the Bangkok metropolitan area and surrounding regions.

The company earns money by charging patients and insurance companies for hospital stays, doctor consultations, procedures, and diagnostic services. It operates primarily in Thailand, and its competitive position is built on its established brand, physical hospital infrastructure, and network of specialist doctors that are difficult to replicate quickly. With Thailand's aging population and growing middle class willing to pay for private healthcare, patient volume growth is a key long-term driver. However, the business faces risks from rising labor costs for medical staff, competition from other private hospital groups in Bangkok, and potential pressure on margins if insurance reimbursement rates tighten.

Winston Score History

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 160.0M (2021) → 160.0M (2025)

Score breakdown

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Quality

Gross Margin

23.1%

Thin — 23.1% gross margin

Operating Margin

8.1%

Modest — 8.1% operating margin

ROCE

1.6%

Weak — 1.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-5.7%

Shrinking sales (-5.7% YoY)

EPS YoY

-30.1%

Earnings shrinking (-30.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

168%

Turns 168% of profit into real cash

FCF Margin

8.9%

Modest free cash flow (8.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

12.5x

Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

5.42%

Healthy income — 5.42% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+10.9%

Dividend growing fast (10.9% YoY)

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