- Thai Nguyen International Hospital JSC (HOSE: TNH) is the largest private hospital chain in northeastern Vietnam and has two hospitals in Thai Nguyen Province. 

- TNH’s two hospitals are running at over their capacities. Health treatment is TNH’s core service (99% of 2021 revenue), followed by health checkups (0.9%) and others (0.1%). 

- TNH guides for 2022G NPAT of VND150bn (+5% YoY), which we believe is achievable given our positive outlook for the healthcare sector in 2022. In August 2022, TNH raised its hospital fees by 30%, which we believe will further support its 2022 margins (see page 11). 

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