Brokerage says hospital stocks are recovering fast, with Middle Eastern tourists boosting BH, PR9 and BDMS as the standouts

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Summary · why it matters

Analysts at Asia Plus Securities see the return of Middle Eastern tourists as a positive factor for the earnings of private hospital operators in the third quarter of 2026. The number of Middle Eastern tourists in September rose 18.8% year on year, though it fell 43.1% from the previous month on seasonal factors, bringing the third quarter of 2026 up 12.9% year on year and 142.4% from the previous quarter. This reflects travel gradually returning to normal after Middle Eastern patients began recovering from the impact of the Iran war. Although patient numbers at some hospitals have yet to return to last year's levels, most of those coming back are complex and serious cases with high revenue per case and high margins, supporting the prospect that profits will recover faster than revenue. In the third quarter of 2026, tourists from the UAE rose 29.8% and those from Saudi Arabia rose 21%, while Qatar and Oman rose 1% and 4% respectively. BH benefits the most, with Middle Eastern patients accounting for about 23% of its revenue, followed by PR9 and BDMS at about 10% and 4%. Normalised profits for private hospital operators in the third quarter of 2026 are expected to be the strongest of the year, driven by recovering foreign patients, a rise in Thai patients from influenza and COVID-19, and the return of complex cases. The Bangkok floods from 24 to 26 September are expected to have a limited impact.

Impact on assets 4

Health Care▲ · 2 stocks
Bumrungrad Hospital PCL
BH
▲ PositiveDemandrelevance

BH benefits most, with Middle Eastern patients about 23% of revenue, as tourist numbers recover and complex high-margin cases return.

Aging Population▲ · 1 stocks
Financials▲ · 1 stocks
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