Hospital stocks recover, 2026 profit expected at 26,548 million baht

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Summary · why it matters

Analysts at Yuanta Securities (Thailand) revealed that the healthcare sector has entered a recovery cycle, with group profit for 2026 expected at 26,548 million baht, down 2% from the previous year, before recovering to 28,142 million baht, up 6% in 2027. Revenue for Q3 2026 is expected at 44,542 million baht, up 11.8% from the previous quarter and 7.0% from the same period last year, driven by the high season of influenza and COVID-19 outbreaks and the recovery of foreign patients. BDMS accounts for 69% of total revenue, with expected revenue growth of 14.3% from the previous quarter and 9.0% from the same period last year. Excluding BDMS, revenue would grow 6.6% from the previous quarter and 2.9% from the same period last year. BH and PR9 have the highest revenue share from Middle Eastern patients at 18% and 9%, respectively, reflecting BH's Middle Eastern patient revenue still growing 13.5% from the same period last year. Meanwhile, many stocks are trading at PER below their long-term average by about -1 to -1.5 standard deviations. PR9 trades at a PER of 17.7 times, below its 4-year average of 23.6 times, and has upside from social security cap adjustments.

Impact on assets 3

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

BH has highest Middle Eastern patient revenue share at 18%, with that segment still growing 13.5% y/y.

Aging Population▲ · 1 stocks
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