Krungsri keeps Buy on BCH with 12.00 baht target, expects third-quarter 2026 revenue to recover 6-7%

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Krungsri Securities has a positive view on Bangkok Chain Hospital, or BCH, maintaining a Buy recommendation with a target price of 12.00 baht from a closing price of 10.90 baht, implying 10% upside. It expects healthcare revenue in the third quarter of 2026 to recover 6-7% from the same period a year earlier, after a 1% decline in the first half of 2026. In July 2026, revenue grew 7% and accelerated to about 8-9% in August 2026. On social security revenue, which accounts for 38% of total healthcare revenue, Krungsri estimates that a 10% increase in the capitation rate from 1,808 baht would lift SSO revenue by about 4% and net profit by about 11%, while adding roughly 0.60-0.70 baht to the target price. Meanwhile, from September 1, 2026, BCH began consolidating the operating results of Rajavej Ubon Ratchathani Hospital, which has average revenue of about 400,000 to 500,000 baht per month. Krungsri expects BCH revenue of 12.284 billion baht in 2026, up from 11.913 billion baht in 2025, and net profit of 1.338 billion baht in 2026, from 1.316 billion baht in 2025, before rising to 1.425 billion baht in 2027. It values the company using a DCF method with a WACC of 7.7% and a 2027 target price of 12.00 baht.

Impact on assets 2

Health Care▲ · 1 stocks
Financials▲ · 1 stocks

Off-coverage companies 1

Ratchavej Ubon Ratchathani Co., Ltd.Private▲ Positive
Capitalrelevance

BCH began consolidating Rajavej Ubon Ratchathani Hospital's results from September 1, 2026, adding revenue

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