On Friday, the share price of Mukdahan International Hospital Public Company Limited (SET: HANN) at the time of 11.32 a.m. was at THB 2.68, a THB 0.56 or 26.42% increase with a total trading value of 432.50 million.
Krungsri Securities assesses HANN’s fundamental value as strong, highlighting several key investment attractions:
- HANN operates a network of three hospitals in locations with high growth potential from both Thai and international patients.
- Its target customer base spans from general patients as well as those covered under state healthcare schemes, with revenue from such schemes accounting for 26% of total income, providing a stable revenue stream.
- The company demonstrates strong capabilities in the treatment of complex specialty diseases, particularly those prevalent in its operating areas, giving it a competitive advantage.
- The addition of more dialysis beds and the expansion of operating room capacity are expected to further drive growth, both in service volume and intensity (the complexity-related revenue per case).
HANN is a mid-sized private hospital group, operating three hospitals: Mukdahan International Hospital in Mukdahan, and two in Yasothon province – Doctor Han Hospital and Ruampat Yasothon Hospital – with a total of 148 beds.
The group offers medical services through more than 16 specialized centers, supported by expert multidisciplinary teams. HANN also has physicians specializing in key areas such as nephrology, oncology, obstetrics & gynecology, pediatrics, urology, and cardiology.
The company’s target clientele includes mid-range general patients and those in state-supported programs (such as the National Health Security Office (NHSO), Social Security, and the Comptroller General’s Department). Locations and the strong reputation of all three hospitals have also attracted patients from Laos and Cambodia, providing opportunities for market expansion into these neighboring countries.
HANN’s net profit is projected to rise from THB 32 million in 2025 to THB 57 million by 2029, representing a compound annual growth rate (CAGR) of +22%. This growth is driven by expected annual revenue increases of +8%, attributable to higher service volume and an anticipated 4% yearly increase in average treatment fees.
Growth catalysts include expanded capacity at Mukdahan International Hospital, the increase of specialized operating room cases, and dialysis center expansion from 16 to 24 beds. In addition, higher service utilization and efficient cost management are expected to generate economies of scale, improving the EBITDA margin from 14.3% in 2025 to 17.4% in 2029.
