On September 23, Mukdahan International Hospital Public Company Limited (mai: HANN) closed the morning session with an increase by THB 0.17, or 13.28%, to THB 1.45 per share, with a total value of THB 77.33 million.
Previously, Ms. Prapasri Suchantabutr, Chief Executive Officer of HANN, stated that the performance outlook for the second half of 2025 will be stronger than the first half, which saw total revenue of THB 236.71 million and net profit of THB 20.67 million. This improvement is attributed to seasonal factors, as the rainy season brings an influx of patients suffering from diseases such as dengue fever and influenza.
HANN’s total revenue for 2025 is at over 500 million baht, increased from the previous year’s total revenue of THB 496.37 million. However, the company acknowledged that foreign clients will remain a challenge in 2025 due to the ongoing unrest along the Thai-Cambodian border, which has shown signs of tension since April. As a result, Cambodian clients have been unable to access services, leading to a drop in the proportion of revenue from Cambodian clients. In the first half of this year, revenue from Cambodian clients fell to 4%, down from about 8% in 2024, with the decline starting from March 2025.
Additionally, HANN has immediately worked to replace this lost segment by generating revenue from other client groups. Notably, revenue from government clients who are eligible for reimbursement for elective surgery at private hospitals has increased, along with an uptick in revenues from health insurance clients. Meanwhile, in the second half of the year, the company is also aggressively targeting international clients from other countries, such as those from Lao.
Ms. Prapasri stated that If the unrest at the Thai-Cambodian border eases in 4Q25, it could serve as a positive factor, supporting patient flow to the company’s hospitals. Once barriers are lifted, there may be a surge in demand. She also added that currently, the company’s revenue comprises 77% from Thai clients, 17% from Lao PDR, 4% from Cambodia, and others.
Regarding reports of IPO shares sold by some executives and employees, she considers it a minor proportion compared with the total of 560 million shares. Major shareholders, representing 96%, remain under a silent lock-up and are unable to sell, with intentions to hold a long-term stake of 71%.
