On Thursday at 11:45 AM (Bangkok time), the share price of Thonburi Healthcare Group Public Company Limited (SET: THG) soared by 10.98% or THB 0.90 to THB 9.10, with a trading value of THB 200.99 million.
This positive trend followed gains in the previous session as THG rose by 30.16% to settle at THB 8.20 per share, with a trading value of THB 151.19 million, on Wednesday.
Krungsri Securities (KSS) has given a positive view on THG’s successful rights offering, with all newly issued shares fully subscribed—outperforming the analyst’s earlier expectations and the company’s own target.
THG completed the sale of 511.19 million shares via a rights offering to existing shareholders at a ratio of five existing shares for two new shares, priced at THB 5 per share, raising net proceeds of THB 2.56 billion. Following the capital increase, Ramkhamhaeng Hospital (SET: RAM) now holds a 49.99% stake in THG. According to management, the funds raised will be primarily allocated toward further debt repayment and working capital.
In July and August 2025, THG reported a single-digit year-on-year decline in hospital business revenue due to a high base and a sharper fall in inpatient (IPD) revenue compared to outpatient (OPD), particularly at Thonburi Bamrungmuang Hospital. For the Jin Wellbeing project, two condominium units were transferred during the period, bringing the total to three units transferred in the first nine months of the year.
The company currently holds about THB 5.99 billion in interest-bearing debt, and it is estimated that around 90% of the newly raised capital will be used to reduce this debt, bringing the outstanding amount down to approximately THB 3.69 billion. This would lower THG’s interest-bearing debt-to-equity ratio to 0.5-0.6 times, compared to 1.19 times at the end of 2Q25.
Krungsri Securities has not issued a recommendation on THG (previously rated ‘Reduce’) and advises caution in the short term, with the newly issued shares from the rights offering (representing about 29% of total post-offering shares) expected to be listed for trading next week. For the second half of 2025, the brokerage firm forecasts a gradual recovery for the company, supported by tighter SG&A cost controls and lower financial expenses.
