Praram 9 Hospital Public Company Limited (SET: PR9) expects significant growth in fourth-quarter 2025 results, supported by higher annual health checkup package reservations from Thai patients compared to the same period last year and the previous quarter.
The hospital noted a shift in the seasonal outbreak of influenza and respiratory syncytial virus (RSV) to the beginning of October 2025—earlier than the usual peak in the third quarter—further contributing to the expected performance boost.
Meanwhile, PR9 also reported positive momentum in its international patient segment after fully reopening to foreign patients and intensifying marketing efforts in Myanmar, Laos, Cambodia, Qatar, Oman, Bangladesh, and Kazakhstan. Enhanced reputation for quality service, medical standards, and successful outcomes in complex treatments, particularly kidney transplants, has advanced the company toward becoming a leading regional medical hub for kidney transplantation.
Separately, the hospital expects an inflow of Kuwaiti patients in 2026 after participating in the “Rediscovering Health and Wellness Tourism in Thailand” event organized by the Thai Embassy in Kuwait. Next week, PR9 also plans to join a Health Fair in Qatar to showcase its medical capabilities, which is anticipated to attract more international patients.
Dr. Wittaya Wanpen, PR9’s Deputy Managing Director, Business Development and Strategy Office, highlighted ongoing upgrades across several departments, including the expansion of the physical therapy division to accommodate elderly patients post-surgery and those with office syndrome.
The launch of advanced 3 Tesla (3T) MRI services has led to increased diagnostic usage, particularly referrals from the Neurology Center and the Bone and Joint Center. This new MRI facility is expected to operate at full capacity during the fourth quarter.
Miss Kamaporn Tumpipit, PR9’s Chief Financial Officer and Executive, reiterated the company’s commitment to achieving double-digit revenue growth from medical services in 2025. This outlook aligns with performance in the first ten months of the year, which saw consistently strong outpatient (OPD) volumes and inpatient (IPD) occupancy rates remaining above 68%.
According to a note from Bualuang Securities (BLS), the analyst suggests a ‘Buy’ rating on PR9, with a target price of THB 30 per share, reflecting confidence in the hospital’s strong anticipated 4Q25 results.
The brokerage firm noted that, although the proportion of domestic patients may decrease following a peak in the third quarter of 2025, continued strong demand from international patients—particularly those from the Middle East—is expected to support both service utilization rates and profit margins.
High occupancy rates are expected to sustain PR9’s operating performance through the year-end. Bualuang also highlighted that inflows from foreign patients and disciplined “green hospital” pricing will likely offset any margin pressure from new government drug regulations.
