Miss Kamaporn Tumpipit, Chief Financial Officer and Executive (The highest responsible person in Accounting and Finance) at Praram 9 Hospital Public Company Limited (SET: PR9), told ‘Kaohoon’ that the company’s fourth-quarter 2025 operating performance is expected to see a stronger contribution from medical services revenue compared to both the previous quarter and the same period last year.
The improvement is primarily driven by a steady increase in international patients, notably from Arab nations and the broader Middle East, as well as continued growth in Thai patient numbers during the annual health check-up season. She added that in 2025, the hospital further expanded its base of insured clients.
International patient revenue has now reached an average of 25% of PR9’s total medical services income, up from 15% at the end of 2024. Patients from the Middle East account for roughly one-third of all foreign patients, with the strongest growth from Qatar, UAE, and Bangladesh; this group includes both self-pay and insured patients with Guarantees of Payment (GOP) from insurance companies.
For the whole of 2025, the company remains confident in achieving double-digit growth in medical services revenue, compared with the approximately 4.7 billion baht recorded in 2024. In the first nine months alone, total medical services revenue reached 3.97 billion baht, underpinned by resilient local demand amid a sluggish economy and an expanding insured client base, alongside the increase in international patients. Outpatient numbers remain robust, and inpatient occupancy has consistently hovered around 70%.
“This year’s results are on track with our targets. The preliminary business plan for 2026 is set to be presented to the board early next year,” said Miss Kamaporn.
Land and Houses Securities (LHS) recommends a ‘Buy’ rating on PR9, with a target price of 25 baht per share, citing the hospital’s strong growth in Middle Eastern patient volumes and its effective cost management.
PR9 focuses on complex cases, targeting both high-spending Thai and foreign patients seeking advanced medical care at competitive prices, which translates into higher revenue per case and lower sensitivity to macroeconomic conditions. PR9’s specialty services include kidney transplants, cardiac and neuroscience centers, as well as orthopedic and minimally invasive surgery.
Currently, PR9 operates 204 beds and is upgrading its inpatient ward, adding 20 new beds and 6 ICU beds, bringing the total to 230 beds by 2026, with a potential future capacity of up to 300 beds. Inpatient bed occupancy rates average below 70%, peaking during high season. The company plans to increase capacity to capture further growth opportunities.
Middle Eastern patient inflows at PR9 have notably outpaced industry trends. In the first nine months of 2025, international patient revenue at Thai hospitals with substantial foreign business grew by 3% year-over-year. In comparison, Bumrungrad Hospital (BH) saw a 4% decline, Bangkok Dusit Medical Services (BDMS) posted a 5% gain, and Bangkok Chain Hospital (BCH) fell 10%, while PR9 surged by 90%. Analysts attribute PR9’s outperformance to its lower initial base, its expertise with complex cases, and proactive marketing targeting Middle Eastern nations.
The hospital continues to report high gross profit margins, improving from 34% in the same period last year to 37% in the first nine months of 2025, in line with the international patient share rising from 16% to 26%. As a single-hospital operator, PR9 is able to efficiently optimize resources and control costs.
Looking ahead, analysts project PR9’s compound annual growth rate (CAGR) at 10% for 2025-2028, supported by rising revenue from international patients, particularly those from Qatar, which has become a key partner with growing patient referrals.
PR9 is also seeing increasing inflows from countries such as Oman, Bangladesh, UAE, Saudi Arabia, Kazakhstan, and expects a potential rebound from China and the CLMV markets—Cambodia, Laos, Myanmar, and Vietnam.
For the fourth quarter of 2025, earnings are forecast to decline by 6.2% quarter-on-quarter, but rise by 1.4% year-on-year, reflecting seasonal factors, extraordinary expenses for JCI accreditation, and the absence of tax benefits seen in prior quarters. The year-on-year growth is mainly attributed to the recovery in Thai patient numbers following delayed outbreaks into the third quarter.
