Kasikorn Securities (KS) stated in its analysis of Bumrungrad Hospital Public Company Limited (SET: BH)’s management key points on the company’s 1Q26 performance that, despite coinciding with the Ramadan festival, revenue from Middle Eastern patients continued to grow robustly.
The brokerage highlighted increased intensity of treatments and longer hospital stays for this group. The outlook for April also indicated a steady flow of Middle Eastern patients seeking medical treatment.
Overall, BH’s total revenue in 1Q26 grew by 1.4%. Excluding the Cambodian patient segment, which showed signs of softening in the first quarter, total revenue increased by 4.8%.
Revenue from international patients grew by 4.2% year-on-year. Excluding Cambodian patients, the figure jumped by 9.9% compared to the same period last year.
By nationality, patients from Qatar and the United Arab Emirates (UAE) continued to show growth, while negotiations with Kuwait were delayed due to the ongoing war. Nonetheless, BH’s management maintains a positive long-term outlook for the Kuwaiti market.
Revenue from Chinese patients declined in both the expat group residing in Thailand and the fly-in group traveling specifically for treatment. Meanwhile, the Myanmar and Bangladesh markets continued to demonstrate healthy growth.
Additionally, BH is preparing further investment and business expansion plans, including the upcoming opening of a new clinic in Bangladesh in collaboration with a local partner, following a business model similar to its Myanmar clinic. The company also plans to launch its Phuket branch hospital in 2Q27 to accommodate future healthcare demands.
