On Thursday at 4:06 PM (Bangkok time), the share price of Bangkok Chain Hospital Public Company Limited (SET: BCH) gained 2.70% or THB 0.25 to THB 9.50, with a trading value of THB 189.49 million.
Globlex Securities has provided an upbeat outlook for BCH, anticipating continued growth momentum into the second quarter of 2026. This positive trend is primarily attributed to the sustained recovery in patient inflow from Middle Eastern clients, notably from the UAE and Qatar. These groups resumed seeking medical services since the first quarter of 2026, and this momentum is expected to persist into the second quarter, especially following the end of the Ramadan period.
Additionally, growth in the SSO segment is also anticipated, driven by a steady rise in the number of insured individuals and the expansion of service offerings, such as vaccination programs, sleep tests, and mobile dental clinics. Moreover, BCH is expected to benefit from incremental revenue recognition related to the treatment of 26 chronic diseases.
Globlex maintains a positive perspective on the company’s outlook, anticipating that the first quarter of 2026 will mark the trough period, with a gradual recovery set to commence from the second quarter onwards.
For the full year 2026, BCH management forecasts mid-single digit revenue growth, a figure in line with Globlex’s own projections. The brokerage expects net profit for 2026 to reach approximately THB 1.43 billion, representing 8% year-on-year growth.
Revenue from the SSO segment, which constitutes 35% of BCH’s total revenue, is poised to benefit from prospects for an increase in the capitation payment per insured person, along with adjustments to other service fees, many of which have not been revised for nearly four years. Greater clarity on these developments is anticipated in the second half of 2026.
Following these, Globlex reiterates a ‘Buy’ recommendation for BCH, with a target price of THB 13.30 per share, implying an upside potential of 40%.
