KGI Securities (Thailand) expects Bumrungrad Hospital Public Company Limited (SET: BH) to report a 2Q26 net profit of THB 1.89 billion, marking a 1.6% increase year-on-year and a 5.4% gain quarter-on-quarter. This would represent 25.5% of KGI’s full-year net profit estimate of THB 7.39 billion.
For the first half of 2026, net profit is forecasted at THB 3.68 billion, up 2.4% year-on-year and accounting for 49.8% of the brokerage’s estimation. The performance is expected to be satisfactory, with improved profitability both year-on-year and quarter-on-quarter, despite challenges such as the U.S.-Iran war and the Ramadan period in March.
Total revenue during Q2 is projected at nearly THB 6.1 billion, up 1.5% year-on-year but down 1.8% quarter-on-quarter, supported by a strong influx of patients from the Middle East, Myanmar, and Bangladesh. The gross margin is anticipated to rise to 52.8% from 52.3% a year earlier and 51.3% in 1Q26, reflecting higher patient intensity, especially among international patients.
The SG&A to sales ratio is expected to improve to 16% in 2Q26 from 17.1% in Q1, demonstrating continued expense control. The revenue proportion for Thai and non-Thai patients is forecast at 34% and 66%, respectively, similar to previous quarters.
Looking ahead, KGI expects 3Q26 to be the strongest quarter of the year due to seasonal strength, pent-up demand from international patients, and robust patient volumes and margins. The brokerage maintains its earnings forecasts for 2026 and 2027, predicting net profits of THB 7.39 billion (down 1.6% year-on-year) in 2026 and THB 7.75 billion (up 4.9% year-on-year) in 2027.
KGI believes that demand from Middle Eastern patients will surge after the regional conflict ends, benefiting BH in the second half of 2026, maintaining an ‘Outperform’ rating on BH and raising the target price to THB 218 per share, based on a mid-2027 DCF valuation. Furthermore, BH remains KGI’s top pick in the healthcare sector.
