According to a local media outlet, Bangkok Chain Hospital Public Company Limited (SET: BCH) is currently engaged in negotiations for more than 10 merger and acquisition deals. The company’s operating results for the third quarter of 2026 exhibited notable growth, attributed primarily to the early onset of the high season, with positive indications seen as early as late May through June.
Management expects the ongoing recovery in international patient volumes to continue supporting the company’s financial performance into the latter part of the year. Additionally, the company is preparing to meet with the SSO Board to discuss proposed adjustments to the capitation rate for all services. This process is expected to be finalized by October 2026.
Yuanta Securities (Thailand) anticipates that BCH’s results in the second half of 2026 will continue to improve compared to the first half, benefiting from the seasonal uptick, the recovery in cash-paying domestic patients, and a resurgence in foreign patient numbers, particularly from the Middle East—especially if travel restrictions and geopolitical uncertainties ease.
Further upside is seen from potential increases in SSO reimbursement rates in the fourth quarter of 2026, including per-head capitation, allocations for chronic illnesses, and complex treatment tariffs. These adjustments are expected to bolster both revenue and profit margins.
Yuanta maintains its net profit forecast for BCH in 2026 at THB 1,259 million, representing a 6% year-on-year decline. Nevertheless, the analyst views the ongoing M&A negotiations positively, considering them a long-term catalyst for network expansion.
As a result, Yuanta reiterates a ‘Buy’ recommendation, noting BCH has already passed its earnings trough, and maintains a 2027 fair value estimate at THB 12.50 per share, based on an average price-to-earnings ratio of 23x.
