BH Outperforms Peers amid Returning International Patients as Stocks Overbought

The share price of Bumrungrad Hospital Public Company Limited (SET: BH) is edging closer to its target price amid positive sentiment from Thailand’s full reopening that should attract more international patients, especially Saudi Arabia.

BH’s stocks have had an outstanding performance so far this year, gaining 2.7% in a week, 7.7% in a month, 16.35% in three months and 33.68% this year. BH also outperforms SET Healthcare Services Sector that gained 17% this year.

The share price of BH trading at THB188.50 per share is in an overbought territory, based on a Relative Strength Index 14 days of 90.91%.

Unlike other hospital stocks in the market that made a huge gain from the Social Security Office (SSO) patients during the Covid-19 outbreak, BH is more inclined on international patients, seeing an increase in revenues from non-Thai patients and Thai patients by 86.8% and 28.2%, respectively, in 1Q22.

The outlook for BH in 2H22 looks brighter after the Thai government lifted nearly all Covid-19 restrictions for inbound travellers starting July 1, while the kingdom started to see an increase in the number of arrivals from Saudi Arabia after the two nations mended relationship earlier this year.


The positive momentum leads to “BUY” recommendations from analysts, giving a target price as high as THB210.00 per share.

Bualuang Securities (BLS) chose BH as its top pick among hospital stocks amid a fast recovery in the international patients segment. Meanwhile, the management told BLS that the company does not worry about inflation as BH normally makes 1-2 year lock-up prices with suppliers.

Lastly, BLS expected an increase in international patients from Saudi Arabia will boost revenue from international patients by 5-7%.

BLS gave a target price for BH at THB190.00 per share.


Maybank Securities (Thailand) (MST) expected BH’s earnings this year to rise significantly to THB2.9 billion, (+130%YoY) on higher foreign patients and will expand another 37% to THB4 billion in 2023, pre-Covid  level. The proportion of foreign patients’ income is expected to increase from 46% last year to 57% this year and  66% next year, equivalent to that of 2019.

MST gave a target price for BH at THB200.00 per share.


Finansia Syrus Securities (FSS) expected 2Q22 core profit to jump by more than three-fold y-y to THB0.7 billion, led by the recovery of Middle East patient revenue as Saudi Arabia took the first rank for Thailand’s Middle East tourist arrivals in May; should provide an upside to BH in the longer term.

FSS expected international patient revenue to recover to 85% of the pre-Covid level in 2022 and exceed the pre-Covid level in 2023.

FSS gave a target price for BH at THB210.00 per share.