On Tuesday, the share price of Bumrungrad Hospital Public Company Limited (SET: BH) at the time of 11.23 a.m. was at THB 186.00, a THB 6.00 or 3.33% increase with a total trading value of THB 718.47 million.
Krungsri Securities has noted in an analysis that BH is expected to deliver robust performance in 3Q25, with an estimated net profit of approximately THB 2,030 million. This represents a 4% increase year-on-year and a 9% growth quarter-on-quarter.
The primary factors supporting this outlook include a 5% rise in revenue compared to the previous year and an 11% increase from the previous quarter. These gains are attributed to the resurgence of both Thai and international patients utilizing hospital services, alongside a recovery in revenue intensity from international patients.
Gross profit margin for the quarter is expected at 52.4%, an improvement from 51.6% in 3Q24 and slightly higher than 52.3% in 2Q25. Selling and administrative expenses are projected at 16.3% of revenue, up from 15.7% in 3Q24 and 16% in 2Q25.
Currently, BH is trading at a 2025 price-to-earnings (P/E) ratio of around 18–19x, the lowest level in several years. Positive sentiment is emerging in the market due to the return of patients from the Middle East, following a period of regulatory disruptions. Notably, relations with Kuwait have shown continuous improvement, which is particularly beneficial since Middle Eastern patients account for as much as 23% of Bumrungrad Hospital’s total revenue.
The securities firm maintains a “Buy” recommendation on BH, with a target price of THB 200 per share.
