On Thursday, the share price of Bumrungrad Hospital Public Company Limited (SET: BH) at the time of 11.46 a.m. was at THB 183.50, a THB 2.00 or 1.10% increase with a total trading value of THB 426.51 million.
Krungsri Securities stated that forecasts on BH’s net profit for 2025-2027 have been revised up by 5%-7% to THB 7,523 million (previously THB 7,043 million) / THB 7,740 million (previously THB 7,328 million) / THB 7,925 million (previously THB 7,580 million), respectively, reflecting a better-than-expected revenue trend in the second half of 2025 and potential growth from both existing and new international markets.
For this year, the new forecast expects net profit (down 3% YoY) to decrease due to lower revenue and gross margin, with international revenue expected to account for 65.5% (compared to 65.9% in 2024). For 2026-2027, net profit (+3% CAGR) is expected to improve, in line with revenue growth (+4% CAGR).
The recovery in revenue for September 2025 has become evident across all major hospitals listed on the SET Index, primarily driven by Thai patients. For international patients, the analyst estimates there is greater upside than downside, particularly from the Middle East.
The main area of pressure has been Kuwait, where the number of patients is currently low, but there is potential for positive developments as representatives from nine Thai hospitals are visiting Kuwait this week. Additionally, many hospitals have started expanding their international client base to other countries as a substitute.
Following these developments, Krungsri set a target price of THB 217 per share on BH.
