Bumrungrad Hospital Public Company Limited (SET: BH) delivered a steady set of 3Q25 results, with both Citi and Goldman Sachs reiterating their BUY recommendations on the stock following the company’s latest financial report. While revenue growth was softer than guidance, margin outperformance remained a positive driver, keeping the stock on track with analysts’ full-year expectations.
3Q25 Performance: Profitability in Line, Margin Strength Impresses
BH reported a 3Q25 net profit after minority interest (PATMI) of THB 2.04 billion, translating to a 4.1% increase year-on-year and a 9.5% rise quarter-on-quarter, according to Citi. This result was broadly in line with consensus estimates. For the first nine months of 2025, PATMI reached THB 5.63 billion, a decrease of 4.2% year-on-year, fulfilling 76% of Citi’s and market forecasts—a satisfactory outcome, given the seasonally stronger fourth quarter ahead.
Goldman Sachs provided a similar assessment, with a 3Q25 PATMI of THB 2 billion—up 4% year-on-year and 10% quarter-on-quarter—which beat Goldman’s own estimate by 7% due to better-than-expected margin performance, and was close to Bloomberg consensus.
Revenue: Growth Remains Subdued But Turns Positive
Revenues returned to positive territory, growing 1.7% year-on-year in the third quarter, though still below management’s indicated range of 3–5% post-2Q25. Thai operations recorded a marginal contraction of 1.6% year-on-year, dragging overall results slightly, while international operations expanded by 3.4%, supported by demand from Middle East, Myanmar, and Bangladesh patients.
Goldman Sachs echoed this trend, citing international revenue growth of 3.4% contrasted with a 1.6% decline in the domestic segment. Overall revenue rose 2% year-on-year, falling just short of the lower end of management’s guidance band.
Margins: New Highs Offset Revenue Shortfall
BH’s profitability metrics were a key highlight. Citi noted the hospital achieved a record EBITDA margin of 40.7% in 3Q25, a 0.6 percentage point improvement year-on-year and up 0.1 points quarter-on-quarter. The 9M25 average stood at 39.4%, ahead of Citi’s full-year margin assumption, and helped compensate for softer revenue growth.
Goldman Sachs reported a nearly identical trend, with the 3Q25 EBITDA margin at an impressive 41.5%, up 130 basis points year-on-year, and 9M25 margin at 40.3%, comfortably outpacing the firm’s full-year estimate of 38.8%. This margin resilience continues to underpin the positive investment case.
Valuation and Outlook: BUY Recommendations Maintained
Both Citi and Goldman Sachs maintained their BUY ratings, with target prices of THB 219 and THB 221, respectively. Valuations are based on a 17x 12-month forward EV/EBITDA multiple, reflecting BH’s margin leadership in the sector.
