Recent developments in the Thai healthcare sector indicate a positive outlook for 2026, following progress on outstanding payments from Kuwait. According to Tisco Securities, Kuwait officials visited several of their former partner hospitals in Thailand earlier this month, signaling intentions to settle overdue account receivables within December. While there is still no official update regarding the resumption of patient referrals from Kuwait, Thai hospital management remains optimistic that settlement of these payments could pave the way for referrals to resume, potentially as early as 2026.
This aligns with Tisco’s recent “Market Strategy: 10 Calls for 2026” perspective, which highlighted limited downside risk for the foreign patient market. A potential rebound in inbound patients from Kuwait could notably improve revenues and margins, particularly for hospitals like Bumrungrad Hospital (SET: BH) and Bangkok Chain Hospital (SET: BCH), both of which historically derive significant income from this segment. Hospitals with more domestic patient mixes, such as BCH, may also see an additional margin boost. Other institutions, like Praram 9 Hospital (SET: PR9), with established reputations for treating Middle Eastern patients, are also positioned to benefit.
In another development, the referral process for Kuwaiti government patients is transitioning from the Kuwait Embassy to a regional Kuwait–Ministry of Public Health (MoPH) referral unit in Bangkok. While the change could streamline oversight and reduce unnecessary overseas referrals, Tisco expects the overall impact to remain limited, as most cases referred to their covered hospitals tend to require high-intensity care that cannot easily be handled domestically. Thus, a significant reduction in caseload intensity is unlikely.
Overall, the recent progress on Kuwait’s payments and the evolving referral process are viewed as positive drivers for near-term sector sentiment, particularly for Thai hospitals with strong international patient portfolios. Tisco Securities maintained a “Neutral” view on the sector with a BUY recommendation for BCH (TP 15.50 Baht), BDMS (TP 30 Baht), PR9 (TP 31 Baht) and Hold for BH (TP 207 Baht).
